A Turbulent Farewell: Resorts World Bet Shuts Down in New York's Thriving Sports Betting Market
Leaving the Sports Betting Arena in New York: Resorts World
Posted: June 9, 2025, 10:13h
Updated: June 9, 2025, 10:13h
By: Todd Shriber, ETF Godfather
Categories: Financial, Gaming Business, Mergers and Acquisitions
Amid cutthroat competition, Resorts World Bet, a major player in New York's booming online sports betting scene, is closing its doors on June 30.
With a curt notice to its customers, the gaming app – a subsidiary of Genting Bhd, a multinational conglomerate seized with interests beyond gaming – announced its impending closure. The move, while detrimental to online sports bettors in the state, won't hamper Genting's ambitious casino plans.
Genting, a Malaysian titan with wide-ranging interests, owns the Resorts World app and the land-based casinos. Though the app is set to say goodbye on June 30, the casinos continue to thrive.
A Familiar Exit: Biggest Taxes, Smallest Slice of the Pie
New York leapfrogged other states to become the undisputed sports wagering champion of the US, despite entering the game late in 2022. The state's towering population and deregulated market attracted a barrage of operators, yet FanDuel and DraftKings have ruled the roost with an iron fist.
It's no surprise, then, that the Empire State's sports betting landscape resembles a battlefield where only the fittest survive. For a company like Resorts World Bet, which lacks the brand recognition of household names, victory seems impossible against such odds. The app has languished behind heavyweights, far removed from the top spots.
FanDuel scored a staggering $108.8 million in May gross gaming revenue (GGR) on a handle of $803.1 million, while Resorts World Bet's figures were a paltry $769,446 and $9.1 million, respectively. The likes of Fanatics have briefly threatened to unseat the incumbents, but Resorts World Bet has been a constant laggard.
Wynn Resorts' WynnBet exited the New York market in early 2024, ceding its license to Penn Entertainment's ESPN Bet. Will Resorts World Bet's license find a new home? The high 51% tax rate – the highest in the country – might discourage some potential buyers. But the sheer size of the market and the promise of growth could lure industry heavyweights.
Despite the potential bidders, only a few names stand out: Bet365, Caesars Sports, ESPN BET, Fanatics Betting and Gaming, and other major operators. Yet, the final decision rests with the New York State Gaming Commission.
A Silver Lining in the Storm: Resorts World Casino's Bright Future
Genting runs two brick-and-mortar casinos in New York: Resorts World Catskills and Resorts World New York in Queens. The wind of change blowing through the online sports betting landscape doesn't seem to be impacting Genting's hopes for a downstate license.
Resorts World New York, a popular slots-only casino, has generated massive revenues for the state in its 14-year stint. A potential conversion to a traditional casino complete with table games could send receipts soaring.
Regardless of the outcome, the shuttering of Resorts World Bet is unlikely to impede Genting's ambitious expansion plans. Any successful bid for a downstate license would likely result in the launch of a retail sportsbook – just as Genting operates at its Catskills and Las Vegas properties.
- Amidst the fierce competition in New York's mid-atlantic regional market, the closure of Resorts World Bet, a major player in the online sports betting scene, has been announced for June 30.
- Despite New York being the undisputed sports wagering champion in the US, smaller operators like Resorts World Bet have struggled to compete against the market leaders, such as FanDuel and DraftKings.
- Though Resorts World Bet, a subsidiary of Genting Bhd, is exiting the online sports betting segment, the company continues to maintain its land-based casinos in New York, including Resorts World New York, which generates significant revenues for the state.
- With the potential to grow due to its massive size, the New York sports betting market could attract new business opportunities for industry heavyweights, including Bet365, Caesars Sports, ESPN BET, Fanatics Betting and Gaming, and others, despite the state's high 51% tax rate.
