New York’s sports betting market is off to a promising start with the state’s first betting locations generating almost $350,000 in revenue during the first weeks since opening their doors.
The figures, which were published by the New York State Gaming Commission (NYSGC), may not be eye-watering. But given that the state is yet to approve online and mobile betting they are still steady returns for two casinos located hours north of the city in upstate New York.
What’s more, both locations opened their doors during a relatively quiet period for the market, when sports bettors are less likely to lay action with both the basketball and football seasons yet to get underway.
There are currently revenue results for just two commercial casinos offering legal sports betting in New York. The first of those, Rush Street Gaming’s Rivers Casino & Resort in Schenectady, opened its doors on July 16 and collected $292,249 during its first four weeks of operation.
Revenues peaked for the casino during the first five days of operation with a haul of more than $168,000 during its first week alone.
Elsewhere the FanDuel partnered Tioga Downs Casino, which opened on July 17, generated $55,219 from sports betting.
The results could be just the tip of the iceberg for New York State which became the 10th state to allow legal sports betting following the U.S. Supreme Court’s decision to strike down the Professional and Amateur Sports Protection Act in May 2018.
In fact early estimates suggest that the Empire State could expect to collect anywhere between $10 million and $30 million per year in sports betting profits.
While sports betting is still in its infancy in New York, the state is moving quickly to open the door to more sports betting venues.
In early August the Turning Stone Resort in Verona opened its own sports betting lounge, reports MSN.com. The Oneida Nation, which operates the resort, has also opened sports betting at its Point Place Casino in Bridgeport.
With more sports betting facilities set to open in the coming weeks we can expect to see revenues rise sharply in the future, especially when the curtain raises on the NFL season on Sept. 5.
"NFL football disproportionally drives the (betting)," said Joel Barkin, Turning Stone's vice president of communications. “"So, once the NFL season begins that's where see the most participation”