Resorts World Bet Withdraws Sports Betting In New York
Resorts World Bet has notified its customers of the impending discontinuation of sports betting operations in New York, effective at the end of this month. As one of nine sportsbooks that entered the New York market during its launch in January 2022, the platform will cease accepting bets on June 16, with users given until June 22 to withdraw any remaining balances from their accounts.
Despite New York being a leader in the national sports betting landscape, with extraordinary betting handles, Resorts World Bet struggled to compete with industry titans FanDuel and DraftKings. Over three years of legalized sports betting in the Empire State, Resorts World Bet accepted approximately $263 million in wagers, a stark contrast to FanDuel’s impressive $27 billion in betting handle.
In its latest financial report for 2024, Resorts World Bet recorded revenues of $3 million, representing a mere 3.6% hold from a betting handle of $89.6 million. Notably, New York is the only state where Resorts World operates a sportsbook, linked to its three casinos across the state.
Opportunity for New Market Entrants
New York maintains a limit of nine sportsbooks established when the market was regulated in 2022. The current roster includes renowned brands; however, one of the initial operators, Wynn Bet, exited the state last year, selling its license to ESPN Bet, the newly established sports betting division of PENN Entertainment. ESPN Bet acquired this license for $25 million in February of the previous year.
Resorts World Bet may consider a similar path regarding its license. While the state’s formidable tax rate of 51% could deter certain platforms, the extensive market potential remains an enticing prospect.
In May, New York sportsbooks achieved a record revenue of $249 million, contributing to an impressive total of over $2 billion for the year—a clear indicator of the booming sports betting economy in the state.
Resorts World Shifts Focus
The cessation of Resorts World Bet in New York might mark the conclusion of the operator’s venture into sports betting. The company is pivoting its strategy towards expanding its casino operations, announcing a monumental $5 billion redevelopment project in Queens.
This ambitious plan aims to transform Resorts World New York City, situated at the Aqueduct Racetrack, into a sprawling complex of 350,000 square feet—positioning it among the largest casinos in the United States. As part of its proposal to secure one of three new casino licenses in the state, it plans to introduce 1,600 new hotel rooms, a 7,000-seat arena, and a residential development termed “Aqueduct Park,” which will incorporate housing and recreational offerings on-site.
Furthermore, Resorts World is also developing a $3.2 billion project in Miami—though construction has yet to commence on this initiative first revealed in 2016. The company is actively expanding its footprint, with ongoing development projects in Macao and Manila, building on its six operational casinos under the Genting group across Asia.
As the gambling industry continues to evolve, the movements of key players like Resorts World highlight the dynamic and competitive nature of this market, emphasizing the importance of strategic adaptation and consumer engagement in an ever-changing landscape.
For further insights and updates on the gambling sector, follow Adam Roarty, an experienced industry writer with five years of expertise in sports betting and online gambling, as he explores emerging trends, legislative changes, and the latest developments in the market.
