New York Betting Revenue Held Steady in September

According to data from the New York State Gaming Commission, the state's betting industry appears healthy. Gross gaming revenue at physical venues reached $184 million in September. This figure is 7 percent below August's revenue of $199 million. Net revenue also fell from $118.9 million to $109.5 million.

Slot machine, table game and poker revenues followed the earlier trend. The standout category was sports betting at physical venues. Betting volume in this segment rose from $2 million in August to $4.4 million. Gross sports betting revenue also climbed to $641,500, the highest level of the year. However, this increase was not enough to offset the decline in other categories.

Online sports betting showed a picture similar to the physical channel. In September, betting volume rose 41 percent to $2.4 billion. Gross revenue was $159 million, but unfavorable betting outcomes for operators reduced profitability. Net revenue for platform providers fell 4.9 percent from August to $78 million. September's online betting volume even surpassed the busy June and July, which were boosted by the World Cup.

The industry remains concerned that prediction market platforms could draw customers away from licensed betting sites. Citizens analyst Jordan Bender, however, argued that these platforms' aggressive advertising spending could introduce new people to sports betting. State officials, meanwhile, are taking a clear stance against these platforms. The state attorney general said in February that these platforms operate outside local regulations and lack safeguards. The state has also initiated legal action against Coinbase Financial Markets and Gemini Titan.