According to the New York State Gaming Commission, three of its most popular games produced more than $63.9m for small businesses and public schools (PS50.7m/EUR59.1m).
New York’s lottery, the most lucrative in North America, will contribute $3.7bn to education over 2022-2023.
Mega Millions Powerball, and NY LOTTO have “skyrocketed” in popularity. They generated a total of $55 million for the public schools within New York. Mega Millions contributed $23.8m to the total. Powerball, NY Lotto, and NY Lotto each contributed $17.8m.
Eight-nine million dollars have been collected to support lottery retailers. Many of these are small business. Mega Millions led again, with $4.1m compared to Powerball’s $3m, and NY LOTTO’s $1.8m.
Gaming Commission Chairman Brian O’Dwyer stated: “Multiple huge jackpots means more chances to win money that can change your life while helping New York’s schools.”
Even if the New York players’ numbers are not called, each ticket purchased is a victory for New York’s businesses and taxpayers.
New York is leading the tax
New York has the highest profit margins for North American sports betting. In January, it set another record for online sports betting. The total revenue was $211.5m.
This was a 12.3% increase on the $188.3 million record set in January. The January total was 41.6% more than the $149.4m reported by New York City in January 2022.
New York is able to generate millions of dollars in taxes, thanks to the tax rate of 51% on gross gaming revenues. Other states have a rate that is higher.
According to the Quarterly Survey of State and Local Tax Revenues (QTAX) conducted by the United States Census Bureau in Q3 2023, New York generated nearly $5 million more than Indiana in Q3 of that year, which accounted for 37% of all tax revenues in the US.
New Yorkers forced to wait for igaming
The state is unlikely to introduce igaming any time soon, despite its impressive sports betting numbers.
Kathy Hochul, New York Governor and former governor of the State of New York, left out online gambling in her executive budget for 2025. This was yet another blow against the hope that the state would embrace online gaming.
It was in spite of the fact that New York State Senator Joseph Addabbo had filed a revised version of his igaming legislation. Senate Bill S8185 was a follow-up to Addabbo’s earlier attempt at introducing online gaming into the Empire State.
