Resorts World Exits New York Sports Betting Market
Resorts World Exits New York Sports Betting Market
- Rare casualty in the biggest online sports betting market in the US
- Resorts World Bet closing up shop on June 30
- No effect on parent company’s casino ambitions
Resorts World Bet, the online sports betting application operated by Genting, will cease operations in New York on June 30, 2025. This marks a significant moment in the New York sports betting landscape, which has become the most lucrative market in the US since its launch.
The decision comes after the platform struggled to capture significant market share despite being one of the first nine licensed operators. Resorts World communicated to its customers that they could continue to place bets and make deposits until June 16, 2025, but withdrawals must be made by June 22, 2025, to ensure processing before the service shuts down.
“Effective immediately, you will be able to place wagers and make deposits until June 16, 2025,” the company message stated. “However, please be aware that withdrawals must be made by June 22, 2025 to ensure they are processed before the platform closes.”
Background of Resorts World Bet
Operating under the umbrella of Genting Bhd, which has a vast business portfolio extending beyond gaming, Resorts World Bet entered a market that has rapidly evolved. Known for its extensive casino assets in Malaysia, Singapore, and the United States, Genting aimed to leverage its brand to build a strong presence in online sports betting.
Challenges Faced in the New York Market
Since the launch of mobile sports wagering in New York in January 2022, the competition has been fierce. Major players like FanDuel and DraftKings secured the vast majority of the market share, with Resorts World Bet lacking the brand recognition necessary to compete effectively.
For example, FanDuel generated $108.8 million in gross gaming revenue (GGR) with a handle of $803.1 million in May, whereas Resorts World Bet struggled with figures of only $769,446 in GGR on a handle of $9.1 million.
Other Departures from the Market
Resorts World Bet isn’t the only operator to withdraw from New York. WynnBet ceased operations in early 2024 as part of a broader retreat from online gaming, with its license subsequently acquired by ESPN Bet under Penn Entertainment.
Future of Resorts World Casinos
Despite the departure of Resorts World Bet, the company’s brick-and-mortar casinos in New York—the Resorts World Catskills and Resorts World New York in Queens—remain operational. The latter is considered a strong contender for one of the three downstate licenses expected to be awarded by regulators soon.
The Queens venue, functioning solely as a slots casino, has significantly contributed to state revenues over the past 14 years. Should Genting secure a traditional casino license allowing for table games at this site, it could result in substantial revenue increases.
Even though Resorts World Bet is exiting the online scene, the future remains bright for Genting’s brick-and-mortar establishments and potential retail sports betting operations in New York.
Conclusion
The exit of Resorts World Bet from New York’s sports betting arena serves as a stark reminder of the challenges faced by online operators in an increasingly competitive landscape. While the closure marks a setback for Genting, the strength of its casino operations suggests that its broader ambitions in the gaming sector remain intact.
As the market continues to evolve, many will be watching closely to see how New York regulators respond to the changes and what the future holds for new entrants in this bustling state.
