Gambling In New York? Here's How Much Tax Money NY Took

Since sports betting became legal in New York State, there has been an incredible amount of money spent by gamblers this year. In just a few weeks, the totals are pretty spectacular.

The fact that betting became legal during the football season and before the Super Bowl certainly helped to contribute to the amounts. This is good news for the sports betting APPS and sites and it also has generated significant tax revenue.

According to reports, since January 8th, New Yorkers have placed nearly two-billion-dollars in wagers using companies such as DraftKings, FanDuel and BetMGM among others. As a result, more than 70-million-dollars in tax revenue has been generated for New York.

In an article from the NY Post they noted that:

More than 1.76 million unique player accounts were utilized for more 187 million transactions since last month’s launch, according to GeoComply, a software firm used by sportsbooks that check bets placed geographically in New York State.

The tax revenue is supposed to go towards several programs like education, youth sports and treatment and recovery services.

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