Bally Bet Targets New Jersey Launch By End of 2024

Recently, several sportsbooks have elected to shut down their betting services in New Jersey. The Bally’s Corporation has not been part of NJ’s betting scene but that is set to change soon. At their most recent earnings call, Bally’s announced it will be introducing four states into the online sportsbook market in 2024. New Jersey is one of those states. The company has enjoyed success with online casino gaming, including Bally’s online casino in New Jersey. However, they have a monopoly in Rhode Island and it brings the company wealth. 

Bally’s also went live in Massachusetts with their online sports betting market. This was part of the company’s overall repositioning of its sports betting product. They want to cross-sell sportsbook users on their Bally’s iGaming products. Bally’s will almost certainly do the same when they launch their online sportsbook in New Jersey. Robinson Reeves, Bally’s CEO, had this to say at their earnings call meeting. 

“Furthermore, with the ongoing successful rollouts of Bally Bet across our markets, we’re generating improved volumes and profitability, particularly as the transition onto Kambi and White Hat platforms has gotten good customer feedback and helped us differentiate our offering. We expect to launch sports in an additional four states in the second half of the year and continue to plant the seeds for expanded iGaming across our geographies.”

Bally’s is searching for a bounce back after a buyout

In late July, it was announced that Bally’s was accepting a buyout from Standard General, the hedge fund of Bally’s chairman Soo Kim. Bally’s CEO Robenson Reeves announced that the company will move forward strategically. He noted that Bally’s can see a path toward “additional revenue.” Now that Bally’s is entering the market in New Jersey again, they’ll have to compete with Atlantic City casinos. Unfortunately, a pair of Bally’s executives were not optimistic about how the company will fare. Bally’s president George Papanier said their Atlantic City casino was impacted by a turnover in their relationship marketing team. The timing in trying to reestablish themselves in the market was not ideal for Bally’s. They tried doing it in Atlantic City’s peak season for business. Finally, Bally’s is looking to “redefine” their VIP relationships with the host staff. Bally’s wants to be profitable in the Garden State and they’re taking steps to make sure that happens.