New York Sports Betting Revenue Remains at $2.6M

PointsBet gets Pennsylvania License

New York was expected to become a major player in the United States sports betting industry, but that has not happened up to this point. The COVID-19 pandemic has played a role in that, but so have some of the current sports betting rules and regulations. 

The gross gaming revenue from the sports betting industry in November came in at $2.6 million, which was very close to the total from the previous month. Other states have seen massive growth since the beginning of September, but New York has not been as fortunate.

All four commercial casinos in New York were fully operational in November, but it still did not lead to sports betting growth. The state continues to lose out on business to New Jersey as the commercial casinos are not near New York City.

Other states have grown thanks to mobile betting options, but that has yet to happen in New York. The sports betting industry could see a considerable boost soon if Governor Andrew Cuomo finally gives in.

Mobile Sports Betting Coming?

In New York, lawmakers have been lobbying for online sports betting for months, but Cuomo has been opposed to it. Cuomo believes that a constitutional amendment is needed for this to happen, and it has kept lawmakers from pursuing a bill.fanduelicon150

Earlier this week, Cuomo changed his stance a bit, explaining that the state should explore all options when it comes to sports betting. This could signal a mobile betting launch at some point in early 2021.

There are already some big-name operators offering retail sports betting in New York, and these sportsbooks can easily launch mobile betting. If New York is going to see growth, it will have to come from mobile betting. 

Rivers Still Leading Market

Rivers Casino and Resort in Schenectady was the leader in revenue during November, topping the $1 million mark. Rivers Casino is owned and operated by Rush Street Gaming. dkcrowngrey

DraftKings Sportsbook came in second during October with a revenue of $949,000, which was an increase of more than $150,000 from the previous month. DraftKings has partnered with the del Lago Resort and Casino to offer retail sports betting. 

New Jersey Setting New Records

While New York continues to put up small numbers in the sports betting industry, that is not the case in New Jersey. New Jersey has emerged as the top sports betting market in the United States, and it continues to shatter industry records.

In November, New Jersey set a new sports betting handle record of $931.6 million. This is the fourth straight month that the Garden State has set a new industry record, and that trend is expected to continue moving forward.

New Jersey has been able to attract some of the top sportsbooks in the industry thanks to mobile betting laws, and New York can look to its neighbor for some ideas on how to be successful.