New York is celebrating two years since the opening of its mobile sports betting market, which headed the legal jurisdictions across the U.S. Last week, Governor Kathy Hochul’s office reported that in its second year, the sector handled more than US$19 billion in online wagers, which transformed into over US$862 million in state tax revenue.
The Empire State’s market first kicked off digital betting on January 8, 2022. In its first year, it produced tax proceeds of US$693 million and US$200 million in licensing fees from operators. Combined with the results from the second year, it brings the total generated revenue to US$1.75 billion, which has surpassed the national record for legal online sports betting in the U.S.
Marking the Second Anniversary
Gov. Hochul commented New York is the undisputed leader in offering responsible entertainment for millions while also generating record-setting winnings for education, youth sports, and the prevention of problem gambling. She is looking forward to seeing the third year of the state’s successful gaming policies that will deliver more top-notch online sports betting experiences.
New York State Gaming Commission Chairman Brian O’Dwyer added the record-shattering numbers speak for themselves, as the governor’s smart gaming policies deliver big-time funds for schools, youth sports, and responsible gambling initiatives. He shared the commission is eager to witness another fruitful year for the state and will continue to uphold the integrity of the online market.
GeoComply, a company that provides geolocation services to sportsbooks, reported that more than 5.6 million unique sports betting accounts have been registered since the start of the market since its launch. As of January 7, 2024, the total online sports betting handle eclipsed US$35.7 billion while also producing total net revenue to education or around US$1.57 billion.
The NFL is the leading sport for New Yorkers to wager on, as it accumulated US$2,994,128,825 of the total handle. The MLB is in second with US$3,285,822,760, followed by the NBA US$3,679,461,779, and the NCAAF US$1,114,178,066. New York distributes US$5M to fund sports programs for youths, US$6M to tackle problem gambling, and the remaining on education.
Exploring iGaming as a Legal Option
New York lawmakers like Sen. Joe Addabbo have been pushing for the legalization of online gambling in the state for a while now. His efforts are also supported by the Sports Betting Alliance, which aired an ad to highlight the benefit of regulated iGaming. The coalition consists of DraftKings, FanDuel, BetMGM, and Fanatics which are licensed digital sportsbooks in NY.
In addition to that, New York doesn’t seem to mind online casinos as well. A recent poll from the Parkside Group discovered that 51% of the surveyed supported the legalization of iGaming in the state. However, approximately 40% of the surveyed were against it. Meanwhile, another nearly 53% of the residents are also keen on the introduction of Internet lottery sales.
Source: “Governor Hochul Announces Mobile Sports Wagering Generated $862 Million for New York State in its Second Year of Operation” NY.Gov, January 12, 2024
