Game-Changing Law Earns New York State Record-Breaking Money
A recent law in New York State earned $1.55 billion in tax revenue.
Over the weekend, New York Gov. Kathy Hochul announced how much money New York State has made since legalizing gambling.
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Gov. Hochul announced New York State has collected more than $1.55 billion in taxes on sports bets in about two years.
"Over the last two years, New York is the clear 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 this third year of our successful gaming policies that deliver top-tier mobile sports wagering experiences. We will continue to generate revenue that will enrich the lives of New Yorkers, all with important safeguards in place to help those who need it."
Last year’s $862 million, when added to $693 million as well as $200 million in licensing fees collected in 2022 brings the total generated revenue to $1.75 billion.
The numbers have "shattered national records for mobile sports wagering," according to Hochul's office.
"The record-breaking numbers speak for themselves: Governor Hochul’s smart gaming policies continue to generate billions of dollars for our schools, youth sports and responsible gambling programs. The Gaming Commission looks forward to another beneficial year for New York and will continue to uphold the integrity of all regulated gaming in the state," New York State Gaming Commission Chairman Brian O'Dwyer said.
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"Mobile sports betting has proven to be a game-changer for New York, generating over $1.55 billion in tax revenue in just two years. This significant influx of funds will not only help to create new job opportunities, bolster our education system and improve the resources to assist individuals with an immediate or imminent gambling problem, which is critically important," State Senator Joseph P. Addabbo, Jr. said.
The tax revenue New York State makes off sports gambling goes towards education, youth sports programming as well as problem gambling prevention treatment and recovery services across New York, officials say.
“This funding is supporting our ongoing work to educate the public about responsible gambling, as well as increase access to help and support for those affected by problem gambling," New York State Office of Addiction Services and Supports Commissioner Chinazo Cunningham said.
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Gallery Credit: New York State Lottery/Canva