New York Sportsbooks Suffers 40% Revenue Drop in November

Dec 13

Four sportsbooks that are operating in the New York market have reported that they have experienced a drop off in revenue of more than 40% in the month of November.

The said sportsbooks indicated that they have produced a total gross gaming revenue of just $1.3m for the said month, which was the lowest monthly revenue period since sports betting began in New York back in July.

Since sports betting was introduced in New York on July 16, there has been more than $6m in profit produced by the four sportsbooks. The record for a monthly revenue figure is $2.3m which was accomplished back in September. This was primarily because of the start of the professional and college football seasons, which are always profitable for sportsbooks. In October, the gross gaming revenue figure was situated below the monthly record at $2.2m.

The leading sportsbook in New York for November when it came to revenue was the Kambi-powered Rivers Casino’s Rush Street Gaming Sportsbook in Schenectady. It produced $549,230 in revenue during November. This was a 45.1% dip compared to the $1m generated during October. Next on the list is Resorts World Catskills in Monticello, which is being operated by Betgenius and International Game Technology (IGT). This sportsbook indicated a 7.7% drop in revenue in November with $467,356.

The DraftKings sportsbook at the del Lago Resort and Casino in Waterloo saw its revenue slip by 59.8%, closing at the $230,092 mark, for November.

And finally, the New York sportsbook with the lowest revenue for the month was the Tioga Downs Casino, which is powered by FanDuel. It witnessed a monthly revenue drop of 59.7%, with just $61,618 in gross gaming revenue.

While the sports betting revenues were substantially down November, the total gaming revenue for the four casinos saw a slight uptick. Total gaming revenues went from $51.4m in October to $51.6m in November.

The revenue figures stated above do not include the three tribal sportsbooks that are operating in New York. The Oneida Nation tribe has a number of properties with sportsbooks in New York. These sportsbooks are under the operation of Scientific Games.

The Akwesasne Mohawk Casino Resort in New York introduced its own sportsbook powered by IGT last week.

For quite some time now, calls have been made for legal mobile sports betting in New York. Neighbors New Jersey has reported that up to 85% of all sports bets in a monthly period are placed via mobile sportsbooks. Many New York residents head over into New Jersey to place bets on a regular basis with their mobile devices.