Casino News

New York Reigns Supreme as the U.S. Sports Betting Capital

Over the last couple of years, New York has emerged as the leader in sports betting across the United States. This was once again confirmed by a recent report by the American Gaming Association, which reveals that in 2023, the Empire State generated US$1.7 billion in sports wagering proceeds, leaving New Jersey in second with around US$1 billion.

The rise of New York as an undisputed sports wagering leader can be explained by the launch of the state’s mobile sports betting sector in January 2022. It allows for a total of nine private sportsbooks to offer bets on various sports. In its first year, the market delivered close to US$700 million from tax revenue from wagers and another US$200 million from licensing fees.

New York Casinos Exceeded Expectations in 2023

AGA’s report disclosed that casino properties in the New York City region accumulated around US$1.5 billion in revenue for 2023. But the sector is on course to expand, as three full-commercial gaming licenses will be issued for the downstate region, with two of them expected to go to racinos in Yonkers and southeast Queens.

Yonkers’ Resorts World New York City has a solid 2023 as the gambling venue produced over US$900 million in revenue. It was the country’s top-grossing commercial casino establishment outside of Nevada. Its performance for the year was spectacular while keeping in mind, that the venue does not offer live table games, but with the new license, it could expand operations.

State Sen. Joe Addabbo Jr., chairman of the Racing, Gaming and Wagering Committee, was also impressed with the casino’s results in 2023. He described RWNYC’s performance as incredible and remarked that the numbers highlight that New York has much to gain when it finally issues the three downstate licenses while noting that the potential is staggering.

In the meantime, experts also see Resorts World New York City as a front-runner for one of the available licenses. A while back, CGS-CIMB Research stated that the casino is in the best position to be awarded one, as the Queens’ gaming property would be able to quickly generate more tax revenue for the state, in comparison to other facilities.

In addition to that, the gaming amenity also has another advantage over some competitors as it has backing from its local communities. Back in March 2021, many Queens community groups and organizations voiced their support for the casino to expand into a fully-fledged one, as it would bring more stable jobs and produce more economic benefits for the area.

Rest of the US

AGA’s recent report revealed that as a whole the U.S. commercial gambling sector amounted to US$67 billion for the calendar 2023. This was a 10% bump over the results of 2022. However, the association explained that the inclusion of revenue from tribal-owned gambling centres would most likely put the total gambling revenue in the country over US$110 billion.

Source: “New York is nation’s leader in sports betting revenue, report saysNY Daily News, February 20, 2024