Sports betting has taken states by storm, but most still missing major revenue stream

New Jersey will release the numbers for its online gaming and online sports betting revenue for November. The 2022 World Cup and December should bring in record revenue. New Jersey is one of six states that have legalized online casino games. Pennsylvania and Connecticut join the Garden State. New York legalized sports gambling this January but does not have online gambling. According to NJbet data analyst Martin Eriksen, New Yorkers are not paying the same taxes as NewJersey. He claims NewYork could be bringing in over $2 billion a year. It is not happening now.   “The data shows that if New york legalized and taxed online games at the rate as NJ, it would stand to bring over $ 2.2billion each year”

New Jersey and Pennsylvania were the first states to legalize sports betting. New York did not legalize it until 2022. The state is missing out on a big revenue stream.  Some estimates put the total amount of bets placed from people coming across the various bridges into New Jersey at 25%. The number of sports bettors in New New Zealand has grown by 50% since 2010.

New York could be missing out on over $2.2 billion in tax revenue each year. Sports betting has taken states by storm, but most still missing major revenue stream.

There are currently six states that allow online casino gambling. If New York taxed iGaming at 25%, the yearly revenue would jump to $3.775 billion.