In a strategic expansion move, Bally Bet has launched its mobile sportsbook in Maryland, marking another significant step in the company’s growing presence in the United States. This launch on Monday, July 29, follows closely on the heels of their recent entry into Massachusetts, highlighting Bally Bet’s rapid growth across new markets.
The addition of Maryland to its portfolio means Bally Bet is now operational in nine states, including Arizona, Colorado, Indiana, Iowa, New York, Ohio, and Virginia. This expansion is particularly noteworthy as other online sportsbooks, such as SuperBook and Betfred, have recently withdrawn from the Maryland market, citing strategic consolidations.
Further solidifying its growth trajectory, Bally Bet’s parent company, Bally’s Corporation, announced a merger with Standard General’s regional “Queen” casino brand last week. This merger, pending regulatory approval, is poised to enhance Bally’s market presence significantly and is expected to be finalized in the first half of 2025.
Maryland’s Sports Betting Landscape
The Maryland market has welcomed Bally Bet following a successful demonstration of its mobile sportsbook platform, which was confirmed to comply with all required procedures by the Maryland Lottery and Gaming Control Commission. This approval makes Bally Bet the second mobile sportsbook to launch in Maryland recently, following LetsBetMD which started operations on July 1, according to CBS Sports.
The landscape of sports betting in Maryland is evolving, with Bally Bet and LetsBetMD adding to the diversity of options available to bettors. The upcoming micro-betting platform Betr is also expected to join the Maryland scene soon, pending regulatory approval.
Despite the exit of SuperBook and Betfred from Maryland, Bally Bet faces significant competition in a market dominated by heavyweights such as FanDuel Sportsbook and DraftKings Sportsbook. These leading platforms substantially overshadow others in terms of market share, with Bally Bet and other smaller operators battling for a slice of the remaining market.
In fiscal year 2024, Maryland’s retail and mobile sports wagering generated over $402 million in taxable revenue, contributing significantly to the state’s public education funding. Notably, online sportsbooks accounted for the majority of this revenue, emphasizing the critical role of digital platforms in the state’s betting ecosystem.
Outlook and Future Prospects
As Bally Bet continues to navigate the competitive landscape, the company is not only looking to solidify its presence in Maryland but also has plans to expand further in the United States. Bally’s Corporation CEO Robeson Reeves revealed during the company’s Q2 2024 earnings call that Bally Bet aims to launch in four additional states by the end of the year, emphasizing the brand’s commitment to broadening its reach.
This expansion, coupled with strategic initiatives such as the merger with Standard General and platform enhancements, positions Bally Bet to potentially increase its market share and influence in the burgeoning United States sports betting market.
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