Resorts World Bet is moving closer to launching its online sportsbook and casino in New Jersey. According to a regulatory filing, the New Jersey Division of Gaming Enforcement (DGE) has completed its review of the partnership between Ocean Resort Casino and RW Bet NJ LLC, which sought authorization for iGaming and sports betting in the state.
If given the go-ahead, Resorts World Bet would utilize Ocean Casino’s existing license to conduct online gambling operations. This would mark the first entry into the US iGaming market for the Resorts World brand, which has seen success with their retail casinos in Las Vegas and sportsbook in New York.
As noted in DGE documents, Resorts World has until May 4th, 2024 to make two sets of payments specified in the deal with Ocean Casino. This sets the stage for a potential launch of their new online platforms sometime next year, pending full regulatory approval.
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Online Market Access Agreement Signed in 2022
In December 2022, Ocean Resort entered into an online market access agreement with Resorts World, as stated by the NJDGE in its November 2023 filings. The agreement between RW Bet NJ, LLC and AC Ocean Walk, LLC, on behalf of the two parties, was submitted to the state gaming regulator last year.
The two gaming entities were seeking licensure as a casino service industry enterprise (CSIE) to engage in internet gaming and sports betting in New Jersey. Documents from the DGE outline Resorts World’s agreement with Ocean Casino Resort in Atlantic City.
The filings authorize certain business transactions and set a May 2024 deadline for payments. This signals the regulatory review process is progressing, bringing Resorts World Bet closer to operational approval.
Launch Targeting Later in 2024
The filings submitted by the DGE indicate that the partnership is making steady progress toward the release of a mobile betting application and a casino site. This platform, known as Resorts World Bet, will be established through a collaboration between Ocean Casino Resort in Atlantic City and Resorts World. Most notably, this will mark the debut of a Resorts World Bet online casino application in the state.
In addition to an online casino platform, Resort World and Ocean Casino are also pursuing authorization from the DGE to offer a mobile sports betting app to bettors in New Jersey. The timeframe for obtaining these authorizations has not been made public.
However, according to a statement from the director of DGE, David Rebuck, Resorts World has been given until May next year, to submit payment for two application fees. This marks the initial stage of the regulatory approval process, indicating that the new casino and sports betting app may not be accessible in the Garden State until around mid-2024.
Analysts also believe Resorts World Bet may be preparing for a soft launch of their online offerings sometime next year. This would see them utilize Ocean Casino’s license to enter both the online casino and sports betting sectors simultaneously for the first time.
For Atlantic City’s Ocean Resort Casino, the deal could help grow its customer base and hive off revenue from BetMGM, Caesars Entertainment, and other major operators of online casinos in New Jersey.
Partnering for Success in New Jersey
To navigate U.S. regulations, Resorts World has adopted a partnership-focused strategy. Their deal with Ocean Casino Resort grants access to an existing gaming license, expediting the lengthy approval process.
For Ocean Resort Casino, the influx of Resorts World’s brand and Genting’s resources provides marketing support as well as potential new revenue streams.
The partnership model adopted by Ocean Casino mirrors the approach Resort World used to successfully enter the New York online gambling market. The operator partnered with Resorts World Catskills (RWC) Hotel and Casino Resort to jointly introduce a mobile sports betting app in March 2022.
RW mobile sportsbook accomplished an impressive feat by generating close to half a billion in revenue in its debut year. In conjunction with nine other mobile sports betting operators in New York, they have collectively achieved a monthly sportsbook handle of over a billion dollars, as reported by USA Today. Resorts World will look to replicate this result and potentially expand to casino games through their plans in New Jersey.
Ocean Casino Hinges on RW for Market Share Growth
Genting Group, the Malaysia-based parent company of Resorts World, operates various gambling establishments including Resorts World Las Vegas in Nevada and Resorts World NYC. The group also runs a mobile sportsbook in New York and hopes that investing in the Resorts World brand will help it diversify its gaming interests.
RW sportsbooks in New York generated $6.6 million in revenue from a $112.5 million handle. However, it currently ranks eighth out of nine mobile sportsbooks in the state.
On the other hand, Ocean Casino in New Jersey is striving to improve its position in the market. Currently, seven other license holders outperform Ocean in terms of online gambling revenue in the Garden State.
In October, New Jersey online casinos set a new record with $166.8 million in iGaming revenue. Over the past decade, legal online casino play in New Jersey has accumulated over $7 billion in revenue. October 2023 marked the third time the state surpassed $150 million in revenue from online casino gaming in a single month, making it the most successful revenue month for Ocean Casino, as well.
Wrapping Up
Resorts World Bet is set to make a big impact in New Jersey’s online casino industry. The next year will be pivotal as Resorts World Bet advances through state regulatory review. Success here could serve as a springboard for further expansion to additional states.
With strong financial backing from Genting and its global gaming experience, it is expected to become a top iGaming operator. Experts will closely watch their approach, potentially prioritizing quality over quantity. The reception of Genting’s brand in New Jersey could also influence other states’ views on iGaming expansion.
