New York takes $70 million in mobile betting tax revenue in first 30 days

Photos courtesy of FanDuel, one of the seven mobile wagering platforms authorized to take bets in New York state.

Gov. Kathy Hochul announced there has been almost $2 billion in wagers taken during the first 30 days of legal mobile sports betting in New York. These figures do not include betting activity for the Super Bowl. Those revenues are expected to be reported on Friday.

This record-breaking betting activity — more than any other state has ever reported in a 30-day period — will generate more than $70 million in tax revenue for New York state.

“Over the past month, we’ve seen how mobile sports wagering can be an economic engine for New York, driving significant funding to our schools, youth sports, and so much more,” Hochul said.

Mobile sports wagering became legal in New York on January 8, 2022.

Since then, more than $1.98 billion in wagers has been taken in New York. The total Gross Gaming Revenue was more than $138 million and, at a 51 percent tax rate for the state, these wagers brought more than $70.6 million in tax revenue.

According to State law, tax revenue generated by the mobile sports wagering industry is required to go toward elementary and secondary education, grants for youth sports programming, property tax relief, and problem gambling prevention, treatment and recovery services.

Last year, Gov. Hochul directed the New York State Gaming Commission to prepare for the launch of mobile sports wagering, which had previously been authorized by the Legislature, by engaging licensed companies to complete the regulatory requirements needed to begin operations in New York state.

There are seven authorized mobile wagering platforms authorized to take bets in New York, including Caesars, FanDuel and DraftKings.

Hochul noted that the new program will keep New York bettors in New York, rather than having state residents travel to neighboring states to wager.