Mobile Sports Betting Marketplace Resorts World Leaving New York

On June 30, Resorts World Bet will stop operating mobile games in New York due to continued market share issues. It is the third sportsbook to depart the state since 2022, with little increase in revenue.

One of the first nine mobile sportsbooks to open in New York in 2022, Resorts World Bet, said on Monday that it will shut down on June 30.

Resorts World stated that it will take wagers and deposits until June 16 and that withdrawals must be made by June 22 on its website landing page and in a post on the social media platform X. After that, on June 30, Resorts World will stop operating its mobile business.

Throughout its tenure in the Empire State, Resorts World had had difficulty gaining traction. Initially, it was competing with Bally Bet and the now-defunct WynnBET for the seventh-place ranking in terms of handle and revenue. After ESPN Bet joined the state last September, it turned into a competition with Bally Bet to stay out of the cellar. After opening in March 2022, Resorts World operated for 170 weeks, never exceeding $3.5 million in handling. Its highest revenue week was $333,814.

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After WynnBET sold its license to Penn Entertainment for $25 million in February 2024, Resorts World will be the third of the original nine mobile providers to depart New York. In March 2024, Fanatics Sportsbook made its debut in New York, although it did so by purchasing PointsBet’s license as part of its purchase of the North American assets of the Australian sportsbook.

Potential suitors, numbers, and a possible price tag

Resorts World has a 6.7% hold going into its last three weeks of business, with $263.3 million in handling and $17.7 million in revenue. In March, it hit an all-time high of $10.5 million, and it twice exceeded $10 million in monthly handling. Among mobile sportsbooks, it never managed to secure even 1% of the handle market share each month.

Additionally, Resorts World never made $1 million per month, with its highest revenue of $894,039 in October 2023. For instance, FanDuel has surpassed $20 million in weekly wins 64 times with DraftKings, and it now has the New York weekly handling record of $274.7 million.

Bet365 is the mobile sportsbook most likely to be mentioned as a possible bidder for Resorts World’s license. In addition to its recent March launch in Illinois, it already offers mobile betting in 13 states, including nearby New Jersey.

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