- New York could see $428 million in revenue annually with regulated online casinos according to VIXIO GamblingCompliance.
- The online sports betting market has already raked in over $300 million in revenue since January 2022.
- Lawmakers failed to pass iGaming legislation in 2022.
NEW YORK – New York’s online gambling market could be missing out on over $400 million annually according to a recent report.
New York lawmakers attempted to push legislation to regulate online casinos following the massive success of the online sports betting market.
Online sportsbooks have netted NY $302.33 million in gross gaming revenue. while only being live for six months. The overall market could be a billion-dollar annual gambling market should NY pass legislation.
NY Missing Out On Millions
There has been support for iGaming in the Empire State, with Gov. Kathy Hochul backing a bill to launch iGaming publicly.
“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,” said Hochul. “The recent launch of New York’s final sports wagering operator will provide key revenue for education, youth sports programs, and problem gambling support. 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.”
Online casinos are a massive success in New Jersey, NY’s direct neighbor. NJ has seen a lifetime revenue hold of $4,522,485,273 from online casinos and online poker rooms since 2013. The state has collected $785,859,800 in tax funds in that time.
If New York follows in NJ’s footsteps and embraces online gambling fully, the Big Apple will easily see larger a larger revenue hold in less time.
Sports betting has only been live in New York for six months and it is already the largest market in terms of all-time tax revenue with $311,340,328… thanks to their 51% online sports betting tax rate. NJ has been live since 2018 and has a revenue hold of $242,021,240.