By
Amelia Walker
Senior Content Writer Updated: 29 January 2024
Amelia Walker Senior Content Writer
Amelia Walker is a Senior Content Writer at Betting.US. She has a law degree and deep knowledge of the gambling laws in the United States. Her mission is to keep players informed about responsible gambling, while her passion for sports helps her create useful guides. Amelia has over a decade of experience in betting, which has positioned her as a trusted voice among our readers.
New York Governor Kathy Hochul has recently spoken about the impressive financial impact of online sports betting in the state. According to the governor, New York’s online sports betting sector brought in $862 million in 2023 alone, reflecting the huge success of the young market in its second year of operation.
The figures were released directly from Hochul’s office. Combined with the $693 million revenue and $200 million in licensing fees from 2022, this brings the Empire State’s total earnings to an impressive $1.75 billion since online sports betting was launched in the state at the start of 2022.
The revenue generated from sports betting has bolstered state finances, enabling more money to be directed toward valuable causes within the state. Key areas that are benefiting from these funds include educational initiatives, sports programs targeting underserved youth, and vital services for problem gambling prevention, treatment, and recovery.
Sports betting in New York began following the former governor Andrew Cuomo’s decision to sign a bill legalizing online betting in April 2021. The state’s first online sports bets were placed in January 2022, marking a new era in New York’s gaming history. In a short space of time, New York has become one of the largest sports betting markets in the nation.
In terms of overall handle in New York, data shows that the state now ranks third nationwide, following New Jersey and Nevada. This ranking is considered particularly impressive given that New York has only offered sports betting for two years, compared to more than five years for New Jersey and 11 years for Nevada.
During this brief period, New York has achieved nine of the top ten all-time highest monthly sports betting handles in the country, which many see as a testament to the state’s booming market.
Despite the success of sports betting, New York officials remain cautious about online casinos, which have still not been legalized in the state. This is despite the fact that neighboring states, such as New Jersey, Pennsylvania, and Connecticut, enjoy huge success with online casinos that operate legally.
Senator Joseph Addabbo, a long-time advocate for the expansion of online gambling in the state, recently introduced a bill proposing the legalization of online casinos, internet lottery, and potentially expanding horse race betting.
However, Governor Hochul has indicated that this is unlikely to happen in the near future. The state is currently focusing on awarding three licenses for downstate casinos, a process approved by the governor some time ago.
According to Play USA:
Addabbo acknowledged he had heard that Hochul wasn’t interested in introducing online casinos this year. She would first wait for the state to finish awarding three licenses for downstate casinos she signed off about a year and a half ago.
With the licensing process expected to continue into 2025, and local zoning regulations posing significant delays, the introduction of online casinos in New York appears to be on hold for the foreseeable future.
PointsBet Denies Takeover Discussions With Overseas CompanyRead ArticleAmelia WalkerNovember 20, 2024
Can Conor Benn Rise Again After His Doping Suspension is Lifted?Read Article
Blake RobertsNovember 18, 2024
West Virginia Launches Online LotteryRead Article
Will BrownNovember 15, 2024