Finally up and running
The Bally Bet online sportsbook has finally launched in New York, meaning that all nine of the state’s approved licensees are now up and running. Bally Bet went live on Thursday in the Empire State about six months after the state’s online sports betting market launch.
launch faced numerous delays
Bally Bet’s launch faced numerous delays, reportedly due to the corporate governance structure of the operator’s parent company – Bally’s Corporation. The operator secured market access in the Empire State after joining a consortium containing FanDuel, DraftKings, and BetMGM.
Bally Bet is relatively late to the party, with all other operators going live within a month of the market’s launch. The nine online sports betting licensees in New York are FanDuel, DraftKings, BetMGM, BetRivers, Caesars, WynnBET, PointsBet, Resorts World, and Bally Bet.
A long time coming
In January, Bally’s Corporation chairman Soo Kim affirmed that its New York sportsbook would launch in April. However, the company ultimately wasn’t able to meet that timetable.
In a May earnings call, Bally’s Corporation CEO Lee Fenton revealed the new aim of launching before the close of the second quarter. With Q2 ending on June 30, Bally Bet’s launch wasn’t too far past this target.
Following the launch in New York, Bally Bet is now live in five states. Its sportsbook is also available in Virginia, Iowa, Indiana, and Colorado.
A major market
Since the launch of NY’s online sports betting market on January 8, 2022, the state has regularly posted the best sports betting revenue and handle figures in the US. Up to June 26, New York’s 2022 online sports betting handle had reached $8.4bn, more than any other state.
58% of New York sportsbook revenue was made by FanDuel
FanDuel has earned its place as the market leader so far. Around 58% of New York sportsbook revenue was made by FanDuel for the first dozen weeks of the 2022-2023 fiscal year. DraftKings came second with 20%, and Caesars third with 10%.
Despite its impressive figures, some operators have expressed concerns about the high sportsbook tax rate in New York – the highest in the country at 51% – as well as the large levels of marketing spend necessary to acquire users.