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New York State collects record amount of sports betting tax revenue

New York State has collected $267 million in tax revenue since sports betting has been legal, which is more than any other state.

NEW YORK STATE, USA — Mobile sports betting has hit it big in New York. On Tuesday, Gov. Kathy Hochul announced that after five months of mobile betting, New York State has collected the most tax revenue from sports betting out of any state.

$263 million in tax revenue has reportedly been collected in under six months, according to New York State data. This is more than any other state has collected even over several years, according to data from Legal Sports Report.

The $263 million collected in under six months well outpaces what other states have collected. Since November 2018, Pennsylvania collected $253 million in sports wagering revenue. New Jersey generated $229 million since June 2018.

This amount is also significantly higher than revenue generated by commercial casinos since 2019. New York State data reports that $4.3 million has been generated since July 2019, totally $267 million collected in tax revenue since sports betting became legal in the state.

"In less than half a year, 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," Hochul said. "I am committed to upholding responsible and effective gaming policies that will move the industry forward and continue to drive our state's economic growth."

The revenue from sports betting will go towards education, youth sports programming grants, as well as problem gambling prevention treatment and recovery services.

"These numbers further prove that New York's gaming industry is robust thanks to the implementation of effective gaming regulation and the actions of responsible sports wagering operators. The results — hundreds of millions of dollars in revenue in less than six months of operation — speak for themselves," said New York State Office of Addiction Services and Supports Commissioner Chinazo Cunningham.

In addition to collecting tax revenue from wagers, the state has collected $200 million in license fees from eight sports betting platforms. 

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