Resorts World Bet will soon be out of the New York online sports betting market after the company announced its plans to withdraw at the end of June.
The Genting Group-owned sportsbook was one of the original nine sportsbooks that launched when the New York online sports betting market opened in January 2022.
Despite its tenure, the platform failed to attract an audience against stiff competition in the nation’s most competitive market.
Customers were informed directly this week that they can make bets and deposits through June 16 and must withdraw their funds by June 22.
Out with the old
Resorts World Bet accepted just $263.3 million in total wagers from January 2022 through May 2025, 0.3% of the state’s total online betting handle.
For comparison, FanDuel, the leader in New York sports betting, accepted $803.1 million in wagers in May alone. That’s more than three times the total reported by Resorts World Bet in nearly three-and-a-half years.
FanDuel has raked in $27 billion in online-only wagers in its New York lifetime.
Resorts World Bet also fell behind platforms such as ESPN Bet and Fanatics, both of which only recently entered the scene in the Big Apple.
In a statement, the company confirmed that it will close its New York sportsbook at the end of the month.
“We wanted to inform you about some important changes regarding Resorts World Bet. The official closure of Resorts World Bet is scheduled for June 30, 2025. We encourage you to take action on any outstanding wagers or withdrawals before (the above) dates to avoid any disruptions.”
The sportsbook also updated the header on its landing page to reflect its deadlines for wagers and deposits, withdrawals, and general operations.
Resorts World Bet reported $769,446 in revenue in May, narrowly beating out Bally Bet to finish with the second-lowest monthly total.
The company's departure from New York spells its exit from the US sports betting industry, as it was operating only in the Empire State.
... and in with the new!
As noted by Legal Sports Report, Resorts World Bet’s impending exit from the market means New York will have another online operator’s license up for grabs. A license transfer would require approval from the New York State Gaming Commission before a sale could be finalized.
There’s already a precedent of the commission approving license transfers, which happened when Fanatics bought its license to enter the New York market from PointsBet for $225 million.
The buyer would also need to be wary of the state’s 51% tax rate, which is tied for the highest in the country. In other words, the buyer would need to be confident that they could attract an audience.
The most obvious suitor is bet365, a company that is now in 13 states and has shown a commitment to growing its American audience by this week joining the Sports Betting Alliance. It also launched in Tennessee and Illinois this year and has a deal in place with the St. Louis Cardinals, allowing it to launch in Missouri when that state's sports betting industry goes live on Dec. 1.
This all happens as New York nears its June 27 application deadline for three New York casino operator’s licenses. Genting Group has retail casino properties in Queens and Catskills and is one of the favorites to land one of the three licenses.
A $5 billion development plan for its Queens property unveiled in January would help that location, if granted a license, expand from slot machine gaming only to a full-fledged casino.