New York generates $500 million in sports betting tax
In less than ten months, New York has amassed a record-breaking amount of over $500 million in tax revenue collected from the online sports betting market.
According to the relevant information from reliable sources at the New York State Gaming Commission, nine online gaming operators possess legalized licenses and come under all regulatory diktats. These sports betting sites are the ones that have appropriate licenses and are legal in every which way.
Collectively, they successfully generated an amount of $1.06 billion in the form of gross revenue from online gaming. However, because of the present income-tax structure, the State received the amount of $541.4 million. However, this is because a 51% tax is charged on online gaming revenue by the State of New York.
Based on all of this and the information received, a serious funding process was initiated and carried out, wherein a major amount went toward education. A further amount of $5 million was duly handed over to various institutions and bodies related to all kinds of sports-based activities, in terms of all the youth who are left out of the mainstream, and an amount of $6 million, in sectors which deal with the problem-solving issues where gaming, education, and treatment are concerned