New York sports betting revenue continues to drop

sports-betting-new-york

The four licensed sportsbooks in New York reported a decline in revenue in November, continuing the previous month’s downward trend.

Earnings amounted to $1.3 million in total. This was 41% lower than what they had made in October, which reached $2.2 million.

A restricted market 

At the moment, sports betting in New York is only legal in a very restricted manner. But if regulation was to change, many view this state as a major expansion opportunity. It’s home to 20m people, 8.6m of whom reside in New York City.

Earlier this year, lawmakers here put the pressure on to legalise mobile sports wagering. However, this still isn’t available throughout the state. Despite this, Senator Joseph Addabbo Jr still thinks that things will change. At the time, he said:

“It’s not a question if if, it’s when. It’s going to happen. People want to bet in New York. They don’t want to drive two hours upstate, and they’d prefer not to get in the car and go over the bridge to New Jersey. But that’s what they’re doing now.”

Other big US markets struggling to legalise sports betting 

New York isn’t the only big US state where regulating online sports betting has been difficult. Texas considered the prospect of doing so after PASPA was repealed, but in the end chose not to. It won’t revisit the idea until at least 2021.

Florida has also made attempts to bring sports betting to the South, but has thus far been unable to. Much of this has been through failing to find an agreement with the indigenous Seminole Tribe, who argue that they control sports betting here. Governors will need to solve the ongoing legal issues they have with the tribe in order for things to progress.

Meanwhile, two proposed state amendments have been put forward in California. Although these would only legalise sports wagering in limited respects, it would still be a step in the right direction.