The New York lottery is North America’s most profitable, contributing $3.7bn over the 2022-23 financial year to state education.
Mega Millions, Powerball and NY LOTTO are “skyrocketing” in popularity, generating a combined $55m for public schools in the state. Of that total, Mega Millions produced $23.8m, while Powerball and NY Lotto contributed $17.8m and $13.4m respectively.
$8.9m has been accumulated in support of commissions for lottery retailers, of which many are small businesses. Mega Millions again led the way, contributing $4.1m, compared to Powerball’s $3m and NY LOTTO’s $1.8m.
Gaming Commission chairman Brian O’Dwyer said: “Multiple massive jackpots mean more opportunities to win life-changing money while benefitting New York’s public schools.
“Even if a New York player’s numbers don’t get called, every ticket purchase is a win for New York state’s taxpayers and businesses.”
New York leading the way for tax
New York is the most profitable state for sports betting in North America. It set a new online sports wagering record in January for the second straight month, accumulating revenue of $211.5m.
The January total was 12.3% up on the previous record of $188.3m set the previous month. It was also 41.6% higher than the $149.4m reported in New York in January 2022.
This success is translating into millions in tax for New York, largely because of the 51% tax on gross gambling revenues. No other state has a higher rate.
The Quarterly Survey of State and Local Tax Revenue (QTAX), carried out by the United States Census Bureau, revealed New York generated $188.5m for Q3 of 2023, 37% of the total tax revenue generated in the US and nearly five times higher than Indiana’s $38.6m in second.
New Yorkers made to wait on igaming
Despite its staggering sports betting figures, the state looks unlikely to have igaming anytime soon.
Announcing her 2025 executive budget, New York’s governor Kathy Hochul left out igaming in what was another blow to the hopes of getting online gaming in the state.
This was despite New York state senator Joseph Addabbo filing a revised igaming bill. Senate Bill S8185 built on Addabbo’s previous attempt to introduce online gaming in the Empire State.
Original article: https://igamingbusiness.com/lottery/new-york-lotteries-north-america-most-profitable/
