New York’s mobile sports betting market generates record $70m in tax revenue

New York’s Governor Kathy Hochul has declared the Empire State’s mobile sports betting market a success, with nearly $2bn in wagers taken during the first 30 days of operation.

Between 8 January and 7 February, the state recorded $1.98bn in handle, while total gross gaming revenue (GGR) amounted to more than $138m.

At a 51% tax rate, this means New York has generated $70.6m to fund programmes that support education, youth sports and more key social services, including problem gambling prevention, addiction treatment and recovery.

“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,” said Governor Hochul.

“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.”

Currently, seven operators are live in New York: Caesars Entertainment, DraftKings, FanDuel, Rush Street Interactive (RSI), BetMGM, PointsBet and Wynn Interactive.

And according to GeoComply, a software firm used by sportsbook operators to meet geolocation requirements, more than 1.76 million unique player accounts were used for over 187 million transactions.

Football, meanwhile, was New Yorkers’ preferred sport to wager on. More than $600m in bets were placed on this alone, while basketball generated over $540m and hockey $80m.

Robert Williams, New York State Gaming Commission (NYSGC) Executive Director, said: “With Governor Hochul kicking off mobile sports wagering on 8 January, there is no doubt there is strong interest in online sports betting in the Empire State, which has just set a national record for monthly tax revenue.”

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