Resorts World Folds from New York Sports Betting Market

In the onerous sports betting market in New York, only the companies with the deepest pockets have a shot at making it through. With a state tax of 51% on sports betting, companies have long complained about the difficult operational conditions, and many have chosen to withdraw.

Difficult Local Market Prompts Resorts World Bet’s Exit

Sticklers such as DraftKings and FanDuel are aware that their war chests will allow them to see their operations through, even at a cost to profit margins. Resorts World Bet, in the meantime, has confirmed that it will be withdrawing from the market on June 30, 2025.

The reasons for those are different, but they mostly have to do with the fact that, other than the hefty tax burden, the company has not really generated any significant market share, making it ill-advised to continue sticking to the local market.

The company has said that any deposits and wagers will only be accepted until June 16. Withdrawals will be processed by June 22, 2025, and the platform will finally be shuttered at the end of the month. If any outstanding balances remain unclaimed after that date, consumers should contact the company.

Although unexpected, the exit is not surprising. Resorts World Bet’s low market share meant that the company had to pile in more cash to simply stay afloat in the Empire State, while also trying to fend off a resurgent Fanatics Sportsbook along with the well-established gambling majors, DraftKings and FanDuel.

Resorts World Bet Joins ESPN Bet and WynnBet

Much like others before it, the company simply deemed it not worthwhile pursuing this strategy. Yet, Resorts World is not the first and only company to have bowed out of the overcrowded and demanding market.

Among the other companies to pursue a similar strategy are Wyn Resorts’ WynnBet as well as ESPN Bet, PENN Entertainment’s beleaguered brand, which is riveted by external as well as internal pressure and challenges.