Bally Bet Sportsbook is hoping to make a splash in the Maryland online sports betting market after going live in the state.
Bally’s Interactive was issued a mobile sports betting license on Monday by the Maryland Lottery and Gaming Control Commission (MLGCC) after a successful controlled demo of its platform last week. Bally’s Director of External Communications Tim Louie told SBC Americas on Tuesday that Bally Bet is live and taking bets.
During the trial run last week, customers were able to bet on Bally Bet while Maryland Lottery and Gaming staff monitored the process to ensure that the sportsbook complied with all required procedures and that its systems functioned properly.
Maryland is Bally Bet’s second new state launch in July after it began taking bets in Massachusetts at the start of the month. It is now available in nine states.
Despite that recent expansion, Bally Bet has struggled to find its foothold in the market. It is a bottom-three online sportsbook in New York and is also a low performer in several others.
However, the company is optimistic about its future in the U.S. In its Q1 2024 earnings call in May, Bally’s reported that the company’s North American segment showed the greatest growth within the company, with revenue rising 70% year-on-year to $41.5 million.
At that time, CEO Robeson Reeves reiterated that Bally intends to use online sports betting as a funnel for iGaming growth. In particular, he said Bally’s would be focusing its online sports betting investment in iGaming states.
Bally’s accepts upped Standard General buyout offer
It’s a busy time for Bally’s right now and expansion into Maryland is just a subplot.
Standard General has agreed to purchase the company after multiple offers. Last Thursday, Standard General announced it has agreed to acquire the outstanding shares of the company for $18.25 a share. The deal, which values Bally’s at $4.6 billion, will merge Bally’s with Standard General’s The Queens Casino & Entertainment Inc., a regional casino company with four casinos in three states.
Soo Kim serves both as the chairman of Bally’s board and the managing partner of Standard General, which was Bally’s largest single stakeholder. Standard General sourced $500 million in financing to help facilitate the buyout.
Bally’s stockholders rejected a 2022 offer from Standard General that would have paid $38 a share. Standard General’s offer plummeted to $15 a share earlier this year, a perceived lowball attempt that was vocally opposed by Bally’s shareholders.
