New York’s monthly handle for sports betting was $1.47 billion in June, which is the lowest amount of money the gambling type has made in 10 months. The last time wagering was this low was August 2023, when New Yorkers only placed $1.11 billion worth of bets.

New York sportsbooks reached a handle of $1.97 billion in May, suggesting that June experienced a significant and sudden downturn. However, this drop in betting value from May to June is no coincidence. June to August are generally quiet when it comes to sports betting, given the lack of major sporting events that take place during the summer.

Most major leagues start in the fall and end in the spring, which leaves Summer without much sports action. The exception is baseball season, which starts in March and runs throughout the summer. However, baseball isn’t as popular amongst sports bettors as the likes of basketball and football.

One thing that can’t be explained as easily is why gross gaming revenue also fell in New York in June. Revenue for the month reached only $133.9m, which was 34.1% short of May’s revenue levels. Of course, the drop in sports betting also impacted overall gaming revenue.

Another reason for this downturn is due to the number of New Yorkers who use offshore online casinos, some of the best examples of which can be found on readwrite.com. Lindsey Jones points out that these casinos offer big bonuses and promotions, and provide customers with reliable customer support.

There are no regulated casinos based in New York due to the state’s current gambling laws. Popular offshore options give New Yorkers a means of playing online slots and table games, which impacts New York’s overall gaming revenue.

Besides its regulated sports betting market, New York has several other modes to gain gaming revenue. This includes brick-and-mortar casinos, horse racing, and the lottery.

While online casinos remain illegal in New York, online sports wagering was legalized and launched in January 2022. There had been a serious demand for online sports betting before this, given the state’s many college and professional sports teams and large sports fanbase. The biggest New York Yankees season drew in a crowd of 4,298,655, after all.

There has been a similar demand for the legalization of online casinos in recent years. Senator Joseph Addabbo has frequently advocated for its legalization given how much money it could pull in for the state in terms of taxes. This argument gains extra weight when gross gaming revenue falls as it has done this year.

Senate Bill S8185A, which was introduced by Addaboo earlier this year, remains active. If passed, both online lotteries and casinos would be made legal for the first time in New York. The bill remains in the Committee Senate, so it has many stages to pass through before it’s potentially signed by the Governor.

Rumors that Governor Kathleen C. Hochul was about to hold a special legislative session regarding S8185A. However, this session was never held and the bill remains in the same position. Whether or not this bill would permit online crypto gambling remains unclear.