Browse articles by topic

NY sports betting market hits new low in February


New York’s four commercial casinos have reported losses of $179,593 from sports betting in February, with del Lago the only venue to actually generate revenue during the month. 

February’s total marked a new low point for the market, with the loss comfortably below December 2019, previously New York’s previous weakest month, when it generated revenue of $780,418.

Leading the market was the del Lago Resort and Casino, which hosts a DraftKings-operated sportsbook, with revenue of $98,247. This set it far ahead of its nearest competitor, Rivers Casino & Resort in Schenectady, which posted a $38,802 loss for the month. 

Tioga Downs, with its FanDuel sportsbook, lost $94,030 from sports betting in February, while Resorts World Catskills, and its International Game Technology and Betgenius-powered book, lost $145,008. 

Looking at the wider market, however, total revenue across the four venues was up 5.1% month-over-month to $54.6m. Resorts led the market in February, with total revenue rising 20.5% to $19.6m, while Tioga Down’s monthly total rose 2.2% to $7.1m. 

Both Rivers and del Lago, however, reported month-on-month declines in revenue. For Rivers, revenue was down 2.4% at $15.3m, while del Lago’s February revenue dropped 3.5% to $12.6m. 

New York’s sports betting market has been significantly limited by a lack of mobile betting, meaning patrons have to travel to casinos far from New York City to bet within state borders. Most, however, have instead opted to travel to New Jersey, which is much closer. 

This is a key line of argument used by mobile betting advocates, led by state Senator Joseph Addabbo and Assemblymember Gary Pretlow. 

Addabbo’s bill to legalize mobile wagering, Senate Bill 17, was reintroduced at the start of the current legislative session and currently sits with the Senate Committee on Finance, having been passed by the Racing, Gaming And Wagering Committee in January.