New York State accepted applications from nine operators of mobile sportsbooks. Bally Bet, the last of the nine, finally went live on July 7, six months after the launch of most of the other online sportsbooks.
For Bally Bet, New York is now its fifth market, joining Colorado, Indiana, Iowa and Virginia, according to Elite Sports NY.
Each of the other eight operators went online within the first month of mobile play. Bally’s Chairman Soo Kim originally intended to go live in April, missing both the Super Bowl and NCAA March Madness events. They also missed the ever-expensive promotional bonanza.
Bally did not go live in April either. During the corporation’s Q1 earnings call in May, CEO Lee Fenton indicated the start will be at the end of Q2. The end of Q2 also went by without the kick-off. But hey, seven days late isn’t too bad.
Fenton noted the company would approach New York with caution when it comes to marketing dollars, given the state’s high-tax environment for sports betting.
Mobile sports betting in New York has generated more than $302 million in tax revenue since the January 8 launch. The revenue goes towards education, youth sports and responsible gaming programs, according to the Oneida Dispatch.
”In just six months, New York has become a leader among states in implementing successful gaming policies, with hundreds of millions of dollars going to important programs that will improve the lives of all New Yorkers,” Governor Kathy Hochul said.
”I look forward to continuing to enact responsible gaming policies that provide exciting entertainment for New Yorkers of legal age—all with important safeguards in place to help those who need it.”
New York has collected more in mobile sports wagering revenue in six months than the total sports wagering revenue—both mobile and on-premises—from any other state. Through May 2022, Pennsylvania has collected $265.6 million in sports wagering tax revenue since November 2018, and New Jersey has generated $237.1 million since June 2018.
In January, New York projected $249 million in mobile sports wagering tax revenue (including $200 million in already-collected license fees) in FY 2022, while total collections were $361 million (including the $200 million in license fees). As of April, New York State projects $357 million in FY 2023.
All of the license fee revenue has already been directed to education.
