Bally Bet is the latest online sports betting licensee in New York to live stream. [Image: Shutterstock.com]
Finally up and running
The Bally Bet sportsbook has finally been launched online in New York, which means all nine state-approved licensors are now up and running. Bally Bet launched Thursday in the Empire State, about six months after the state’s online sports betting market was launched.
The launch encountered many delays
The launch of Bally Bet has faced many delays, due to the governance structure of the operator’s parent company – Bally’s Corporation. The operator has secured market access in the Empire State after joining a consortium that includes FanDuel, DraftKings and BetMGM.
Bally Bet is relatively late to the party, with all other operators up and running within a month of market launch. The nine licensees for online sports betting in New York are FanDuel, DraftKings, BetMGM, BetRivers, Caesars, WynnBET, PointsBet, Resorts World and Bally Bet.
long time coming
In January, Bally’s CEO Soo Kim confirmed that her New York sportsbook would be released in April. However, the company was ultimately unable to meet this schedule.
On an earnings call in May, Bally’s CEO Lee Fenton revealed the new launch target before the end of the second quarter. With the second quarter ending on June 30, the launch of Bally Bet wasn’t too far off from that goal.
After launching in New York, the Bally Bet app is now available in five states. Her sportsbook is also available in Virginia, Iowa, Indiana, and Colorado.
Since the launch of the New York online sports betting market on January 8, 2022, the state has regularly published the best sports betting revenue and handling numbers in the United States. As of June 26, 2022 online sports betting volume in New York 2022 is $8.4 billion, more than any other state.
58% of sports book revenue in New York was generated by FanDuel
FanDuel has earned its place as the market leader thus far. FanDuel generated approximately 58% of sports book revenue in New York during the first ten weeks of the 2022-2023 fiscal year. DraftKings came in second with 20%, and Caesars came in third with 10%.
Despite its impressive numbers, some operators have expressed concerns about New York’s high tax rate on sports betting – the highest in the country at 51% – as well as the significant levels of marketing spending needed to acquire users.