New York Hits $16 Billion in Sports Betting Revenues for 2022

New York saw an amazing first year for mobile sports betting with annual revenues topping $16 billion helping the state net $709 million in tax revenues and $200 million in licensing fees which makes New York the highest state earning in terms of revenues in the US says the governor’s office.

According to the figures there were 3.8 million unique player accounts making some 1.2 billion bets during the year that started on January 8 2022.

State Governor Hochul said in the figures, “In just one year, New York has become a national leader in providing responsible entertainment for millions while bringing in record-shattering revenue for education, youth sports, and problem gambling prevention, going on to say, “I look forward to another year of delivering top tier mobile sports wagering experiences that generate revenue to enrich the lives of New Yorkers across the state.”

Part of the tax and license windfall will go to sports programs for children in need, a total of $5 million and $6 million will be allocated to gambling addiction treatments say state officials. The remaining amounts will be spent to fund education initiatives within the state.