Gov. Hochul declares $1.5B in 2023 New York sports betting revenue

New York Tax Revenue
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America’s largest mobile sports betting market is continuing to generate record results.

New York has generated more than $1.55 billion in tax revenue from mobile sports betting since the state authorized wagering in 2022, according to Gov. Kathy Hochul. The record revenue, which is allocated toward public education, youth sports programming, and problem gambling initiatives, positions New York as a market reaping the benefits of sports wagering.

“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,” said Hochul. “I look forward to this third year of our successful gaming policies that deliver top-tier mobile sports wagering experiences.”

Hochul announced the historic results behind strong revenue in 2023. Last year, the state reported $862 million in tax revenue from sports wagering — up from $693 million in 2022. That year, the Empire State also collected $200 million in licensing fees from operators.

New York has quickly emerged as a top gaming market in the United States. The Empire State has seen more than 5.6 million unique sports betting accounts created since January 2022, according to GeoComply. New York ranks third in overall sports betting handle behind New Jersey and Nevada since wagering was authorized in 2018 by the U.S. Supreme Court.  New Jersey has posted a $44.2 billion handle during that span, while Nevada has closed at $36 billion.

New York has reported a $35.7 billion handle in only two years of legal sports wagering.

Looking to expand the New York gaming market

Lawmakers and lobbyists in New York are looking to generate more tax revenue through diversifying the state’s gaming market with online casinos. Bet on NY, a group backed by Sports Betting Alliance, believes that the authorization of online casino gaming in New York could generate up to $1 billion in additional tax revenue annually. 

Sen. Joseph Addabbo has also showcased his support of online casino gaming through SB185, a piece of legislation he introduced earlier this month. The bill proposes to offer online casino licenses to sports betting operators, New York tribes, brick-and-mortar casinos, and VLT parlors. It also proposes that 0.025% of tax revenue be allocated toward responsible gambling education.