New York Sports Betting Revenue Hits New Low Without Mobile
The land-based sports betting market in New York found a new low in February as the state’s four commercial casinos reported $179,593 in losses, with only one operator generating revenue.
The month marked the first that the state — which started legal sports betting in July at a series of venues outside of its New York City population center — posted losses. Its previous ebb was $780,418 in revenue in December.
DraftKings partner del Lago Resort and Casino in Waterloo was the only casino sportsbook to post positive revenue at $98,247. The New York State Gaming Commission does not report handle.
The numbers plunged from there:
- Rivers Casino & Resort (Schenectady): -$38,802.
- Tioga Downs (Nichols), a FanDuel partner: -$94,030
- Resorts World Catskills (Monticello): -$145,008.
New York Success Hinges on Mobile, Like Everywhere Else
An attempt by state Sen. Joseph Addabbo to backfill mobile wagering into New York law remains jammed in the Senate Committee on Finance. Addabbo’s bill introduced at the start of the current legislative session in January passed as expected out of the Racing, Gaming and Wagering Subcommittee he chairs.
Addabbo’s bill aims to redirect New York customers to wager in-state, instead of over the rivers and through the tunnels to New Jersey. Industry estimates put the New York impact on the New Jersey sportsbook market at around 25%.
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“Even if a person has an aversion to gaming in our state, not embracing it in terms of ideology, bottom line is we have a $6 billion deficit,” Addabbo told Gambling.com. “The mobile sports betting aspect can raise a significant amount of revenue. It does address the problematic gaming issue by an increase of new funding for certain programs. This is the time.
“We're interested in addressing our healthcare needs and the rising costs of healthcare, educational funding, the deficit. The idea here is it's right there in front of us. We have an illegal activity that currently goes on in the state and we're not realizing that revenue either. If you have apprehension, I understand it, but now is the time fiscally to do this.”
The state Assembly meets intermittently through June.
“When a bill passes 77-5 in the Senate, we're not looking to amend it much, but I'm always open to possibilities of making the bill better. So, I am open to ideas, seeking legislative amendments,” Addabbo said in January. “But the idea here is it's also conversations with the governor's office on how we can work together to advance the mobile sports betting in our state.”
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