New York State has raked in some serious cash since mobile sports betting was legalized one year ago.
In all, the Empire State has collected more than $709.2 million in tax revenue on such betting, the highest in the nation, according to Gov. Kathy Hochul’s office. Another $200 million was collected from licensing fees.
That revenue came from the more than $16 billion that was wagered on sports since betting was first allowed in January 2022.
So, where is all that tax revenue going? The overwhelming majority, nearly $700 million, goes toward education funding, the governor’s office said.
Of the remaining tax dollars, $5 million went toward funding sports programs for underserved children. Another $6 million helped fund problem gambling education and treatment.
"In just one year, New York has become a national leader in providing responsible entertainment for millions while bringing in record-shattering revenue for education, youth sports, and problem gambling prevention," Hochul said.
"I look forward to another year of delivering top tier mobile sports wagering experiences that generate revenue to enrich the lives of New Yorkers across the state."
More than 3.8 million people have created player accounts in New York since January 2022, according to the software firm GeoComply, which is used by sports books to verify players’ locations.
Altogether, those players have conducted more than 1.2 billion transactions.
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