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Read Full BioResorts World Bet is shutting down in New York, the largest sports betting market in the US. The company announced that customers can place wagers and make deposits until June 16. Existing users can withdraw any remaining balance by June 22, and the app will shut down on June 30.
On June 9, the operator posted on X: “We wanted to inform you about some important changes regarding Resorts World Bet. We encourage you to take action on any outstanding wagers or withdrawals before these dates to avoid any disruptions.”
The exit may not come as a surprise to those following the market closely. Resorts World Bet ranks last among the nine online sportsbooks in the Empire State in terms of revenue.
In May, it reported $10.5 million in handle and $376,410 gross gaming revenue. For the rolling year, the sportsbook’s handle was $89.6 million, and the revenue was $6.4 million. In comparison, market leader FanDuel reported $803 million in handle and $108.9 million in revenue for the month of May alone.
Resorts World’s May results give them approximately 0.48% of the New York sports wagering market share by handle, and just 0.15% by GGR. Given the significant cost of operating in the Big Apple, it would take considerable marketing spend to begin to attempt to steer the operator to a stronger position. This is clearly not a part of the company’s sports betting strategy moving forward.
Who Can Replace Resorts World Bet in NY?
New York is the largest sports betting market in the US. In May, sportsbooks set a monthly record of $248.9 million in gross gaming revenue, beating the previous record set in January. For the rolling year, the nine sportsbooks have generated $2.14 billion in revenue.
Despite a hefty 51% tax, the joint-highest in the US, New York has attracted most of the major operators, including FanDuel, DraftKings, BetMGM, and Caesars.
It’s unclear whether Resorts World Bet would look to sell its license, but if it does, interest from other operators is likely.
A potential suitor could be the global giant Bet365. The British-based operator entered the US in 2019 and took a slow expansion approach until 2022. However, with a more aggressive strategy, it’s now live in 13 states. Hard Rock Bet could also emerge as a potential candidate.
If someone acquires the Resorts World Bet license, it won’t mark a precedent for the market. In 2024, Penn Entertainment’s ESPN Bet took over the WynnBet license after the latter decided to shut down.
Previously, Fanatics Sportsbook entered the market after acquiring PointsBet for $225 million.
No Change of Plans in Genting’s Downstate NY Casino Plans
The Resorts World Bet shutdown will not impact parent company Genting Group’s plans for a full casino license in the state.
The Malaysia-based gambling company operates the Resorts World New York racino in Queens, which is among the candidates for one of three downstate New York licenses.
The property and MGM Resorts’ Empire City Casino in Yonkers are considered by many to be the two frontrunners. They are already operational and would require fewer resources to convert into full-scale casinos.
The competition for the licenses is tight. Even though the initial licensing would cost $500 million and require an additional investment of at least $500 million, there are plenty of suitors.
That includes Manhattan projects like Soloviev Group and Mohegan Gaming’s Freedom Plaza, as well as Caesars Entertainment and SL Green Realty’s Times Square casino.
Another high-profile bid comes from Mets owner Steve Cohen and Hard Rock International. The partners plan to build an $8 billion casino project near Citi Field in Queens. Meanwhile, Bally’s Corporation plans to build a casino in the Bronx. However, the project has hit a roadblock due to permitting issues.
License applications are due by June 27, and the state anticipates making a decision by December.
