New York Smokes Jersey’s Mobile Record with $1.62 Billion January Handle
- Six Mobile NY Apps Launched in January Reported Combined Handle of $1.62 Billion
- State of New York Collects 51% of That Record Handle in Taxes, or $57.6 Million
- 98% of NY’s Sports Betting Tax Revenue Will Fund Education Programs
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Six Mobile NY Apps Launched in January Reported Combined Handle of $1.62 Billion
No disrespect intended towards Jersey gamblers, but it only took Empire State bettors less than a month to blow away the national monthly sports betting handle record of $1.3 billion set by the Garden State last October.
New York did this by posting a $1.62 billion mobile handle for the three weeks in January since that market launched, which is even more impressive when you consider that New Jersey’s total includes its retail sportsbook handles and New York’s does not (then it would increase to $1.65 billion).
Don’t think New York lawmakers haven’t noticed how their new market so thoroughly smoked New Jersey’s, with state Sen. Joseph Addabbo, the Senate Racing, Gaming, and Wagering Committee Chairman, telling the press:
“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 exciting.”
And given New York’s record-setting tax rate, that huge mobile handle translates into some hefty revenue that should benefit residents.
State of New York Collects 51% of That Record Handle in Taxes, or $57.6 Million
After all the winners were paid off, New York’s $1.62 billion January mobile handle equated to about $113 million in actual revenue for the sportsbooks, and, taxed at New York’s 51% rate (the highest in the nation), that comes out to 57.6 million in new tax revenue for the state in less than one month of operation.
It’s an impressive first month no doubt helped by the NFL’s postseason that saw the Buffalo Bills playing all the way up to the Divisional round, though they lost that matchup to the Kansas City Chiefs in overtime by a score of 36-42.
That record handle and the resulting tax revenue is precisely why many of the state’s lawmakers have supported this sports betting issue, and Sen. Addabbo has told the media how his state will benefit from having launched their market in time for the NFL’s Big Game:
Breaking this record proves that New York was ready for mobile sports betting, and we are providing our state with a new revenue, educational and addiction funding source. It also can give us an indication of where we go from here, especially with the Super Bowl within our sights.
And as more and more licensed mobile and retail sportsbooks become operational, that helpful new tax revenue stream should continue to flow.
98% of NY’s Sports Betting Tax Revenue Will Fund Education Programs
Most of the tax revenue generated by mobile and retail sports betting has been earmarked for critical programs that directly benefit New York residents, with 98% of those funds going towards the state’s educational programs, with the balance benefitting underserved youth and problem gambling.
Jason Gough, a spokesperson for New York Governor Kathy Hochul, said in a statement:
We look forward to a robust landscape of mobile sports wagering for years to come, one that helps to fund education in New York State as well as provide annual awards to sports programs for underserved youth and problem gambling education and treatment.
Whether New York’s January 2022 record mobile handle will be beaten by New Jersey or some other state in the future remains to be seen, so check back for all the latest news and updates.
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Mike Lukas is a retired standup comedian turned freelance writer now living in Dallas, Texas, originally from Cleveland, Ohio. His love for the game of football and all things Cleveland Browns turned Mike into a pro blogger years ago. Now Mike enjoys writing about all thirty-two NFL teams, hoping to help football gamblers gain a slight edge in their pursuit of the perfect wager. Email: [email protected]