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Report: NY Collects More Money in Gambling Revenues Than Any Other State
ALBANY, N.Y. - A new report by the New York State Comptroller finds that New York collects more money through gambling revenues than any other state.
A press release says for fiscal year 2013-14, total gambling revenues were $3.2 billion, or an average of $161 per resident. Compared to fiscal year 1994-95, the state collected $1.2 billion in gambling revenues.
“Every day, New Yorkers scratch off tickets or play the odds in hopes of hitting a big winner. The payoff for the state is significant – billions are coming into state coffers,” New York State Comptroller Thomas DiNapoli said. “Now with a new expansion underway, more casinos will mean more gaming revenue and new jobs, but the long-term impact for the state remains unclear. It will inevitably create both winners and losers in the years ahead.”
In June 2013, the New York State legislature authorized four casinos to be built in upstate regions of the state.
According to DiNapoli's report, the introduction of casinos will likely produce new revenue for the state because gaming is taxed at a higher rate than other consumer purchases.