Industry Reports

Upstate New York Witnesses Yet Another Sports Betting Revenue Slump

New York casinos experience yet another month of in-person sports wagering marking a slump when compared to its July performance. December witnessed total sports wagering revenue of US$780,418, reaching a new low when it comes to the wagering performance of the four commercial casino locations issuing monthly reports of their gaming revenue. Mobile sports wagering is projected to increase the state gaming revenue, once approved.

The month of December saw a significant drop in the wagers placed on live sports events at the four commercial casino locations in Upstate New York. Gaming revenue generated by the in-person offering available since the summer and early autumn of 2019 filed to reach the expectations and earlier performance marked. In fact, this was the four casinos’ worst performance so far.

New York State Commission Reports

Ever since July 2019, sports wagering has been legal within the four commercial casino locations, as well as several of the tribal casino venues within the state. The New York State Commission focuses on the commercial venues’ offerings the relatively new gaming opportunities many New Yorkers have been demanding for years ahead of the official launch. Over the past five months, a progressive drop has been witnessed.

The US$780,418 gaming revenue generated during the month of December and the holidays season, marks a 40-percent drop when compared to November’s performance. The significant drop has taken place during a time of the year when most gaming offerings mark an increase in gaming revenue. Many individuals make their first steps in the games of chance world led by the notion that it would bring them good luck.

However, in New York State’s case, there was a 40-percent drop in the gaming revenue reported. Del Lago Resort and Casino managed to generate some US$335,283, which was a slight jump when compared to November’s performance. This ranked the casino location first among the commercial casinos and marking a 45-percent surge from last month’s gamin revenue.

Slump Continues in December

Tioga Downs was the other casino to see a positive impact in the month of December, amassing some US$68,071 over the season of giving. As for the remaining two commercial venues, their sports wagering drop was even more staggering. Resorts World Catskills managed to see an 85-percent slump between November and December. The later witnessed only US$655,236 by sports betting activities.

Rivers Casino and Resort in Schenectady, the first commercial venue to launch sports wagering in New York State, reported US$311,828. What really harms the local market is the non-existent mobile sports wagering that is projected to increase the gaming revenue of commercial and tribal casino locations. Work on the subject could bring results later on this year, as Sen. Joseph Addabbo Jr. has renewed his efforts to see the approval of the S 17 bill.

Senate Racing, Gaming and Wagering Committee’s first meeting for the year greenlighted the proposed bill and opened the door for it to continue its journey to the Governor. Its next stop would be the Senate Finance Committee and further discussion that might pave the way for mobile sports wagering within the state. Gov. Andrew Cuomo should also include mobile sports wagering in the 2020 budget, due to be discussed on January 16.