As Online Sports Betting Debate Heats Up, NY Sees Revenue Drop

As Online Sports Betting Debate Heats Up, NY Sees Revenue Drop
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One-house budget proposals are coming on Monday and it could not have come at a better time for sports gaming in New York. Those proposals could provide a path to online sports betting in the state.

After three of the four commercial New York sportsbooks recorded their best month ever in January, but February was a different story for betting revenue.

You can check the figures released by the New York State Gaming Commission on Friday.

Sports betting generally does see a decline in February even with the Super Bowl because that’s the only football game of the month and there is one less weekend than in January. Iowa and Indiana, two stalwarts among legal sports betting states, also reported declines in February.

February’s gross New York gambling revenue was $1.15 million, a drop of $2.42 million from January’s $3.57 million.

New York legalized in-person sports betting in July 2019, but its lack of an online option has left the state far behind neighboring New Jersey gambling revenue. New York Gov Andrew Cuomo, who is under fire for allegations of sexual harassment, has more recently backed the idea as a way to help close a state budget shortfall.

Cuomo, however, prefers mobile sports betting to be run by the state like the lottery. State lawmakers have introduced legislation that calls for more sportsbook operators and a competitive market, which is more consumer-friendly because it gives bettors more options.

A panel this week presented by the Government Law Center at Albany Law School discussed “The Future of Sports Wagering in New York.” The overall consensus among the gaming experts was that the state needs to do something to advance online sports betting in the state.

All Four New York Casinos See Decreases

The February revenue numbers at New York’s four sportsbooks indicate solid uncertainty, which calls for a greater urgency for legal mobile sports betting to be moved upon and legalized in the state.

After producing $1.429 million in gross sports betting revenue in January, Rivers Casino and Resort in Schenectady saw the biggest decrease of the four with $463,663 in February, a drop of $965,477.

The DraftKings New York at Del Lago Casino and Resort in Waterloo had $376,118 in February revenue, a decline of $894,694 from January’s $1,270,812.

Resorts World Catskills in Monticello reported $157,098, a drop of $322,459 from January’s $479,557. The FanDuel New York at Tioga Downs in Nicols posted the lowest sports betting revenue total for the month among the four commercial casinos at $156,397 in February, a decline of $233,949 from January’s $390,346.

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