Resorts World Bet Exits New York's Tough Betting Market

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00:00let's end sam with a sports betting operator leaving new york it's just very hard to keep up

00:05with some of the top sports betting operators it was fun while it lasted for some but realizing

00:09that getting a very small share of the pie or i guess in this case minuscule doesn't add up to

00:14running a business yeah resorts world bet announced this week they're going to be leaving new york

00:20betters have about till the end of july to withdraw their deposits and to your point they

00:26really did not ever gain much of a foothold in the state ever since they launched back in 2021 they

00:32had about 0.02 percent of all bets in the state so really no one was betting with them if you're in

00:39new york you might have not even known they existed so now their license will be up for grabs fanduel

00:44and draft kings have been dominating the market and one possible entry could be a bet 365 which

00:50does have a lot of money because they're privately backed they're a huge global sports book and

00:55they've been trying to uh add new states they just did tennessee and illinois so while it's very hard

01:00to make money in new york they could be really well positioned to take over this license uh from

01:05resorts world and again new york is a very tough market 51 tax rate very hard to make money there

01:10but it's also the biggest market so it's very important for sports books

01:13you