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Mobile sports betting exceeded revenue expectations, casinos saw 45% revenue slump

  • / Updated:
  • Staff Report 

New York’s recent venture into mobile sports betting resulted in a $727.4 million tax revenue in the State Fiscal Year (SFY) 2022-2023, exceeding initial projections, as reported by State Comptroller Thomas P. DiNapoli.


However, the expansion of this digital gaming platform has coincided with a 26% rise in problem gambling-related calls from 2021 to 2022, according to the New York State Gaming Commission. Despite the fiscal benefits, DiNapoli warns of the potential increased risk of addiction, emphasizing the need for a deeper understanding of the implications, especially among young New Yorkers.

In the fiscal snapshot, mobile sports betting, authorized in SFY 2021-22 and launched in January 2022, saw a return of $360.7 million in its initial year — a substantial leap from the $99 million forecast. This windfall can be attributed to a higher number of licenses granted and an imposing 51% tax rate on gross gaming revenues.

Despite the economic upside, in-person sports wagering at state’s commercial casinos witnessed a 45% revenue slump in SFY 2022-23. As New York prepares for the introduction of three more commercial casinos and contemplates further gaming expansions, experts urge a prudent approach, taking into account the potential social repercussions and ensuring that projected revenues and economic advantages are realistic.