Resorts World Bet to Cease Operations in New York – iGaming Post
Resorts World Bet, operated by Genting-owned Resorts World New York City, recently announced its impending closure—a significant development in New York’s rapidly evolving sports betting landscape. While the market has experienced substantial growth since legalization, not all operators have thrived in this competitive environment.
Launched in January 2022, Resorts World Bet entered the fray as one of nine mobile sports betting operators in New York. Its aim was to capture a segment of the lucrative sports wagering market, which has shown considerable promise. Despite this, Resorts World Bet faced challenges in establishing a strong foothold among bettors.
Strategic Market Entry
- Launch Date: January 2022
- Market Position: One of nine licensed operators
- Parent Company: Genting Malaysia Bhd
The introduction of Resorts World Bet was part of a larger strategic initiative to broaden Genting’s presence in the United States. The operator sought to leverage its established brand and consumer loyalty derived from its physical casino operations. However, despite these advantages, the platform struggled to resonate with users in a crowded marketplace.
Disappointing Performance Metrics
Despite initial optimism, the performance of Resorts World Bet has proven to be underwhelming. In May, the platform recorded only $9.1 million in total wagers—significantly lower than its competitors. This figure is especially stark when contrasted with the overall New York sports betting market, which amassed $2.21 billion in wagers during the same period.
Announcement of Closure
On June 16, 2023, Resorts World Bet officially announced it would stop accepting deposits for new wagers in New York, with full operations expected to cease by the end of the month. The operator indicated that it would continue processing wagers and deposits until June 16, with a final deadline for customer withdrawals set for the end of the month.
This move marks a notable shift in licensing within the New York sports betting sector, potentially making Resorts World Bet’s license the third to change hands since the market’s inception. Notably, Wynn Resorts previously shuttered its WynnBET operations, which were subsequently acquired by PENN Entertainment’s ESPN BET. Furthermore, PointsBet’s license was transferred to Fanatics Betting and Gaming earlier this year, indicating a trend of consolidation in this burgeoning market.
Conclusion
The closure of Resorts World Bet serves as a cautionary tale for operators in the New York sports betting arena. As the industry continues to evolve, success will demand not only aggressive marketing strategies but also a profound understanding of consumer preferences and competitive dynamics. Moving forward, players in the market must adapt to changing landscapes to remain viable and profitable.
