Resorts Casino has just revealed that it will no longer be involved in the internet betting business, choosing instead to concentrate all their efforts on retail gambling. According to the Atlantic City betting operator, the online sportsbook will now be run by their iGaming partners. The change which the casino plans to implement immediately has been effected as from mid-February. For the guests of ResortsCasino.com, business will continue to run as usual but only on segments dealing with table games, live dealer games and interactive slots.
Sportsbook fans will however be required to seek thrills from other sources as that part of casino operations will no longer be run through this platform. Although this has come as a shock to many casino players, the move in itself is not surprising. Gaming analysts had for a long time been speaking of this possibility. With most sportsbooks offering more or less the same product, operators must have started to consider the possibility of earning without full commitment.
As various states around the US continue to formulate laws to govern the gambling industry, the demand for betting services is going to increase. This is the eventuality that the management of Resorts Casino is trying to contain. Even though the changes as announced by the Resorts-branded gaming platform are supposed to take effect effectively, the operator has announced that the sportsbook will continue to run till March 1, 2022. During this time, players are encouraged to view bets which are still open as well as review the status of their accounts.
Players need not worry about losing their money that is still held in their player profiles; outstanding bets will be honored provided that the respective sporting event has been concluded. If there will be any balances outstanding by the time this period lapses, patrons will get their money back into their pockets through their choice withdrawal method. The stability of the Resorts Online Casino is guaranteed because of the third party provider that has walked with them for more than 4 years now; NYX Gaming, a subsidiary of Scientific Gaming.
What we cover
Consolidation of Sports Betting
In the United States today, the number of states that have legalized sports betting operations stands at 30. With a visibly favorable economic environment, this number should be rising gradually, at least by a handful by the end of the year. In another few years, it is anticipated that all 50 states will each have their own market to promote.
If you are an avid sports fan, you must have noticed that there appears to be an overflow when it comes to the number and caliber of sports seeking market share in various jurisdictions. Major brands such as BetMGM, FanDuel, Caesars and DraftKings Casino that have been around casino industry advancement for a long time were the first to adopt sportsbooks business, totally dominating the market. The market is now characterized by many other smaller operators eager to get a share of the internet sports betting space.
For mobile sportsbooks such as PointsBet, Tipico, and BetRivers, the quest is on to woo bettors. This section of betting operators is leveraging the prevalence of the smartphone to grow their business. The future of the gambling industry is definitely going to be bright for operators who decide to dive in before it is completely established. It is for this reason that acquisitions and mergers appear to be taking place everywhere. This is one of the business strategies that will ensure the robustness of the gambling industry now and in the future.
According to the director of government affairs for Las Vegas-based Global Market Advisors, Brendan Bussman, the gambling industry is going to be witnessing a lot more mergers and acquisitions as brands try to strategize for better returns.
iGaming market leader
Compared to its brick-and-mortar gaming premises in Atlantic City, Resorts Casino is making higher gross gaming revenue (GGR) from its online operations. Based on its financial reports from 2021, the GGR from iGaming and mobile sports betting stood at over $450.7 million while the combined revenue from sportsbook and casino floor was $168.6 million. The digital division of Resorts Casino ranked at number two out of eight when listed among the licensed iGaming operators of New Jersey. The first position was taken by MGM Resorts/Borgata for its estimated online revenue of half of a billion dollars.
The license of Resorts Casino which also covers operations on its iGaming website was extended to cover third party sportsbook operators such as Barstool, FOX Bet and DraftKings. The only reason that these sportsbooks are allowed to run operations in Atlantic City is because they are directly linked to the Resorts Casino license approval.
Since the DraftKings sportsbook will continue to operate with a license that was obtained in Resorts Casino’s name, they will be entitled to earn revenue from this arrangement. Nobody is talking about revenue sharing at this point but it is obviously happening. The decision to close down the ResortsCasino.com site was easy to arrive at because the platform was apparently not generating sufficient income. Considering the cost of keeping it live, the management saw no value in continuing with the platform.
For die-hard fans of Resorts Casino, a visit to the Atlantic City casino premises warrants for a sports wager. It is only when operations shift to the internet that DraftKings takes over the sportsbook. Interestingly, guests wishing to place bets online just need to connect to the partner operator from the Resorts Casino gaming complex. The 5,000-square-foot DraftKings corner at Resorts Casino features 18 betting kiosks, a VIP seating area, and a 15-foot-high HD video wall. Food and beverages are served to sportsbook customers within the facility.
Conclusion
Casino investors are out to make money from bets but sometimes the venture is not profitable. Many players will appreciate the fact that Resorts Casino did not kill online operations but simply transferred the hard work to someone who made it profitable for both parties.
