New York’s mobile sports betting industry has achieved remarkable success, generating $862 million in revenue during its second year of operation. This milestone highlights the state’s growing prominence in the sports wagering sector and its commitment to responsible gaming practices.
Key Takeaways
- New York’s mobile sports betting generated $862 million in its second year.
- Total revenue from mobile sports betting, including licensing fees, reached $1.75 billion.
- New York ranks third in the nation for total dollars wagered, behind New Jersey and Nevada.
- The legalization of mobile sports betting was signed into law in April 2021.
Record-Breaking Revenue
Governor Kathy Hochul’s office announced that New York’s mobile sports betting industry generated $862 million in revenue during its second year. This impressive figure, when combined with the $693 million and $200 million in licensing fees collected in 2022, brings the total revenue to a staggering $1.75 billion.
Governor Hochul expressed her enthusiasm for the industry’s success, stating, "Over the last two years, New York is the clear leader in providing responsible entertainment for millions while bringing in record-shattering revenue for education, youth sports, and problem gambling prevention."
National Ranking
New York has established itself as a major player in the mobile sports betting market, ranking third in the nation for the total amount of dollars wagered. The state trails only New Jersey and Nevada, both of which have long-standing histories in the sports betting industry.
Legislative Background
The journey to legalize mobile sports betting in New York began in April 2021 when state lawmakers passed the necessary legislation. The bill was subsequently signed into law by then-Governor Andrew Cuomo, paving the way for the state’s entry into the lucrative sports wagering market.
Future Prospects
Looking ahead, Governor Hochul is optimistic about the continued growth and success of New York’s mobile sports betting industry. She emphasized the importance of maintaining safeguards to support those in need while generating revenue that enriches the lives of New Yorkers. "I look forward to this third year of our successful gaming policies that deliver top-tier mobile sports wagering experiences," she said.
Conclusion
New York’s mobile sports betting industry has proven to be a significant revenue generator, contributing to various sectors such as education, youth sports, and problem gambling prevention. With its strong performance and commitment to responsible gaming, the state is well-positioned for continued success in the years to come.
Sources
- N.Y. mobile sports betting generated $862M in second year, Spectrum News.
