To this point, eight sportsbooks are accepting wagers in the Empire State, which has become the nation’s most prominent sports betting market. Bally Bet was expected to launch in the spring but finally launched on July 7th as it became the ninth operator.
Bally Bet is Officially the Ninth Sportsbook to Launch in New York
Bally Bet went live six months after the first four bookmakers went live in the state. Due to the company’s corporate governance structure, the launch was delayed. To start the new year, the company’s chairman Soo Kim offered to purchase the rest of the shares for approximately $2 billion.
For $38 a share, Kim, managing partner of Standard General LP, the largest shareholder of Bally’s, offered to purchase all shares of Bally’s that it did not already own. However, the offer was rejected because of its low evaluation. This played a significant role in the sportsbook’s delayed launch in New York.
Bally Bet gained market access in the Empire State as it was a part of the group that gave BetMGM, DraftKings, and FanDuel their licenses. It is undeniable that FanDuel has become the most renowned sportsbook not only in New York but in the entire country.
FanDuel has taken 58.2 percent of the state’s online gross gaming revenue. The only two other bookmakers that were able to maintain a double-digit mobile gross gaming revenue market share were DraftKings and Caesars.
Despite the summer slowdown, FanDuel has continued to do well. This might have been a good approach for Bally Bet as the industry as a whole has taken a hit. Bally Bet will also have to strengthen its marketing tactics to acquire new customers.
Bally Bet is Currently Operating in Other Markets Throughout the Industry
Bally Bet’s chairman has discussed a number of ways over the past year to differentiate the company from its competitors. Kim envisions creating a 3.0 version of sports betting that focuses primarily on viewer interaction beyond the traditional platforms.
The operator is currently live in five other states, including Arizona, Colorado, Iowa, Indiana, and Virginia. The sportsbook also is authorized to operate in Tennessee, but it’s not operational at the moment. Tennessee only allows mobile sports betting to those who reside in the state.
In March 2021, the company created Bally’s Sports Regional Networks, comprised of 19 separate networks formerly under Fox Sports Networks’. Bally Bet has a lot of work to do as three of the eight sportsbooks have surpassed the overall handle mark of $1 billion.
Bally Bet will look to take advantage of the sports schedule. The New York Yankees were taking on the Boston Red Sox from Friday to Monday by offering several ways to wager on the series from spreads, Moneyline, and game totals.
New York has the highest tax rate based on revenue which is 51 percent. New Hampshire is the only other state to have the same tax rate. Despite being the fourth most populous state in the country, the Empire State has the biggest sports betting market in the country, as California, Texas, and Florida don’t have a legal market.
iGaming Will Undoubable Be a Thing in New York
New York has succeeded in the sports betting space and may expand its reach to the iGaming space. In their last meeting, online casino gaming was pushed to the side, but there is no doubt that iGaming will be a thing in New York.
Neighboring states, Connecticut and New Jersey, have an online casino gaming market. State Sen. Joseph P. Addabbo Jr. believes that iGaming is inevitable in the state.