Bally Bet Launch Marks Debut Of 10th Virginia Sportsbook Operator

The number of sportsbooks in Virginia has now reached double digits, following the launch of Bally Bet on the eve of Thanksgiving.

On November 24, officials made an announcement regarding the introduction of the online sports betting app and desktop site in Virginia.

Golden Nugget became the ninth Virginia sports-betting operator when it launched in Old Dominion last month.

The Bally Bet launch in VA has brought the total up to 10, thanks to a renowned gaming company making its mark in the industry.

Bally Bet launch was long time in making

Bally’s Corporation obtained approval for a sports betting permit in Virginia over eight months ago, through its Twin Rivers Management entity.

However, despite obtaining the permit on March 15, the company chose to remain conspicuously silent, unlike other VA sportsbooks that typically launched shortly after receiving their permit.

On the other hand, Bally’s was in the process of completing a $2.8 billion purchase of Gamesys. This acquisition provided Bally’s with the necessary in-house online gaming technology required for the development of the Bally Bet sports betting application.

Bally Bet, which has recently gained entry into the highly profitable New York market, now operates in 17 states. Currently, Bally Bet is available to users in Colorado, Iowa, and Virginia, while Indiana is expected to be added to the list soon. However, the company is still in the process of acquiring new assets and obtaining licenses.

Nevertheless, just like in other states, Bally Bet faces significant challenges in Virginia.

Bally’s is more than sports betting

Bally’s is essentially attempting to build and fly its metaphorical plane simultaneously.

After acquiring the Bally’s name, the company, previously known as Twin Rivers, has been actively involved in the gaming industry. This is particularly evident in their focus on mergers and acquisitions (M&A).

In addition to the Bally’s Arapahoe Park horse racing track in Colorado, the company possesses a total of 14 casinos spread across 10 different states.

However, in its most recent activities, it has gained ownership of various assets, including:

• The naming privileges for a collection of 20 regional sports networks have been acquired, and they are currently recognized as Bally Sports Regional Networks.
• Bet.Works gaming platform
• The daily fantasy sports site known as Monkey Knife Fight
• SportCaller is a B2B provider of free games.
• Telescope Inc. is a company that specializes in providing real-time fan engagement solutions.

According to Bally’s Chairman Soo Kim, the company is currently occupied with various activities. Nevertheless, the primary emphasis will be on sports betting as Bally’s aims to establish itself as the foremost provider of omni-channel gaming in the United States.

Bally Bet launch too late?

Is Bally Bet capable of making a significant impact in the Virginia sports wagering market?

Despite having a well-known name among gambling enthusiasts, Bally’s will still have to put in some hard work.

At a recent meeting of the Virginia Lottery Board, the current state of affairs was discussed. Currently, there is a clear domination by three sportsbooks: FanDuel holds the largest market share at 45.4%, followed by DraftKings at 26.1%, and BetMGM at 17.9%, leaving other operators trailing behind.

Caesars Sportsbook commands a market share of 7.6%, making it the sole Virginia sportsbook besides in possession of over 1.2% market share.

In general, sportsbooks that entered the market sooner have demonstrated better performance.

Before March 11, a total of five sportsbooks were introduced in Virginia, collectively claiming a market share of 98.1%. This translates to approximately $1.932 billion out of the total wagered amount of $1.965 billion in VA up until September.

Only 1.9% of the total Virginia sports wagering handle has been contributed by the four sportsbooks that were launched after March 11.