The demand for sports betting is expanding across the United States and 2019 saw a major jump in revenue. With COVID-19 forcing people indoors, the demand for online gambling skyrocketed. However, not every state has jumped on the bandwagon yet, and New York for one is yet to catch up.
Although the state legalized sports betting as recently as 2019, online gambling is a different story altogether! Visit Team Gamblers for a complete list of legal United States casinos. If New York Governor Andrew Cuomo needs more reasons to legalize online gambling in the state, neighboring New Jersey’s revenue figures should be proof enough.
The Story So Far
While the four land-based casinos in New York resumed business on September 9, the revenue was nowhere close to what New Jersey generated in a month. While the New York casinos earned the state coffers a meagre $1.4 million in 22 days, New Jersey generated over $45 million in September alone and $748.6 million ever since the lockdown was revoked.
Back in August, neighboring Pennsylvania and New Jersey accounted for over $1 billion in online gaming revenue in total and the figures are bound to go up in September following Jersey’s massive profits during the month. New York, however, had a starkly different story to tell. The state’s gambling revenue fell 38.5% in September to a measly $2.3 million.
According to the New York Gaming Commission, the Rivers Casino and Resort paved the way with $623,587 followed by Waterloo’s Del Lago Resort and Casino with $398,497. Monticello’s Resort World Catskills generated $285,298, followed by Tioga Downs’ $96,164.
While the New York Senate passed the mobile sports betting bill in 2019, it’s yet to clear the state assembly. However, New York state senator Joseph P. Addabbo Jr. believes there are enough votes in the house to pass the Bill. The state needs a steady source of revenue moving forward and online gambling offers the ideal opportunity.
This isn’t a one-time event, since the state’s sportsbooks had a lackluster season in 2019 as commercial sportsbooks generated a paltry $780,418. Although New York does not officially reveal gambling income, numerous sources independently verified the figures. It marks a 41% drop in revenue compared to October 2019. Saying the figures are disappointing is an understatement at best!
Legalizing iGaming is the only logical move to fight the slump although the New York authorities are taking their sweet time to correct their fallacy. To top it off, New Jersey has risen to the occasion, catering to New Yorkers traveling beyond state boundaries to wager online.
According to a recent survey, Ney Yorkers account for 20% of New Jersey’s iGaming revenue. The market is ever-rising with 9 out of 10 sports bets in the state offering some form of iGaming services. The disparity will only increase if New York continues to procrastinate.