Betting tax generates $1B for education in New York

“Having an additional $1 billion from our nation-leading mobile sports betting business to help our students get the best education possible is a tremendous milestone,” Addabbo said in a prepared statement.

Asked whether the funds would apply to CUNY and SUNY schools as well, Addabbo’s office confirmed the money is statutorily for grades K to 12.

“We should continue to build upon these solid revenue generating opportunities in order to make many additional improvements to our state’s gaming ventures and addiction services. I look forward to greater results with the future eventual arrival of iGaming and iLottery in New York.”

Addabbo noted that perhaps equally important to improving education or fulfilling other credible state funding needs, a bigger share of the funds can be used to supplement programs to prevent and address gambling addiction. New York State’s mobile sports betting provides an additional $6 million for problem gambling programs annually.

In an interview, Addabbo told the Chronicle other revenue sources for education were not reduced because of the new funding source of mobile sports betting revenue. He even said future revenues could fund other projects.

“Statutorily, education gets the current casino money, and some of the mobile sports betting money,” Addabbo said. “But we have the opportunity of funding something else.

“With new gaming products like pushing iGaming next year, or iLottery, we can look at funding new items: healthcare, veterans groups, seniors, the MTA, transportation. We can build upon this and start to look at helping other areas of the state,” he said.

by Kristen Guglielmo, Associate Editor