New York’s sports betting market has achieved record revenue in January. All sportsbook operators in the state have performed exceptionally well.
New York’s Sportsbooks Achieve Record Growth in January
New York’s legalized sports betting market has performed exceptionally well this January. According to recently released figures, the state’s four sportsbooks managed to generate a combined total of $ 3.57 million in gaming revenue during the first month of the year.
This is the highest figure on record by the state’s gambling industry since NY legalized it back in July 2019. The importance of this moment should not be undersold as it seems to corroborate the expectations of a recent market study, which anticipates strong growth
However, it is still important to keep an eye on the bigger picture. New York’s sports betting market seems to be moving upward. Yet, it is still nowhere near in size compared to the likes of New Jersey. For comparison, New Jersey’s sports betting market closed 2020 with a total of $6 billion in bets.
Regardless, sports betting revenue may prove quite helpful for New York. The state is currently suffering from a budget deficit of around $ 15 billion. The pandemic has contributed to NY’s financial woes. The market’s tax contribution should help offset the deficit, if even by a small margin. It is simply a matter of expanding the scope of the industry.
In a recent report, LineUp.com suggested that New York should encourage further growth for the fledgling market by legalizing mobile sports betting. The idea has been tossed around for some time now. Yet, the conversation has really pushed into high gear during the pandemic. In fact, Governor Andrew Cuomo has recently flirted with the idea of mobile sports betting.
Record Performance For All Four Sportsbooks
Taking a closer look at New York’s sports betting market, we can see a healthy upward movement for all four sportsbooks. Del Lago Casino and Tioga Downs Casino have both achieved record revenue in January, while Resorts World Catskills experienced its second-highest monthly revenue.
However, the highest revenue for January was generated by the Rivers Casino. In January, the casino managed to generate a total of $ 1.429 million – a new monthly record. The result is astonishingly high, especially considering that its previous revenue record was just over $ 1 million in October last year.
The figures generated by the other three sportsbooks in New York seem humbler in comparison. They still mark an evident upward trend for the industry, though. Del Lago Casino attained a $ 1 million sportsbook revenue for the first time. Meanwhile, Resorts World Catskills has generated around $ 470,000 – very close to its record of $ 506,380. Lastly, Tioga Downs’s revenue hit $ 390,000 – the smallest of the four, but it is $ 40,000 higher than its previous record