Resorts Atlantic City Shuts Down Online Sports Betting Services
Resorts Atlantic City has decided to shut down its online sports betting services and focus solely on land-based operations.
The online sports betting industry in the United States is big business. Online operations are booming due to the convenience of mobile betting. Players can place a wager from anywhere, as long as they have an internet connection and are within a state where the service is legal to enjoy. Because the industry is so successful, it’s odd to hear that Resorts Casino Atlantic City has decided to shutter its online operations. Was it just too much to handle?
Closed as Of February 14
Starting on February 14, ResortsCasino.com no longer offers sports betting services. The operator does plan to continue offering online slots, table games, and live dealer options. The sportsbook though, will no longer offer betting lines.
A statement from the company said that the sportsbook will remain open through March 1 so that players can see any open bets and review their account status. All bets made will be honored and settled once the event is completed. Remaining balances will be returned to players based on their chosen withdrawal method.
It seems odd that Resorts would close its sports betting site, but apparently, this type of behavior is expected this year. Analysts in the gaming world feel that some operators will be closing up shop this year as a consolidation process. As markets begin to settle in, the lesser popular sites might decide to stop offering services as a money saver.
The market is currently filled with online sportsbooks, particularly in New Jersey where Resorts operates. Just watch an NFL or NBA game and you see ads from operators like Caesars, BetMGM, DraftKings, and FanDuel. The larger companies with more brand recognition are going to easily outpace the smaller outfits like Resorts when it comes to players and bets.
It is expected that some merger and acquisition activity will begin and continue quite some time when it comes to sports betting. This year may be key for some operators to get out while others take on their operations.
Resorts Casino Tops the iGaming Sector
While Resorts may be shutting down its online sports betting sector, the iGaming portion is booming. The operator is actually earning more online than with its land-based venue in Atlantic City. Via the interactive unit, the company recently reported over $450 million in gross gaming revenues from online gaming and sports betting in 2021.
The physical location of the brand took in only $168 million from games and betting options last year. The online option is seriously outpacing the retail outlet and will most likely continue to do so for quite some time.
Along with its online options, Resorts also has third-party operators on its gaming license. This includes Barstool, FOX Bet, and DraftKings. The on-site sportsbook of the casino is operated by DraftKings, and it will stay in business while the online option shuts down.
We don’t expect the physical location to close any time soon as patrons need a spot to post sports bets when visiting the property. It will be interesting to see how the online gaming numbers fare once the sports betting totals are no more. It is not expected to affect the bottom line of the brand in a major way as the online casino operations are quite popular among players.