NY Mobile Sports Betting Yields $2 Billion In Wagers

White Plains NY

14 February, 2022

3:52 PM

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NEW YORK — In the first 30 days of operation, mobile sports betting in New York has seen nearly $2 billion in wagers — and that doesn't include the Super Bowl. Gov. Kathy Hochul said that amount, which is more than any other state has ever reported, will generate more than $70 million in tax revenue for New York, funds that will be allocated toward programs that support education, youth sports and more. She said, over the past month, the state has seen how mobile sports betting can be an economic engine for the state. "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," Hochul said. The state's Gaming Commission approved four online platforms — DraftKings, FanDuel, Caesars Sportsbook and Rush Street Interactive — to begin taking wagers effective Jan. 8. Three more — Bet MGM, Points Bet and Wynn Interactive — have begun operations in the interim. Since Jan. 8, more than $1.98 billion in wagers have been taken in New York, according to a spokesperson. The total gross gaming revenue was more than $138 million and, at a 51 percent tax rate for the state, these wagers brought more than $70.6 million in tax revenue. Wagers included more than $600 million on football, more than $540 million on basketball and nearly $80 million on hockey. Figures from Sunday's Super Bowl will be released Friday in the weekly Mobile Sports Wagering Reports. According to state law, tax revenue generated by the mobile sports wagering industry is required to go toward elementary and secondary education, grants for youth sports programming, property tax relief and problem gambling prevention, treatment and recovery services.