Resorts World Bet has announced to customers that it will no longer offer sports betting in New York after the end of this month.
The company was one of the 9 sportsbooks to enter the market when New York sports betting was launched in January 2022. It will stop accepting bets from June 16, with users given until June 22 to withdraw any remaining funds in their accounts.
Despite New York leading the country in sports betting handle, Resorts World Bet was not able to match market leaders FanDuel and DraftKings. In the 3 years of legal sports betting in the Empire State, the company reported accepting $263 million in bets, compared to FanDuel’s betting handle of $27 billion.
In 2024, Resorts World Bet reported revenue of $3 million, just a 3.6% hold from a betting handle of $89.6 million. New York is the only state where the casino operator has introduced a sportsbook, tied to its three casinos across the state.
Space open for new operator
New York has a cap of 9 sportsbooks, a limit set when the state opened up its market in 2022. The current 9 operators are:
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FanDuel
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DraftKings
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Caesars Sportsbook
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BetMGM
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PointsBet
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BetRivers (Rush Street Interactive)
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ESPN
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Resorts World Bet
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Bally Bet (relaunched in 2024 after a brief pause)
One of the original operators, Wynn Bet, ended its operations in the state last year and subsequently sold its license to the newly formed ESPN Bet, the sports betting branch of PENN Entertainment. ESPN Bet paid $25 million for the license in February last year.
Resorts World Bet may do the same with its license, and although the tax rate of 51% may put some platforms off, the size of the market remains a big draw.
May saw New York sportsbooks set a new record for revenue at $249 million. That comes on the back of a record-setting 2024, which saw revenue exceed $2 billion for the year.
Resorts World to focus on casinos
The end of Resorts World Bet in New York could well be the end of the company’s foray into sports betting. Instead, the company is planning to expand its New York casinos, with a $5 billion redevelopment plan in Queens.
The plan would see Resorts World New York City, located at the Aqueduct Racetrack, expanded to 350,000 sq ft, making it among the largest casinos in the U.S. The proposal, which is looking to secure one of three new casino licenses in the state, also plans to add 1,600 new hotel rooms, a 7,000-seat arena, and “Aqueduct Park,” which would include housing and recreation on site.
Additionally, the company has plans to build Resorts World Miami, a $3.2 billion development, although construction is yet to begin on the project that was announced in 2016.
The company also has development projects in Macao and Manila, expanding on its six active casinos under the Genting group in Asia.
Adam is an experienced writer with years of experience in the gambling industry. He has worked as a content writer and editor for five years on sites such as Oddschecker, CoinTelegraph and Gambling Industry News, bringing excellent knowledge of the world of sports betting and online gambling. Adam focuses on emerging stories in the ever changing landscape of betting in the US. Read the latest on prediction markets, changing legislation, and sweepstakes.
