The State of New York has reached a new landmark in funding for education through mobile sports betting. According to the latest report by the NYS Gaming Commission, tax revenue from the activity has generated $1 billion from its launch on January 8, 2022, through May 31, 2023.
“Having an additional $1 billion from our nation-leading mobile sports betting business to help our students get the best education possible is a tremendous milestone,” Senator Joseph P. Addabbo, Jr., the Chairman of the Senate’s Committee on Racing, Gaming and Wagering, said.
Since last year’s launch, New York has quickly established itself as the nation’s top market for sports betting. But for Addabbo, the state is missing out on additional revenue. The Senator said he is committed to expanding the state’s gaming options by bringing more mobile betting to New York through iGaming and iLottery.
However, he noted that “an increased portion” of the funds can be used to supplement programs to prevent and address gambling addiction as the market eyes expansion. New York State’s mobile sports betting provides an additional $6 million for problem gambling programs annually.
“We should continue to build upon these solid revenue-generating opportunities in order to make many additional improvements to our state’s gaming ventures and addiction services,” he said. “I look forward to greater results with the future eventual arrival of iGaming and iLottery in New York.”
The Queens-based lawmaker has been the state’s leading advocate for digital gambling expansion and the driving force behind mobile sports betting legalization. He is now pushing to tax and regulate online casinos and iLottery, which he previously called “a matter of when, not if.”
The Senator’s attempt to include iGaming in New York’s current one-year state budget fell short earlier this year and no mention of legal online casinos was found in either the House or Senate fiscal year budgets in March. New York State Gov. Kathy Hochul also left iGaming out of her executive budget proposal last January.
Despite these setbacks, Addabbo has repeatedly stated his intentions to bring legal iGaming to the state, which he believes could not only rival but potentially outperform New York sports betting. As the legislative calendar nears its end, the Senator is set to work on a new proposal during the summer.
Original article: https://www.yogonet.com/international/news/2023/06/26/67657-new-york-sports-betting-reaches-1b-in-tax-revenue-for-education-sen-addabbo-eyes-igaming-expansion
