Bally Bet Sportsbook Launches in Maryland

The steady growth of the Bally Bet Sportsbook continued this week.

Bally Bet officially launched in Maryland on Monday, becoming the market’s eleventh operator. The move comes soon after BetFred and SuperBook both announced their intention to exit the market. 

The expansion of the Bally’s brand has been impressive. Many believed that Bally Bet would close down as recently as last year, but a new strategy has led to them growing instead. The launch in the Free State is their second in the previous month, with the platform going live in Massachusetts. Those additions mean that Bally Bet is now available in the following eight markets:

• Arizona

• Colorado

• Massachusetts

• Indiana

• Iowa

• New York

• Ohio

• Virginia

While Bally’s decision to scale down operations and re-examine its strategy seems to be paying off, time will tell if it can compete in an increasingly competitive market. The operator has struggled to compete with second and third-tier operators, leaving them with a small market share. 

The good news is that the operator enters Maryland just as two other platforms close down. That means Bally’s will have a user base to go after, which could allow it to carve out enough market share to remain operating.

Bally’s Brand Sold to Standard General

After a long courtship, Standard General reached a deal to purchase Bally’s brand. The $4.6 billion deal will merge the brand with Stanard General’s The Queens Casino & Entertainment Inc. The agreement includes all of Bally’s casinos and sportsbooks, boosting the hedge fund’s place in the US gambling market.

The deal came after Bally’s board rejected multiple offers from Standard General. The group’s 2022 offer was for far more than the one accepted, going from $38 per share down to $18.25 per share. The next offer came in at $15 per share, which the board angrily rejected.