Mobile sports betting nets nearly $1 billion in revenue a year after launching

ALBANY — A year after mobile sports betting began in New York state, more than $16 billion in bets have been placed, resulting in nearly $1 billion in state revenue, Gov. Kathy Hochul’s office announced Friday. 

The state has collected a nation-leading $709.2 million in taxes on mobile sports bets and an additional $200 million in licensing fees, generating over $909 million in total revenue 12 months after the first mobile bets were placed. The revenue is mostly used to fund education, but also supports youth sports programing and gambling education and treatment programs, according to the governor’s office.  

“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,” Hochul said in a press release. “I look forward to another year of delivering top tier mobile sport wagering experiences that generate revenue to enrich the lives of New Yorkers across the state.”

Since mobile sports betting began last year, the state has recorded more than 3.8 million unique player accounts, which conducted over 1.2 billion transactions.

The result has been a total handle of $16.5 billion through Jan. 8, according to the Governor’s Office, which equates to $709 million in new education aid. 

An additional $5 million in revenue will be allocated to fund youth sports programs and $6 million will be set aside to fund gambling education and treatment programs at the end of each fiscal year, or March 31. 

“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,” Chinzao Cunningham, commissioner of the state’s Office of Addiction Services and Supports, said in a release.

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