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Thursday, March 28, 2024

NYers Made $16B in Bets in Mobile Sports Gambling in 2022; Albany Rakes in $709M in Taxes

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By: Hadassa Kalatizadeh

The year 2022 was the first year that New York State legalized mobile gaming.

As reported by the NY Post, New York gamblers used their mobile devices to bet roughly$16 billion on sports in 2022.  Albany profited $709 million in taxes from this betting activity.  The state also received licensing fees in the amount of about $200 million, since the betting started on Jan. 8, 2022.  Gov. Kathy Hochul’s office says the Empire State made the heftiest profit in the country off the new gambling law.

The $16 billion wagered by New Yorkers included bets from over 3.8 million unique player accounts making more than 1.2 billion bets in New York.  The statistics show that one in four adult New Yorkers made an online sports bet last year.  “In just one year, New York has become a national leader in providing responsible entertainment for millions while bringing in record-shattering revenue for education, youth sports, and problem gambling prevention,” Gov. Hochul said Friday in a statement.  “I look forward to another year of delivering top tier mobile sports wagering experiences that generate revenue to enrich the lives of New Yorkers across the state.”

State officials said that from the windfall that the state received off the betting, some $6 million would be spent on gambling addiction treatment.  Another $5 million would be earmarked to fund sports programs for kids in need.  The remainder of the state’s profits would be spent to fund education.

Other state lawmakers and gaming officials also bragged about the outcome.  “It has been a remarkable, record setting 1st year for Mobile Sports Betting in New York, with only 9 professional operators,” boasted Queens Democratic state Sen. Joseph Addabbo, Jr, referring to the nine mobile sports book operators licensed with the state.  “I’m grateful to have joined others in the state, putting forth a product that New Yorkers deserved and I appreciate the significant benefits to our economy, in addition to educational, youth sports and addiction program funding.”   Addabbo, Jr went on to vow, “New Yorkers can expect their state to continue to provide the best mobile sports betting product, in this highly competitive arena, for many years to come.”

State Gaming Commission chair Brian O’Dwyer lauded the state for continuing to “break revenue and wagering records”, adding a promise that the upcoming year of mobile sports wagering in NYS will be done “in a safe and responsible manner.”

“The additional revenue generated will help to ensure that we have a robust system of programs and services to address the needs of individuals, families, and communities across the state,” said Chinazo Cunningham, head of the state’s Office of Addiction Services and Supports.

As per Forbes, mobile sports betting has been legalized in 26 states, up from just 18 states last January.

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