NY’s Revenue From Sports Betting Operations Up 175 Percent

NY’s Revenue From Sports Betting Operations Up 175 Percent

Sportsbooks in New York have posted a 175.3 percent month-on-month increase in revenue for September. The state has for licensed casinos offering sports betting operations. The state’s sportsbooks grossed $2.3 million in revenue in September.

Sports betting operations were launched in New York in July, earlier this year. The state’s casinos have generated $3.5 million in total revenue since launch.

Rivers Casino & Resort Schenectady’s Rush Street Interactive-powered sportsbook grossed maximum with $903,892, up 102.2% from August.

The second to take maximum revenue is del Lago Resort and Casino in Waterloo with $836,929. It made a 375.5% increase in August’s revenue.

While sports betting is legal in New York, the state is yet to authorize mobile and remote sports betting. The state has kept mobile sports betting out of the state budget.

The decision to omit mobile sports betting has also met with criticism as for some it is not a very logical approach. Senator Joseph Addabbo who has been against this decision made a strong opposition to the move and said, “We’re sitting on the sidelines and letting our money go out of state.”

According to Senator Addabbo, the mobile sports betting can chip in significant revenues to the state’s exchequer. He estimates that it could bring up to US $90 million from taxes and license fees.

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