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According to a new report from state Comptroller Thomas DiNapoli, taxes on mobile sports betting in New York generated $727.4 million in the fiscal year 2022–2023 and have increased in the first quarter of the current fiscal year. However, the New York State Gaming Commission also found that from 2021 to 2022, the number of calls about problem gambling that were directed to the Office of Addiction Services and Supports increased by 26%. This, according to DiNapoli, should draw more focus to the effects of mobile sports betting, especially on younger people.
According to DiNapoli, “gaming has significantly increased in the state over the last few years.” “Problem gambling and addiction are poised to increase with the simplicity and 24/7 accessibility of mobile betting apps.” In the fiscal year 2022–2023, New York’s mobile sports betting taxes brought in $727.4 million, and they have continued to rise in the first quarter of the current fiscal year. But from 2021 to 2022, the popularity of mobile sports betting also contributed to a 26 percent increase in calls about compulsive gambling.
The income from live sports betting at New York’s commercial casinos have significantly decreased as a result of increased mobile sports betting. According to research, gambling issue rates are greater among those who use mobile betting, and OASAS has boosted spending on problem gambling treatments by about $4 million over the past three years. The state Gaming Commission is required to work with OASAS to submit yearly reports on the effects of mobile sports betting on problem gambling to the governor and legislators.
According to the state comptroller’s office, state lottery sales and gaming revenue taxes increased from $2.8 billion to $4.8 billion with new types of gaming accounting for the majority of that growth. 95 percent of the $4.8 billion collected was used towards education. But according to the state comptroller’s office, gaming revenue taxes and employment levels in the sector have still not reached their pre-pandemic levels.
The state’s predictions for mobile sports betting have so far been exceeded; during 2022–23, expected receipts were $357 million but ultimately reached $727.4 million. The number of licenses granted to mobile sports betting companies and higher tax rates, according to the state comptroller’s office, were the causes of the higher collections. Over the following four years, a 6.9 percent increase in revenue is anticipated, which indicates that this trend will probably continue.
However, the popularity of mobile sports betting has also resulted in a sharp reduction in in-person sports wagering earnings at New York’s commercial casinos, which will drop by 45 percent in 2022–2023. According to the state comptroller’s office, Tioga Downs in the Southern Tier experienced the biggest reduction (58.7 percent), while Rivers Casino and Resort in Schenectady experienced a $2.9 million revenue decline. According to the report, the four casinos upstate’s revenue receipts and job predictions also fell far short of expectations.
However, the state budget for 2022–2023 permitted the development of three new downstate commercial casinos. Authorizing internet casino gambling and tripling the number of video slots at a Long Island casino/hotel are two further recent ideas to increase gaming. According to DiNapoli, these suggestions could further reduce casino earnings because fewer individuals would presumably go to place bets.
