Wagering on sporting events in New York has become a big business for mobile gambling companies — and hundreds of millions of dollars in tax revenue reflects it. 

Gov. Kathy Hochul's office on Wednesday reported $542 million through the end of October, making New York the highest-earning state for mobile sports betting. 

All told, combined with $200 million in licensing fees, New York has collected more than $740 million in taxes from mobile sports bets. 

"By bringing sports wagering to New York, we have not only opened the door to responsible entertainment for millions of sports fans, but we have also brought in significant revenue to support schools, as well as youth sports, while implementing important safeguards to help those who need it," Hochul said. "I'm proud of the work that has been done to secure our state's top position in mobile sports wagering, and I am excited to continue the trend as we secure hundreds of millions of dollars to support programs that will improve the lives of New Yorkers."    

New York moved to legalize mobile sports betting after agreements with casino operators, and the first bets over mobile devices were allowed at the start of this year. New York quickly became the leading state for mobile sports wagering, with $2 billion in bets placed by February alone.

"New York continues to lead the nation in sports wagering thanks to Governor Hochul's enacting of smart gaming policies that deliver real, transformative results for New Yorkers," said Gaming Commision Chairman Brian O'Dwyer. "The revenue generated from sports wagering will provide critical support to our schools, youth sports and responsible gaming programs."  

Gambling has become big business for New York over the last 10 years, with the state offering licenses for commercially run casinos in parts of upstate New York. The state is also beginning the process this year to bid out lucrative licenses to operate casinos in the New York City area.