betting on sports betting?

RiversSportsbookOpen 

We’ve been quiet here at Snowmen At The Gates about sports betting since our post in May 2018, when the U.S. Supreme Court opened the way for all states to authorize sports betting. A couple weeks ago, Rivers Casino at Mohawk Harbor became the first facility in the State of New York to offer legalized sports betting at its Rivers Sportsbook lounge. [see Times Union coverage, and the Gazette article, July 16, 2019]

upstatenymap2019Having succeeded in keeping all but full-fledged casinos out of the sports betting game in Upstate New York for now, Rivers Casino is secure in the knowledge that its nearest competitors will be Resorts World International Catskills (123 miles away); del Lago Casino (156 miles away); and Tribal casino Turning Stone, in Verona, which is 97 miles away (see: “Turning Stone sports betting opens” (Syracuse.com, August 1, 2019, by Ben Coin).  

  • As a racino, Saratoga is not permitted to offer sports betting under the current NYS law.
  • What about Tribal Casinos, such as Turning Stone? Tribal Casinos are not included in the new sports wagering rules, but “tribal casinos in New York have legal reciprocity to offer any gambling games allowed at the state’s commercial casinos”. See LegalSportsReport] Earlier this year, the Oneida Nation announced that it is working on receiving the needed approval by the National Indian Gaming Commission for a partnership with Caesars Entertainment to offer sports betting at its three NYS casinos. And, Follow-up: Sports Betting opened at Turning Stone Casino on August 1, 2019. See NYCentral, July 31, 2019..

OpeningDayTUpic

Being slow learners, or good actors, our local pols have been brimming with optimism about all the new business and revenue, and tourism, sports betting will bring for Schenectady (City and County) and the State. [photo detail to the left by Paul Buckowski, Albany Times UnionNaturally, beyond the usual hyperbole and uncertainty of any wagering projection, no one has mentioned what will happen if existing Rivers customers substitute Sports Wagering (taxed at 10%) for their Slots betting (taxed at 45%), the only form of casino betting at Rivers that has been growing since its first year of operation; or, if they simply spend time at the Sports Lounge that would have been spent at the Tables.

Rivers Casino has apparently spent a million dollars preparing its 5000 square foot Sports Wagering Lounge. We now have figures for the first two weeks of Sports Wagering at Rivers Casino, as shown in this screen shot compilation, from the Rivers Casino weekly reports to the NYS Gaming Commission [click on the image for a larger version]:

Rivers-Sports-2wks

I have no idea whether the total of Sports Wagering for the first two weeks, $260,334, should be considered large or small; I do not think Rivers/Rush Street gave any public projections. But I will note that the two weeks included two very successful Saturday evening Harbor Jam concerts at Rivers Casino and the Mohawk Harbor Marina, creating the potential for thousands of the curious to check out the Sports Wagering Lounge.

Just looking at the numbers, I do see that:

  • plungegraphsmSports Betting Week 1: $168,743.
  • SB Week 2: $91,591
  • Week 2’s Sports Wagering total was down $77,152, which is 45.7% lower than Week 1
  • Slots Revenue during SBWeek 2 was down $4,918 from the week ending 7/14/2019, the week prior to the launch of Sports Wagering at Rivers.
  • Table Game revenue during SBWeek 2 was down $401,697 — that is down 45% — from the week ending 7/14/2019, the week prior to the launch of Sports Wagering at Rivers. Table Game revenue had also gone down the first week of Sports Wagering at Rivers Casino.
  • $2,898,960, Total Gaming Revenue at Rivers Casino for SBWeek 2 (the week ending July 18, 2019) was the second worse figure in over five months at Rivers Casino.

lifepreserverOf course, two weeks may not tell us much. But, Rivers Casino certainly got a lot of publicity for the opening of Sports Wagering in New York State. Fans of legal sports betting might have been expected to rush over to Mohawk Harbor. So far, totals at Rivers Casino suggest less overall revenue and therefore lower tax receipts than prior to the New Age of Sports Betting. If your tummy is easily upset, I’d suggest some dramamine to deal with the Spin Tsunami that may be coming. On the other hand, when it comes to less-than-rosy news about Rivers Casino, we mostly get deafening Silence from Rush Street Gaming, Rush Street Schenectady, and their handmaidens at City Hall, Metroplex, and the County and State Legislatures. Their unwitting public relations departments at our local media tend to run out of words (and follow-up questions), too, when casino news is not good.

plungegraphsmYupdate (Aug. 9, 2019): According to the Rivers Casino revenue report for the week ending 08/04/19, Sports Wagering GGR for the 3rd week at Rivers Sportsbook was $25,386. That’s two-thirds less than its dismal 2nd Week, and a mere 15% of the Week 1 sports wagering take. Total GGR at Rivers Schenectady was up 13% last week over the prior week, with Table Game revenue up 43% and Slots revenue up about 7%.

  • For another perspective, see “Rovell: Sports Betting Launched in New York and No One Cared” (Darren, Rovell, TheActionNetwork, Jul 19, 2019). “Put all the shine you want on it. Have comfortable plush chairs and good lines, without mobile, and with hard to get to retail sportsbooks, it won’t make an impact.”

Our elected leaders at Schenectady City Hall, who love to call the Casino their Partner, were all too thrilled to support Sports Betting on the Mohawk. Not one word was said by the Democratic majority or the Mayor’s Office about the not insignificant chance that overall tax receipts could decline, even if Rivers Casino got more profitable. I, for one, have no interest in throwing the ones seeking re-election at this time a life preserver. The least they could do is demand that the projection numbers be crunched to see how the net receipts are likely to work out for the City and County. And, start thinking of the people of Schenectady as their partners, not the Mohawk Harbor Gang.

  • Also, to bring up a pet peeve of mine, Mr. Kosiur or Mayor McCarthy should insist that Rivers Casino tell us their overall Visitor numbers for 2018, which they have not yet done, despite being halfway through 2019. Around Schenectady, No News is never good news. It is more likely to be a cover-up of bad news.

. . share this post with this short URL: https://tinyurl.com/SchdySportsBets

RiversDesPlainesPylon follow-up FYI (August 4, 2019): Capital Region media never mentioned it, but in March 2019, Rush Street Gaming sold 61% of its ownership of the Des Plaines (Ill.) Rivers Casino, the largest casino in Illinois, to Churchill Downs. That surely got Rush Street a powerful influx of cash, despite all its crybaby antics at the NYS Legislature seeking tax breaks. The folk at Rivers Casino Des Plaines have announced a very large plan to get into sports betting big time. See “Rivers Casino owner is betting big with plans to expand Des Plaines casino, add sports wagering and go after a new casino license” (Chicago Tribune, August 2, 2019, by Robert Channick)

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