The New York lottery stands as North America’s most lucrative, channeling $3.7 billion toward state education during the 2022-23 financial year.
Mega Millions, Powerball, and NY LOTTO are witnessing a surge in popularity, jointly funneling $55 million to public schools in the state.
Mega Millions led the pack with $23.8 million, while Powerball and NY Lotto followed suit with $17.8 million and $13.4 million, respectively.
An amount of $8.9 million has been amassed to support commissions for lottery retailers, many of which are small businesses.
Mega Millions maintained its lead, contributing $4.1 million, followed by Powerball with $3 million and NY LOTTO with $1.8 million.
Brian O’Dwyer, Gaming Commission chairman, emphasized, “Multiple massive jackpots mean more opportunities to win life-changing money while benefiting New York’s public schools.
Even if a New York player’s numbers don’t get called, every ticket purchase is a win for New York state’s taxpayers and businesses.”
New York boasts the title of the most profitable state for sports betting in North America.
It achieved a new online sports wagering record in January, raking in revenue of $211.5 million, marking a 12.3% increase from the previous record and a 41.6% surge from January 2022.
This success translates into substantial tax revenues for New York, largely due to the 51% tax on gross gambling revenues, a rate unmatched by any other state.
According to the Quarterly Survey of State and Local Tax Revenue (QTAX) by the United States Census Bureau,
New York generated $188.5 million in Q3 of 2023, comprising 37% of the total tax revenue generated in the US, nearly five times higher than Indiana’s $38.6 million, which secured the second spot.
Despite its remarkable sports betting figures, New York’s hopes for igaming legalization face a significant setback.
Governor Kathy Hochul’s exclusion of igaming from the 2025 executive budget dealt yet another blow to the prospects of online gaming in the state.
This decision comes even as New York state senator Joseph Addabbo filed a revised igaming bill, Senate Bill S8185, building on previous attempts to introduce online gaming in the Empire State.