Bally Bet Sportsbook Expands to Maryland Market
Bally Bet Sportsbook has officially entered the Maryland online sports betting market after receiving a mobile sports betting license from the Maryland Lottery and Gaming Control Commission (MLGCC) on Monday.
Market Presence and Expansion
This approval from MLGCC follows a successful controlled demo of Bally Bet’s platform, during which Maryland Lottery and Gaming staff monitored to ensure compliance with all required procedures and system functionality.
Maryland marks the second new state launch for Bally Bet in July, following its debut in Massachusetts earlier this month. With this recent expansion, Bally Bet is now operational in nine states across the U.S.
However, the operator has still struggled to establish a strong market presence, ranking in New York and other states’ bottom tier of online sportsbooks.
Strategic Growth and Revenue
Despite challenging beginnings, Bally’s Interactive remains optimistic about its future in the U.S. market. In the Q1 2024 earnings call the company reported a 70% revenue surge in the North American interactive vertical to $41 million with negative Adjusted EBITDAR amounted to -$10 million.
Bally’s 2024 North America guidance for interactive segment projects revenue range between $150m and $200m and Adjusted EBITDAR loss between $25m and $35m,
CEO Robeson Reeves further highlighted the strategy of using online sports betting as a gateway to expand Bally’s iGaming offerings, particularly focusing investments in states that support iGaming.
Recommended