Bally’s CEO Discusses Approach to NY Sports Betting on Earnings Call

Bally’s CEO Discusses Approach to NY Sports Betting on Earnings Call
By Lou Monaco

NY Betting apps consumers will have yet another operator to consider soon when Bally’s brings its product to the Empire State.

Bally’s, which is based in Providence, R.I., held its fourth quarter earnings call Thursday and said, among many other things, it plans to launch its online sportsbook, Bally Bet, in the first quarter of 2022.

In late January, Bally’s Chairman Soo Kim spoke about his company’s plans for an online sportsbook in New York in a seven-minute interview with CNBC’s Contessa Brewer.

“New York is an interesting place,” Soo Kim said. “You can literally open an account with one person, open another account with another, get your free promotional money and bet different ways on the same game and you will win on one of them. I don’t know why everyone is not doing that.

“We will launch sometime in April, I think is the plan.”

Bally Bet New York and Resorts World New York are the last two of nine mobile providers not to go live yet in the Empire State.

You can get updates on all Empire State operators by checking out the New York sports betting promo codes on EmpireStakes.com.

“We will think about marketing in New York a bit differently,” Lee Fenton, chief executive officer, said on Thursday’s call. “We will be looking to leverage our digital expertise but approaching it cautiously. We are not looking to spend big, like some of the other platforms that have entered the market, but gain steadily over time.”

Overall, Bally's reported a fourth-quarter net loss of $115.3 million, after reporting a profit in the same period last year. However, revenue posted at $547.7 million, which was an increase of $429.6 million. Its adjusted EBITDA of $119.4 million was an increase of $98.4 million year over year.

Sights on Much More Than New York for Bally’s

Bally’s has 14 casinos across 10 states, a racetrack in Colorado (Arapahoe Park in Aurora), as well as off-site betting licenses in 15 states. Bally Interactive operates the company’s online offerings, including its Bally Bet sports betting brand, a fantasy sports site and a free-to-play, business-to-business game provider.

Fenton also said in the call Bally’s also plans to launch in Arizona during the first quarter and in Ontario with iGaming at some point this summer.

On Jan. 31, Bally’s Atlantic City launched www.ballycasino.com, which can be played on desktop or mobile anywhere in New Jersey.

Bally’s is undergoing a $100 million dollar renovation that includes upgrades of everything from the hotel lobby and lobby bar to more than 750 renovated hotel rooms.

Last year, Bally’s also bought Gamesys Group, an online gaming company based in England, for $2.7 billion.

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Contributors

Lou Monaco had been East Coast Scene columnist for Gaming Today in Las Vegas since June 2019, covering the East Coast sportsbook scene with emphasis on NJ and PA. He also currently is a part-time writer for the high school sports department for NJ Advanced Media (NJ.com) in Iselin, NJ. Lou has over 30 years sports experience with previous stints at ESPN SportsTicker, Daily Racing Form and Oddschecker.

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