Mobile Sports Betting A Good Bet In New York With $2B In Wagers

Nearly $2 billion has been wagered over the first 30 days of mobile sports betting in New York state.

Governor Kathy Hochul says that will generate more than $70 million in tax revenue for the state, providing funds to be allocated toward programs supporting education, youth sports and more.

The revenue will also support problem gambling prevention, treatment and recovery services.

The total Gross Gaming Revenue was over $138 million and at a 51% tax rate for the State, those wagers brought more than $70.6 million in tax revenue.

"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," Governor Hochul said. "As this new industry continues to grow, New York

Mobile sports wagering began in New York state on January 8.

Since then, more than $1.98 billion in wagers have been taken in New York

On January 6, 2022 the Commission authorized four platform providers and operators - Caesars, DraftKings, FanDuel, and Rush Street Interactive - to start operations effective January 8, 2022.

Since that time, three more operators have begun operations - Bet MGM, Points Bet and Wynn Interactive.

"With Governor Hochul kicking off mobile sports wagering on January 8th, 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,” said Gaming Commission Executive Director Robert Williams

Wagers have included over $60 million, which does not including figures from Sunday.s Super Bowl, over $540 million on basketball and nearly $80 million on hockey.

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