Resorts World Bet pulls out of New York online sports betting operations despite being a top casino license contender
Despite not operating US online casinos, you can bet online when it comes to sports in New York. However it has recently been announced Resorts World Bet – one of nine original New York online sports betting operators – is set to cease trading at the end of the month.
Regardless of its stature as one of the original betting operators, launching in January 2022, the company has notified customers that bets and deposits will stop being accepted after June 16, with the company ceasing operations two weeks later.
“Effective immediately, you will be able to place wagers and make deposits until June 16, 2025,” said a statement by the company to their customers amid the decision to cease operating.
“However, please be aware that withdrawals must be made by June 22, 2025 to ensure they are processed before the platform closes.”
The app and the Resorts World land-based casinos are controlled by Genting, its parent company.
Genting’s casino portfolio includes venues in Malaysia – where the company is based – the USA and in Singapore; these tend to function as separate units however.
The news comes despite the state of New York recording their second-highest betting handle of all time in May 2025.
New York hits a massive betting handle in May 2025
May 2025 saw the state record a reported $248.9m in revenue across all nine of their sports betting operators.
The New York State Gaming Commission reported that this figure was a 22.4% increase year-over-year, while it sured the previous record total of $247m that was recorded in January 2025.
Overall, $2.21bn in wagers were taken by the nine sportsbooks, yet this was 10.8% below the record that was established in January this year.
It was, however, 12.1% higher year-over-year and constituted one of the best months since online sports betting was legalized in 2022.
Although this figure was certainly promising, Resorts World Bet slipped behind its competitors in of bets and revenue, hence why it is set to cease operating at the end of the month – despite potential opportunities to establish a full-scale casino license.
Resorts World Bet slips behind competitors
Following the New York State Gaming Commission’s publication of the May 2025 revenue report, FanDuel led the market with $803.1m in wagers while recording a revenue of $108.8m.
Next in line was DraftKings, which saw $785m in wagers and $84.1m in revenue.
Caesars were third, recording $152.3m in wagers and a revenue of $13.8m.
Rounding out the top five were Fanatics ($190.6m in wagers and $17.9m revenue) and BetMGM ($161.2m in wagers while recording revenue of $14.7m).
The last three online sportsbooks saw a major drop off in both revenue and wagers.
Indeed, Rush Street Interactive, ESPN Bet and Bally Bet all recorded less than $50m in wagers – each – throughout the month of May.
Even worse was the reported revenues. The former two took in just $4m while Bally Bet’s recorded revenue was just $769,446.
This was the same as Resorts World Bet, although the company only ed $9.1m wagers in May, the lowest of any of the nine New York sportsbooks.
The company won’t be the first to leave the state, as Wynn Resorts’ WynnBet did so just over a year ago.
That was part of the operator’s withdrawal from the online gaming sphere and the license was eventually acquired by ESPN Bet.
Another company which transferred its sports betting license was PointsBet.
In June 2023, Fanatics Betting and Gaming took over from PointsBet and was launched in February 2024 following an acquisition worth $225m.
Given how poor the results were throughout May, it is perhaps no surprise that Resorts World Bet is set to cease operations in New York.
The question now is, where does the company go from here?
What is next for Resorts World Bet?
One option could be to sell to another gaming company. As mentioned, WynnBet was acquired by ESPN Bet, while PointsBet was eventually taken over by Fanatics following a takeover in 2024.
Could Resorts World Bet follow in similar footsteps? One major downfall could be the state’s tax rate.
New York’s 51% tax rate – which is the highest in the USA – may deter any potential bidders who are willing to take over the sportsbook in a salvation bid.
One name big enough is bet365, although it remains to be seen whether the company will look to enter New York. If so, Resorts World Bet could be rejuvenated.
Another potential issue was the fact that Resorts World Bet was likely to get one of New York’s three downstate casino licenses. Could the decision to cease operations in the Empire state hamper these plans?
Genting runs two casinos in New York. Resorts World Catskills is one, located in Monticello, which is around 90 miles from New York City. The other one is Resorts World New York, which is located in Queens.
The latter one of the most viable contenders for one of the aforementioned three downstate licenses regulators which could be awarded by the end of 2025.
This gaming venue has been a major revenue generator for New York across its 14 years in the industry.
The slots-only venue could be transformed into one featuring traditional table games and this move would allow even further revenue growth.
Despite the online sportsbook suffering majorly since the turn of the year, lagging behind their competitors in the market, this might not impact the owner’s move for a downstate license.
There could be light at the end of the tunnel for the operator. If there is a new buyer in the near future, they would have plenty of access to the largest sports betting market in the whole of the United States.
With millions of dollars in revenue ready to be made, it could turn into a shrewd acquisition for another gaming company. That much is certain.
