New York State Governor Kathy Hochul’s office has released a financial report regarding sports wagering tax revenue generated statewide, according to a Spectrum News 1 local report.
Figures show 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. The state took in a combined total of more than $740m in taxes related to sports wagering so far this year.
Governor Hochul told Spectrum News 1: "By bringing sports wagering to New York, we have not only opened the door to responsible entertainment for millions of sports fans, but we have also brought in significant revenue to support schools, as well as youth sports, while implementing important safeguards to help those who need it.
"I'm proud of the work that has been done to secure our state's top position in mobile sports wagering, and I am excited to continue the trend as we secure hundreds of millions of dollars to support programs that will improve the lives of New Yorkers."
New York has outperformed other states since launching legal digital sports betting at the beginning of the year. Since the launch, more than 1.2 million betting accounts have been created.
Gaming Commission Chairman Brian O’Dwyer affirmed the governor’s decision to implement policies that encourage safe gambling.
He commented: "New York continues to lead the nation in sports wagering thanks to Governor Hochul's enacting of smart gaming policies that deliver real, transformative results for New Yorkers.
"The revenue generated from sports wagering will provide critical support to our schools, youth sports and responsible gaming programs."