New York Sets Record in First Month of Legalized Sports Betting with Almost $2 Billion Wagered
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Almost $2 billion dollars were wagered on sports in New York during the first month of its launch, Governor Katy Hochul announced on Monday.
That is more than any state has ever reported for one month of sports betting.
“When we brought mobile sports betting to New York, we had confidence it was going to be a success,” State Senator Joseph Addabbo Jr. said in a release. “But to be able to break the national record of total handle for sports betting in a single month in our very first month, with primarily only six sportsbooks, is both rewarding and promising.”
New York — which launched legalized sports betting on Jan. 8 — generated over $70 million in tax revenue off of sports wagering during its first month.
The revenue is required to go towards elementary and secondary education, grants for youth sports programming, property tax relief and problem gambling prevention, treatment and recovery services, according to state law.
“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 in a release.
Gaming revenue is taxed at a 51% rate in the state. Meaning, sportsbooks generated over $138 million in revenue during the first month.
More than 1.76 million unique online sports betting accounts were used in New York since the launch, according to GeoComply. That would represent 12.6% of the state’s 21 or older population.
That number isn’t exact data, as it’s unclear whether the 1.76 million accounts for users that utilized multiple accounts on various sportsbooks.
There’s reason to believe sports betting is only going to grow in one of the country’s biggest states.