Empire Resorts of New York Forms Strategic Alliance with bet365 for Sports Betting

Successful businessmen handshaking after good deal

As the sports betting industry continues to expand in the United States, another partnership has been formed. Empire Resorts, Inc., is working with bet356 Group Limited (bet365) to create a physical as well as an online sportsbook in the state of New York via Resorts World Catskills.

Preparing for 2019

Sports betting is not yet legal in the state of New York, but lawmakers are expected to review legislation to legalize it in 2019. In anticipation, companies in the state are starting to form partnerships.

Empire Resorts Inc. has signed a long-term partnership agreement with bet365, a well-known international gambling brand, to get started with sports betting services when it is legalized in New York. Owned by Empire Resorts Inc., the Resorts World Catskills is the largest commercial casino resort in the state. The venue is the closest to Manhattan and would be the perfect spot to start offering sports betting in New York. Under the new partnership, the resort would become home not only to on-site wagering but also to online options.

A joint press release from the two companies revealed that the new partnership is a 20-year agreement that will take effect as soon as sports betting is permitted by law. The companies will share profits evenly once bet365 earns back its start-up costs and other costs of the new business.

A bet365 corporate affiliate will also acquire as much as $50m (€44.2m) of Empire’s common stock at $20 per share. This purchase will be completed in two installments, and the company will then be the second largest stockholder in Empire Resorts.

Empire Resorts, Inc., executive chairman Manny Pearlman said: “Joining forces with bet365 positions Empire and our flagship Resorts World Catskills to lead a potentially enormous new market. Bet365’s global expertise in effectively developing and executing world-class sportsbooks strongly complements Empire’s leadership in commercial casino operations in New York.”

Competing with neighboring states

Currently, New Jersey is taking away sports betting money from New York as it offers full-service sports betting options, both online and onsite. Pennsylvania will probably also launch legalized sports betting soon, creating even more competition for New York.

Discussions of sports betting legalization have been ongoing in New York for some time now. According to VSO News, Senator John Bonacic and Assemblyman Gary Pretlow both submitted sports betting bills, but no consensus could be reached. A law was passed back in 2013 that allowed for certain types of sports betting in the state, but it includes nothing major.

The next legislative session begins in January 2019. For now, operators in the state will most likely continue to create partnerships in the hopes that the activity will be legalized in the near future. With Empire Resorts partnering with bet365, New York will have a quality sports betting brand within its borders, providing residents and visitors with the best in sports betting products.

Bet365 has a dominant presence in the online gambling world, covering 75 sports worldwide with its in-play sports betting product.