NY Sports Betting Revenue Doubles
New York’s sports betting revenue has more than doubled again in September.
The latest figures from the New York State Gaming Commission (NYSGC) show a revenue increase of 175.3% on the August figure ($783,896), with the state’s four licensed sports betting operators taking in a combined $2.3 million.
That’s all from retail operations as mobile sports betting is not allowed by law in the Empire State and that entails four land-based commercial casinos and several tribal casinos, with revenue from the latter not included in the NYSGC figures.
Rivers Casino still claiming largest slice
Chicago-based Rush Street Interactive, which powers the Rivers-branded sportsbook at Rivers Casino & Resort in upstate Schenectady, was once again the leading revenue earner in the state, thanks to a hold of $903,892, up 102.2% from August.
But the DraftKings operated sportsbook at del Lago Resort and Casino in Waterloo is also proving a hit with bettors as it came in a close second with $836,929 in revenue. September marked its full month of sports betting operations, having only opened its doors on August 23.
— del Lago Resort (@delLagoResort) 22 September 2019
The sportsbook at Resorts World Catskills in Monticello was the third highest-earning bookmaker in September, with joint operators IGT and Betgenius managing to generate $381,210 in revenue.
The FanDuel-powered sportsbook at Tioga Downs Casino was the only one of the four not to double revenue from August, albeit it still managed to hold a far from shabby $161,834.
NY losing out to NJ in sports betting revenue
Whilst those figures are impressive by any means, the New York sports betting market remains a poor relation to that in other states such as New Jersey, Pennsylvania, West Virginia and Indiana, where online and mobile wagering is allowed statewide.
In the Garden State, more than 80% of wagers are placed via mobile devices and operators have launched dedicated apps. FanDuel and DraftKings are now dominating the market and those DFS heavyweights are also going head-to-head in a battle for top spot in Pennsylvania.
In West Virginia, they have the market to themselves currently and are absolutely smashing it with revenue figures increasing week on week, whilst DraftKings have made a flying start in the Hoosier State, where mobile betting launched on Oct. 3 and is expected to seize the lion’s share of the sports betting market.
Therefore if New York is to realize the full potential of its sports betting market, lawmakers need to act soon and it’s hoped that a recently commissioned study into all forms of gambling provides them with enough clear evidence to proceed in the next legislative session, beginning January 2020.
Until new legislation is passed, sports bettors in the Empire State, and especially the metro population of New York City, will have to travel the 100 miles or so to visit one of the four brick-and-mortar sportsbooks or, more conveniently, cross over into neighboring New Jersey.
The NJ sports betting industry has soared since launching in August 2018 and that’s due in no small part to out-of-state users. The sportsbook at the Meadowlands racetrack, which is around a 40-minute drive from the Big Apple, is now one of the most profitable locations in the state, with the majority of its revenue coming from mobile.
So by continuing to allow New Yorkers to give revenue to sportsbooks in New Jersey or illegal offshore sites it’s clear that the state is missing out on a significant revenue stream, and around 75% of the total market according to some estimates.
And the longer New York waits, the more money it’ll lose.
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