New York betting revenue surges in December

New York’s sports betting market ended 2020 on a positive note, recording a massive year-on-year increase in revenue. 

According to the latest figures from the New York State Gaming Commission, commercial sportsbooks in the state generated $2.3m in gross sports betting revenue in December.

This marks a 210.6% year-on-year increase on the $740,418 generated in 2019 but is slightly down on the $2.6m generated in November 2020.

The New York State Gaming Commission does not include sports betting handle in its reports, instead, it only displays sportsbook revenue.

How did each venue perform

The New York State Gaming Commission does not include sports betting handle in its reports, instead, it only displays sportsbook revenue.

Once again Rush Street’s Rivers Casino and Resort in Schenectady dominated the market after generating $949,804 in betting revenue. This marked a 204.6% increase on the amount generated in December 2019.

The del Lago Resort and Casino in Waterloo, which hosts a DraftKings-branded sportsbook, took second place after generating $922,718 in sports betting revenue. This marked a significant increase on the $335,283 generated the year prior.

The Tioga Downs Casino in the Finger Lakes which is home to a FanDuel-branded sportsbook, took third place after generating $277,301 in betting revenue.

Resorts World Catskills took fourth place after generating $108,948 in revenue from sports betting operations.

Growth despite coronavirus restrictions

For the financial year-to-date, in the nine months to the end of December, sportsbooks in the state of New York have generated $8.8m in revenue.

During the period, Rivers Casino and Resorts generated $3.7m in betting revenue, del Lago Resort and Casino held on to $30m, Resorts World Catskills generated $1.1m and the Tioga Downs Casino sportsbook held on to $1.0m.

This growth comes despite the fact that casinos in the state were closed for a large chunk of 2020 as a result of the coronavirus pandemic.

New York’s casinos closed in the middle of March 2020 and were not permitted to reopen until the summer and even when they reopened they were subject to strict capacity restrictions.

Mobile betting is coming to New York

Sports betting revenue could grow exponentially in the next year after New York Governor Andrew Cuomo signalled he would support efforts to legalise online betting in the Empire State last week.

As the state of New York is in dire financial straits as a result of the coronavirus pandemic, the legalisation of online sports betting could help generate new tax revenue for the Empire State.

Lawmakers in the state of New York have moved quickly to introduce two pieces of legislation that would allow for the creation of a competitive mobile sports betting market in the Empire State.

Both bills call for licensees in the state to be granted two skins for mobile betting. Based on the state’s four commercial casinos and three tribal venues, if these bills are successful there could be up to 14 mobile betting brands in the state of New York.

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