Recently, New York Governor Cathy Hochul announced that Empire State’s mobile sports betting division has achieved another important milestone. On Wednesday, Hochul’s office confirmed that the state has now collected $542 million in tax revenue since late October. So the state is earning more than any other jurisdiction in the United States.
The state mobile sports betting began on January 8, 2022, when four digital sportsbooks began receiving online bets. Over time, all nine operators gradually went online. And despite its limited operator model, the state has become the top mobile sports betting target with a total betting handle of more than $10 billion.
Tax revenues totaled $542 million in October since its launch, according to state officials, making Empire State the highest-earning state to legalize online sports betting. In addition to $542 million, the state received more than $200 million in licensing fees from operators, totaling over $740 million.
Governor Hochul said the introduction of online sports betting has found new ways for the state to support schools and youth sports, and has also provided important safeguards. She said she was proud of what she has done to secure millions of dollars in tax revenue for a better New York while also being the top mobile sports betting target in the United States.
Brian O’Dwyer, chairman of the New York State Gaming Commission, explained that New York State leads the country in sports betting thanks to Governor Hochul’s decision and ultimately a smart gaming policy that delivered innovative results to New Yorkers. He added that tax game revenues would support schools, youth sports, and responsible gambling programs.
In addition to advancing the sports betting sector, New York State is also working to quickly track down three commercial casino licenses available, and there are many candidates. In October, Thor Equity shared its intention to submit a licence bid to host a full-fledged casino on Coney Island, but this won’t be as easy as it sounds.
The company will face fierce competition with other applicants. For example, SL Green Realty and Caesars Entertainment decided to team up and apply for a commercial license. Their idea is to bring casino properties to Times Square, which is already busy. But to bring casinos there, companies need to persuade local restaurants, retailers, and construction workers.
However, some critics fear that the possibility of a casino at 1515 Broadway, a SL Green skyscraper near West 44th Street, will drastically change the landscape of the nearby area, which cannot afford to return to the shady past. However, the companies are proposing to use some of the casino’s profits to fund safety and hygiene improvements in Times Square.
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