The sports betting industry in New York is not doing very well at the moment. This is because the New York Sportsbook Revenue Drops by almost Half is the current headline on gambling websites. According to sportsbook PPH news, NY saw a 41% drop in its sports betting revenue during the month of November.
During the month of October, New York got $2.2 million in revenue. However, during the month of November the revenue fell to $1.3 million. This is despite November being one of the busiest months for the sportsbook industry. Analysts say this is because November is the middle of the NFL season and the start of the NBA season.
Unfortunately, for the state of New York, this was not the case. Despite New Jersey having a successful sports betting model, it looks like it is not the case for NY. If the New York Sportsbook industry wants to be successful, they will have to change.
Why did the New York Sports Betting Revenue Drops by almost Half?
According to several Pay Per Head Blogs, one of the main culprits behind such a sharp drop is location. This is because its sportsbooks are all in far away from the populace of New York. Or at least away from people who want to bet on sports
The majority of the casinos are in rural areas which include three on tribal land and 4 away from metro areas. Thus, it makes it difficult for them to have to drive all of the way there in order to place a sports bet.
If the NY Sportsbook industry wants to increase their revenue, they need to have online sports betting available. Many sports betting software companies have ready to go online sports betting software available. Thus, it is fairly easy to get it setup.
Furthermore, New Jersey does have it which allows easy access to sports betting. In fact, it makes up for a large part of the gambling within the state. Hopefully, the New York Gambling Commission and Government will learn fast enough so they do not lose out on revenue.