It's been less than six months, but New York is already rolling in the dough after legalizing online sports betting.

Governor Hochul announced this week that the Empire State has pulled in record-setting tax revenues, surpassing everyone's wildest expectations. There's no denying that sports betting is popular in New York. On January 8, it became legal to wager on sporting events through online outlets such as Fan Duel, Draft Kings and Caesar's Sportsbook. Since then, it's estimated that 2.9 million unique player accounts have been created resulting in over 707 million transactions. This month, Bally Bet became the ninth and final betting app approved for operation in New York.

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The Governor is having a tough time containing her excitement over the success of online gambling in New York. Since January, the state has generated more than $302 million in tax revenue. That's far more than the $250 million that was projected for the entire year of 2022. Putting things in perspective, Hochul explained that the state has collected more in mobile sports wagering revenue in just half of a year than most other states generate in years.

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New York has collected more in mobile sports wagering revenue in six months than the total sports wagering revenue—both mobile and on-premises—that any other state has generated over several years. 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.

Hochul says that this is just the beginning. New York is projecting that in just a few years it will be pulling in a half-billion in tax revenue annually. Money raised from sports betting goes towards funding sports programs for underserved youths, problem gambling education and treatment, and education.

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