- In the first month of legal New York sports betting, Rivers Casino collected $292,249 in revenue.
- Tioga Downs also reported their monthly revenue, which notched a mark of $55,219.
- In the first fiscal year, New York sports betting is projected to contribute $4 million to the state coffers.
SCHENECTADY, N.Y. – The first sportsbook in the State of New York has officially released their first revenue report for the month of July.
Rivers Sportsbook in Schenectady, New York kept nearly $300,000 in revenue during the first month of operation.
This number may not be anything to write home about, but as a state that has yet to approve online and mobile betting and being a casino that is located hours north of the city, things could have been a lot worse. In addition, the sportsbook opened during a timeframe where sports bettors are less inclined to lay action, as football and basketball seasons are on their break.
Rivers Sportsbook started off strong, as bettors around the Albany ventured to the site to place their first legal wager. During the week that ended July 21, revenue eclipsed $168,000 – the highest of the first four reported weeks.
None of the three weeks following surpassed $100,000 but the expectations are set that this current “record-high” will be smashed come football season.
The state estimated that $4 million in revenue could be generated from sports betting in the first fiscal year alone, which comes at a 10% tax rate on all sports betting revenue by the books.
A strong majority of that is projected to come in the next few months when NFL betting action is open for business during the regular season. Betting on college football will also help with the overall revenue; however, in the regulations set forth by the New York State Gaming Commission, betting on collegiate sports is prohibited as long as the game is played within the state or involves a team that is located from New York.
While sports betting in New York is still in its infancy stages, Rivers Sportsbook took in more money during the first month of operations compared to Tioga Downs in Nichols.
One of the reasons for this may be the brand-new sportsbook lounge that Rivers constructed during the summer in anticipation for the opening. Add in the fact that the venue boasts a 53’ by 9’ LED wall and 22 widescreen TV monitors, and bettors found no reason to leave the site.