New Yorkers place $2 Billion in Sports Wagers
Apparently, New Yorkers like to bet on sports. Like, they REALLY like to bet on sports. So much so, that the state announced that its residents placed nearly $2 Billion in sports wagers during the state's first 30 days of legalized mobile sports betting.
The $2 Billion being reported by New York State, is higher than any of the other sixteen other states where mobile sports betting had been previously legalized. Mobile sports betting was first legalized in the Empire State on January 8th, 2022 with four mobile operators coming online.
Governor Kathy Hochul said:
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...As this new industry continues to grow, New York will make sure we have the resources and guidelines in place to make it a success for all.
The total gross revenue being reported by New York is over $138 Million, which is taxed at a 51% rate by the state. That means that the new venture has brought in over $70.6 million in tax revenue. According to State law, all of the tax revenue generated by mobile sports betting is required to go to elementary and secondary education, grants for youth sports programming, property tax relief, and problem gambling prevention, treatment, and recovery services.
The huge numbers across the state were no doubt aided by mobile sports betting coming online in New York as the NFL season was coming to an end, and the playoffs were about to start. There are now seven companies operating mobile sports betting in New York State. Caesars, DraftKings, FanDuel, and Bet Rivers were the first, followed soon after by Bet MGM, Points Bet, and Wynn Bet.
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