New York’s sports betting venues reported a significant drop in revenue last month.
According to figures from the New York State Gaming Commission (NYSGC), the state’s four commercial sportsbooks reported losses of $179,593 from sports betting operations in February marking the lowest point yet for the state’s betting market.
This news comes after the state’s sportsbooks managed to generate $1.9m from sports wagering activities in January. It’s important to remember that the NYSGC reports do not display sports wagering handle.
Breaking down the figures
Looking closer at the figures, the DraftKings-branded sportsbook at del Lago Resort and Casino was the highest performing venue in the state and was the only sportsbook in the state to generate any revenue. According to the figures, del Lago generated $98,247 in revenue from sports betting activity in February.
The nearest competitor to del Lago in February was the sportsbook at Rivers Casino & Resort in Schenectady, which made a loss of $38,802 on sports betting operations.
The FanDuel-branded sportsbook at Tioga Downs came in third place after losing $94,030 on sports betting, while the International Game Technology and Betgenius-powered sportsbook at Resorts World Catskills lost $145,008.
Still no mobile betting
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.
At the start of the legislative session, Senator Joseph Addabbo reintroduced SB 17, a piece of legislation that would authorize state-wide mobile sports betting in New York, eliminating the need for residents to visit casinos that are located out of the way. SB 17 passed the Racing, Gaming and Wagering Committee in January and is now with the Senate Committee on Finance.
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.