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New York Generates $300M In Sports Betting Taxes

New York has made more money from mobile sports wagering in the last six months compared to all other states combined

Tore GillTore Gill
July 10th, 2022
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All betting tax income is allocated to programs that support youth sports, safe gambling and educational initiatives

New York Governor, Kathy Hochul, has provided several updates on the Empire State's online betting industry. According to statistics announced on July 8th, NJ online sports betting generated $302 million in tax revenue in just 6 months.

New York has made more money from mobile sports wagering in the last six months compared to all other US states combined. This is tremendous given the fact that sports betting began in certain states as early as 2018.

Since its introduction in November 2018, Pennsylvania has amassed $265.6 million in sports wagering tax income. New Jersey has brought in $237.1 million since its debut in June 2018. 

In the Empire State, all tax income is allocated to programs that support youth sports, safe gambling and educational initiatives.

“In just six months, New York has become a leader among states in implementing successful gaming policies, with hundreds of millions of dollars going to important programs that will improve the lives of all New Yorkers,” Governor Hochul said in a statement. 
“The recent launch of New York's final sports wagering operator will provide key revenue for education, youth sports programs, and problem gambling support. I look forward to continuing to enact responsible gaming policies that provide exciting entertainment for New Yorkers of legal age – all with important safeguards in place to help those who need it.”

While the total collections stood at $361 million (including the $200 million in licensing fees), New York state expected $249 million in mobile sports wagering tax income (including $200 million in already-collected license fees) in 2022.

Eight mobile sports betting platform providers have paid the State $25 million in licence fees, bringing the total to $200 million. On July 7, Bally Bet, the ninth and last operator in New York State, received authorization to accept bets.

State Senator Joseph Addabbo, who backed New York's sports betting bill, said:

“New York State has already exceeded all expectations by outperforming any of our competition in the mobile sports wagering arena in just a short six-month period” adding that it is “because we provide the solid New York fanbase with high-quality mobile betting from dedicated providers, who make it a priority to give customers a top-of-the-line experience on their apps.”

New York Online Betting Sites

At betting.bet, we have also mapped the changing online betting landscape, having seen a clear upward trajectory in activity in New York. If you are inside New York state lines, you are spoilt for options. Here are some of the best New York online betting sites. This list is based on sites offering high-value new player incentives, favorable odds and a good selection of online betting markets.

Fanduel New York

Fanduel is considered one of the best New York online betting sites. The site is the perfect online destination if you want to place wagers on NFL, NHL, MLB, MLS or NBA. Loaded with betting promotions and generous odds, Fanduel is a great option for any player, no matter what their budget.

DraftKings New York

DraftKings Sportsbook is a safe gambling site that takes responsible gambling seriously. With a host of tools available, New Yorkers can choose to set a limit on how much they spend and how long their wagering sessions will last. DraftKings is currently promoting a juicy new player free bet!

Caesars Sportsbook New York

Caesars Sportsbook is just as well known for its bonuses as it is for its great online betting markets. All new players can claim a risk-free bet of up to $1,500 when they become a Caesars Sportbook customer.

BetMGM New York

BetMGM is another great sportsbook grabbing the attention of New Yorkers. Whether you are looking to bet on key events such as the Super Bowl or enjoy placing wagers on collective sports, BetMGM has you covered.

BetRivers New York

Whether you are looking to place Straight, Over/Unders, Moneylines, Parlays or Futures, BetRivers will provide you with the odds and markets you are eager to explore. Signing up to BetRivers is also an easy process!

Compare New York Online Sportsbooks

Compare the latest offers from the best NJ online sportsbooks. Simply head over to our homepage for more details and impartial betting site reviews.

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