New York State has collected more than half a billion dollars in mobile sports betting tax revenue since it became available in the state in January.
As of the week that ended on Sunday, Oct. 30, the State collected $542 million in taxes, surpassing all other states across the country, Gov. Kathy Hochul announced on Wednesday, Nov. 9.
Hochul said the State also collected an addition $200 million in licensing fees, generating more than $740 million in revenue, which is mainly set to be used for education.
"By bringing sports wagering to New York, we have not only opened the door to responsible entertainment for millions of sports fans, but we have also brought in significant revenue to support schools, as well as youth sports, while implementing important safeguards to help those who need it," Hochul said. "I'm proud of the work that has been done to secure our state's top position in mobile sports wagering, and I am excited to continue the trend as we secure hundreds of millions of dollars to support programs that will improve the lives of New Yorkers."
The state set a record of $73 million in mobile sports wagering tax revenue in September, breaking its own record of $63 million set in January, officials said.
State officials said for the 2023 fiscal year and annually thereafter, revenues from mobile sports wagering will be distributed by allocating $5 million to fund sports programs for underserved youths, $6 million to fund problem gambling education and treatment, and the remaining majority to education aid.
Click here to follow Daily Voice Bronxville and receive free news updates.