Sports betting revenue rose in March despite the negative impact of the coronavirus pandemic.
According to figures from the New York State Gaming Commission (NYSGC) New York’s four commercial sportsbooks generated $99,514 in revenue in March.
March’s figures represent a significant month-on-month increase after the market reported a loss of $179,593 in February, which was a record low for the state. However, March’s figures marked the second-lowest monthly total for the state’s betting market.
Breaking down the figures
Looking closer at the figures, Rivers Casino & Resort in Schenectady was the highest-earning sportsbook in March. According to the venue’s report, the sportsbook generated $81,883 in revenue from sports betting, a significant increase on the $38,802 the venue lost in February.
The del Lago Resort and Casino, which houses a DraftKings-branded sportsbook, came in second place in March with $53,861 in betting revenue, down from $98,247 in February.
New York’s other two commercial casinos, Tioga Downs and Resorts World Catskills, both posted a loss from sports betting operations.
Tioga Downs and the FanDuel sportsbook made a loss of $32,926 in March, marking a slight improvement on the $94,030 lost in February. The IGT and Betgenius powered sportsbook at Resorts World posted a loss of $3,304 in March, an improvement on the $145,008 the venue lost in February.
Casinos temporarily close due to Covid-19
Towards the end of March, the state’s four commercial casinos were forced to temporarily close their doors due as part of state-wide measures to help halt the spread of coronavirus.
At the time of writing the state of New York has been hit the hardest by the virus with more than 130,000 confirmed cases and 4,758 deaths.
All commercial casinos across the country have been forced to temporarily close as a means to help reduce the spread of the virus. The American Gaming Association (AGA) warned that the temporary casino shutdown could cost the US economy $43.5bn over the next two months.
Sports betting in New York
Six years ago, the Empire State legalized land-based sports wagering through the 2013 New York Economic Gaming Act. The passage of this law allowed four upstate casinos in New York to offer sports betting if the federal law prohibiting the activity was amended or overturned. New York officially launched legal and regulated sports betting in July, with the opening of the sportsbook at the Rivers Casino & Resort in Schenectady.
Several tribal casinos also offer sports betting in the state. In early August, two tribal casinos in New York also launched sports betting. The Oneida Indian Nation, in partnership with Caesars Entertainment, launched sports wagering at Turning Stone Casino in Verona and at Point Place Casino in Bridgeport.
New York’s sports betting market is still severely limited by the state’s current sports wagering laws and the lack of mobile and online wagering. Without online or mobile betting, residents are required to visit casinos that have a sportsbook which are located very far from New York City.