When both programs are at full maturity in several years New York online sports betting is estimated to out earn medical marijuana by several hundred million dollars in tax revenue, according to a report from Thomas P.
Both the legalization of recreational marijuana and online sports betting were approved and included in the state’s $212 billion fiscal year 2021-2022 budget.
While the recreational cannabis program will need several years to mature, estimated revenues for the state in 2024-2025 are purely in favor of online sports betting.
The cannabis revenue fund will be used to pay the costs of various state agencies for the implementation and evaluation of the effectiveness of the cannabis law.
The minimum tax rate in the state for online sports betting has been set for platform providers at 13%.