New York’s Soaring Sports Betting Revenue Surpasses $1.55 Billion Mark

Governor Kathy Hochul said with pride that since mobile sports betting became legal in 2022, New York has collected an astounding $1.55 billion in tax revenue. This astounding amount not only sets a revenue record, but it also confirms that New York is the biggest mobile sports betting market in the country.

The Empire State’s mobile sports betting effort has been a financial success, with proceeds going toward problem gambling initiatives, youth sports programs, and public education. Governor Hochul conveyed her excitement over the exceptional work the state has done, stating, “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.”

Historic Figures Unveiled

Governor Hochul unveiled these historic results during a recent announcement, shedding light on the state’s remarkable financial achievements in 2023. The previous year witnessed a significant surge, with the state reporting a remarkable $862 million in tax revenue from sports wagering—an impressive leap from the $693 million recorded in 2022. Furthermore, the Empire State collected an additional $200 million in licensing fees from operators during the same period.

With remarkable speed, New York has risen to the top of the gambling industry in the United States. According to GeoComply, the state has seen the creation of more than 5.6 million distinct sports betting accounts since January 2022. New York, which just came into existence when the U.S. Supreme Court legalized sports betting in 2018, is the third-largest state in terms of total sports betting volume, only behind established states like New Jersey and Nevada. Nevada is not far behind with $36 billion, while New Jersey has a strong $44.2 billion handle at this time.

New York has recorded an incredible $35.7 billion transaction in just two short years since sports betting was allowed, highlighting the state’s supremacy in the quickly expanding sports betting market.

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Casino & Sports

Governor Hochul stated her excitement for the third year, saying that while New York continues to reap the benefits of its gaming laws, she will continue to provide top-notch mobile sports betting experiences that will amuse millions of people while simultaneously making a substantial contribution to education and community well-being.

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