New York State Senator Addabbo comments on one year of sports betting
He commended state regulators for their determination and noted the ongoing success of the state commercial market.
New York State Senator Joseph P. Addabbo has issued an official statement to comment on both the accomplishments of the state regulator, and on successful results statewide since regulated sports betting went live last January.
He remarked: “When mobile sports betting went live in New York nearly one year ago, the New York State Gaming Commission did an incredible job in outlining the rules, regulations and timeline for operators to provide New Yorkers with top-of-the-line products.
“And the benefits from that decision are now being felt across the state as New York has already taken in more than $500m in tax revenue in just about one year.”
New York has outperformed other states since launching legal digital sports betting. More than 1.2 million betting accounts have been created, according to recent report released by State Governor Kathy Hochul’s office.
Figures showed that the state raked in $542m in tax revenue as of the end of October, resulting in New York taking the lead as the state with the highest mobile sports betting earnings.
The report went on to reflect that New York collected more than $200m in licensing fees during its first 10 months live. The state took in a combined total of more than $740m in taxes related to sports wagering as of last October.
Addabbo also serves as the Chair of the Senate Committee on Racing, Gaming and Wagering. In addition to his remarks on year one of New York legalized sports betting, Addabbo offered his thoughts about what might lie in store for the state as regulators consider future casino construction projects.
He said: “I am looking forward to a transparent, accurate and speedy process from the New York Gaming Facility Location Board, under the guidance of the Gaming Commission, as they unanimously voted to issue a Request for Applications (RFA) to solicit proposals for up to three commercial casinos in New York State.
“I have faith that the Location Board will thoroughly examine each RFA and make the best short- and long-term decision, based on their set of criteria.”
Addabbo noted that the timing regarding these approvals could offer significant benefits for New York residents.
He said in closing: “The quicker the three licenses are approved, the quicker we can begin to realize the major benefits to the state, such as thousands of construction and post-construction jobs, billions in revenue from the licenses, an increase in problem gambling monies and programs, as well as billions more in educational funding when the winning casinos go live.”
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