New York City generated over $700 million in revenue from mobile sports betting in its first year. Local leaders say the next steps are essential if the betting is to remain profitable for years to come.
More than $16 billion has been wagered, generating more than $700 million in tax revenue, according to the Governor’s Office. Most of that money goes to educational aid, with his $5 million allocated to youth sports and his $6 million allocated to gambling addiction education and treatment.
State Senator Joe Adabo, chairman of the Horse Racing, Gaming and Betting Commission, said the system is not perfect. He said he is open to discussing lower tax rates and more operators as long as revenues and profits increase. education funds.
According to Addabbo, the next big step is to create more physical sports books in the future. He expects about a dozen applicants in locations ranging from He Square to Connie He Island, but the big decision will be deciding who gets the Golden ticket, he said. say.
Ultimately, state gaming establishment commissions will make a decision, but as to when that will be, state regulators don’t think a decision will be made until later this year at the earliest. .