Sports Betting revenue woes in New York continue in November. After slipping 4.4 percent month-over-month in October, contrary to the hopes and expectations, the New York sportsbook witnessed a massive 41 percent drop in revenue.
Those who had been in opposition to legalizing sports betting plus the proponents of mobile sports betting jumped on to criticize the state’s sports betting policies.
Earlier in October, the state’s sportsbook grossed $2.2 million in revenue; however, in November, the revenues tumbled to $1.2 million, representing a 41 percent month-on-month decline.
Since sports betting was launched in July earlier in the year, New York sportsbooks have grossed a total of $6.9 million in revenue. The actual revenues are way less than the projected figures.
New York has allowed in-person sports betting at four upstate casinos.
What Went Wrong
There have been mixed opinions about the November figures. While some maintain that sports betting would not work at all and that the revenue figures projected to campaign in favor of sports betting legalization are a distant dream, more pro-sports gambling minds are calling on adopting similar policies that are in tune with that of New Jersey’s sports gambling regime.
New York legalized sports betting, but it has only allowed in-person sports betting at licensed gambling venues. Mobile sports betting has not been included in the state budget. Since statistics in New Jersey prove that over 80 percent of the bets are placed online, not allowing mobile sports betting is the main culprit in sinking sports betting revenues in New York.
Mobile Sports Betting Will Fuel Gambling Addiction
Every opportunity has a cost. While adopting a New Jersey style sports gambling rules would lead to increased revenue, it would also fuel a gambling addiction.
Rebutting the claims of those proposing New Jersey-style online gambling and sports betting, those advocating against mobile sports betting point at the massive expenditure New Jersey makes to promote responsible gambling.
New Jersey spends about $650,000 annually to create awareness about responsible gambling through adverts and dedicated campaigns.