Bally Bet Expands to Maryland Amid Challenging Market
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SportsTranscript
00:00All right, so, you know, I find it fascinating, I saw you post this yesterday on social media,
00:07that Bally Bet, who's, I don't know if it's fair to say beleaguered, but they just really
00:11haven't made any progress after being one of the first sportsbooks to launch several
00:14years ago, have now launched in Maryland.
00:17So what's the thought process behind this?
00:19While some of the exterior sportsbooks, fair to say, not ranked 1, 2, 3, 4, 5, are pulling
00:24out, it looks like Bally Bet pushing forward a little bit in Maryland.
00:27How did this come together?
00:29Yeah, they have, you know, to your point, had a little bit of trouble gaining traction
00:35across the country, really, now available in nine markets with the launch of Bally Bet
00:42in Maryland yesterday.
00:45And like we've talked about in the last couple of weeks on the show, Craig, there's been
00:49a little bit of a, you know, market shakeup, if you will, in Maryland, where we've seen
00:55a couple of sportsbooks leave and a couple of sportsbooks enter the market.
01:00Superbook and Betfred recently announced that they'd be leaving the Maryland sports betting
01:05market, whereas VSC is joining or has joined the Maryland sports betting market, and Better,
01:14the micro betting platform, is expected to join the Maryland market in the coming months
01:21as well.
01:22And like I said off the top, Bally Bet joining that market yesterday.
01:26Now, when we kind of look around the country, nine markets now for Bally Bet accepting sports
01:35wagers, a handful of them do break out operator-specific metrics.
01:41So we do have some eyes on their performance in other markets and, you know, their strongest
01:47market right now is Indiana, where they've earned about 1% of all market handle.
01:57That's the highest of any of the markets that we can see.
02:01Just a couple of other markets, New York, they have 0.2% of overall handle since January
02:092022, when that New York market opened up online.
02:13In Ohio, interestingly enough, also 0.2% of handle there.
02:19That market, of course, opened January 23, and one interesting note out of Ohio is that
02:25Bally Bet has given out more in promos than it's made in revenue.
02:31So just a couple of states where they're struggling to gain a foothold, gain any real traction,
02:42but they did launch in Maryland yesterday, they launched in Massachusetts recently as
02:48well.
02:49And, you know, as we know, DraftKings, their hometown market being based in Boston, really
02:53has a tight hold at the top of that market in terms of handle.
02:59So it remains to be seen what kind of traction Bally Bet will be able to make in Massachusetts.
03:04We'll get a good idea of that in the next couple of weeks when their July revenue report
03:10comes out, probably about mid-August, we'll see Bally Bet's performance in Massachusetts.
03:15But they're live now in nine markets and performing not all that great in any of them, Craig.