NY has reached a huge mobile sports betting milestone

NY has reached a huge mobile sports betting milestone

New York State has become the first state in the country to have a mobile sports betting market. In less than six months, the new market has contributed over US$300 million in tax revenue for the state, which will be reinvested into education, youth sports, and problem gambling prevention and more.

Nine gaming entities can offer their sports betting products online to locals, thanks to the Empire State’s online sports betting market for private operators. All of the brands went live last week. Since its opening, the state has become one of the largest markets in the country and has reached more than six billion in total handle.

After six months of work, the Empire State’s mobile sports wagering platform has surpassed every other state. The market has also performed better than the Budget’s revenue projections. The program has generated over US$302 million in tax revenue, according to the New York State Gaming Commission.

According to the Governor, New York has become the leader in implementing gaming policies. She said that the market will provide key financing for education, youth sports programs, and problem gambling counsel. Responsible gambling policies that secure entertainment for locals of legal age is something she is looking forward to.

According to reports, the Empire State has a larger volume of mobile sports wagering than any other state for the last six months. This includes online and retail sports betting. Pennsylvania has collected more than US$268.6 million in sports wagering tax revenue since November of last year, while New Jersey has collected more than US$237.1 million since June of last year.

Since the start of the local market, more than three million unique player accounts have been confirmed by a software company. More than 700 million transactions have been conducted. Revenue from the online market will be delivered as follows: US$5 million for sports programs for youths, US$6 million to fund problem gambling, and the remainder going to education.

Bally Bet, the ninth sportsbook app in the Empire State, made its online debut last week. There has been no official statement from the company yet, however, a local provided a screenshot from the company’s app, which he was able to download and bet on the New York Yankees. It is not yet known how it will perform in the jurisdiction.

The sportsbook dominated the market in terms of handle and revenue, and is way ahead of its New York competitors. The app collected US$101 million of the total handle of US$218 million during the week that ended on June 26, 2022, according to reports from the NYSGC. Second place went to DraftKings with US$52 million, followed by Caesars Sportsbook with US$33 million.

Governor Hochul announced that New York State had a record setting mobile sports Wagering Tax Revenue.

Summary:

The US state of New York has received more than $300 million in tax money from revenues generated by online sports betting, which was allowed to start on January 8. The state had expected to get $249 million from sports betting in the 2021-22 fiscal year, which ended on March 31, with $200 million of that coming from licensing fees.