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00:00Big news yesterday, BallyBet makes it official, they are on board in Massachusetts.
00:11Thanks for coming on.
00:12Let's get to it.
00:13Yeah, Craig, BallyBet finally launching in Massachusetts yesterday, nearly a year and
00:19a half after most of the state's other apps, the state now has seven legal sports betting
00:23apps after Better and WinBet decided to pull out in February.
00:29Those apps actually only combined for less than 3% of the market share, which is why
00:34they left.
00:35So it has a lot of people wondering why now for Bally's, it could be a similar experience
00:40for them, quite frankly, because in other states they operate in, they hold less than
00:443% of the market.
00:46So a lot of people wondering why now for Bally's, there's been reports that the launch already
00:51maybe hasn't gone so well, people struggling with signups, Bally's switched over to the
00:56new third-party technology last fall, owned by Camby.
01:02So a lot of people, yeah, wondering why now, and the answer probably is Rhode Island and
01:07iGaming.
01:08It just so happens that they have a monopoly on iGaming in Rhode Island, the neighboring
01:12state to Massachusetts, which could present a huge opportunity for the company, which
01:17has thrown about $3 billion away on failed sports betting investments.
01:22Now management has been talking about, we need to ramp up iGaming.
01:26So people are thinking, okay, maybe they took forever because they weren't good with
01:30the technology.
01:31They finally launched because they believe that they can really tap into that market
01:37in the neighboring state.
01:38A lot of people on the Massachusetts border could theoretically drive over the border,
01:43go into Rhode Island, they could get them as customers, and that would be essentially
01:47a cross-selling opportunity for Bally bet from Massachusetts to Rhode Island.
01:53It means Bally had to put up a lot of money up front.
01:56It cost about a million dollars for the license in Massachusetts.
01:59So they already paid that, I guess they had to eventually launch.
02:02But yeah, it's kind of a strange scenario in terms of having Bally bet join these states.
02:08I'd be surprised if they did better than those operators like Winbet and Better, which eventually
02:14left.
02:15So yeah, we'll have to see how they do going forward, but kind of an interesting reason
02:22for them to launch in Massachusetts.