New York Casino Revenue Drops 3.9% Amid Evolving Gaming Trends

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New York’s commercial casinos just reported a 3.9% drop in revenue this October, showing how the gaming industry is really shifting. According to the New York State Gaming Commission, these casinos pulled in $53.7 million in gross gaming revenue (GGR) last month, down from $55.9 million in October 2023. Of that, $40.3 million stayed with the operators, and $13.4 million went to the state in taxes.

CDC Gaming’s reporter Scott points out that a few things may have contributed to this dip in revenue. New York’s casinos face stiff competition from online gaming and casinos in nearby states, which are drawing people away from the local venues. Slot machines and electronic table games, both taxed at 30%, still bring in the bulk of the revenue, but not enough to balance out declines in table games like blackjack and roulette.

These table games pulled in $12.6 million in GGR, down from $15.8 million last year, and poker brought in $842,668 compared to last year’s $923,066.

Interestingly, there’s a growing trend of No KYC Casinos. According  to 99Bitcoin’s Viraj, these are casinos where players can skip the usual ID checks and verification processes due to the decentralized nature of cryptocurrencies and blockchain technology. These casinos appeals to folks who want more privacy, however, they operate in a gray legal are in New York. Unlike traditional casinos, these casinos often are licensed with regulatory bodies outside of New York and accept cryptocurrencies, making transactions fast and anonymous. For players seeking alternatives to New York’s casinos, these options might sound appealing, though unregulated platforms potentially lack the protections licensed venues provide.

The revenue drop also ties into some economic factors affecting spending. With inflation and higher living costs, people may be cutting back on things like entertainment, including gambling. Online casinos, which are often easier and cheaper to access, are also giving traditional casinos a run for their money.

Meanwhile, New York is in the process of issuing licenses for three new downstate casinos, which should bring in more revenue and job opportunities. The Gaming Facility Location Board recently pushed the application deadline to June, highlighting the competitive interest in expanding casino operations in this high-traffic area. These new casinos could help offset revenue losses upstate and diversify New York’s gaming industry.

The recent drop in revenue, along with the push for new casinos and growth in online gaming, shows New York’s gaming industry is in a time of big change. As digital gaming takes off and regulations shift, traditional casinos might see even more challenges ahead. New York’s story isn’t unique; many states are grappling with the fast-evolving gaming landscape.

For locals and industry watchers, these changes reveal how gaming is constantly shifting, with traditional and online casinos both trying to capture a piece of New York’s gaming market. As this competition heats up, the future of gaming in New York remains exciting and uncertain, shaped by new rules and what players are looking for.

If you or anyone you know has a gambling problem, call 1-800-GAMBLER.