Resorts World Catskills could be off to the races in future sports wagering as Empire Resorts — its parent company — has entered into a strategic alliance with Britain’s Bet365 Group.
Shares of Empire Resorts soared 54 percent on Wednesday despite that fact that New York state hasn’t legalized sports betting.
Bet365 Group is the world’s largest online sports betting company with annual sportsbook revenue of more than $3 billion.
“Joining forces with bet365 positions Empire and our flagship Resorts World Catskills to lead a potentially enormous new market,” said Manny Pearlman, executive chairman of Empire Resorts.
The New York state market in legal sports betting is expected to be the largest outside of California. Boutique research firm Eilers & Krejcik Gaming estimates sports betting in the state will bring in more than $1 billion in annual revenue in the first years.
New York lawmakers are expected to review legislation next year in order to share in the growing pot of sports-betting dollars and taxes, according to reports.