Bally’s Corporation and Bally Bet has released its quarterly earnings report for Q1 2023.
The company reported a revenue of $598 million for the first quarter of the year, which is an increase of 9.2% year-over-year.
As the company prepares to enter the Massachusetts sports betting market, things appear to be headed upward after a rocky end to 2022.
Is Bally Bet dragging its feet for MA launch?
Bally Bet originally intended to launch in Massachusetts in May 2023. However, the company has not provided the Massachusetts Gaming Commission (MGC) any further information regarding those launch plans.
The silence on that front has continued, as there was no direct mention of Bally Bet’s future plans in Massachusetts in Monday’s earnings call. That leaves some uncertainty about whether or not the sportsbook will launch in the Bay State this year.
That being said, Bally’s recently announced a partnership with Kambi and White Hat to help revolutionize the sportsbook’s online presence to better compete in the U.S. marketplace. The technology providers will create a solution to the company’s failed in-house platform attempt with Bet Works, which Bally’s acquired in 2021.
“Kambi provides an award-winning sportsbook that delivers unrivaled sports betting entertainment,” Bally’s CEO Roberson Reeves said. “By incorporating that with White Hat’s player account management platform solution, as well as our geographic reach, customer base, and marketing prowess, Bally’s will be optimally positioned to achieve significant scale and capture substantial market share in the global gaming market.”
Bally’s is expecting the new platform developed through its partnership with Kambi and White Hat to deliver its new product by the end of 2023. Given that Bally’s hasn’t outright communicated that it is backing out of the Massachusetts market, the late 2023-time frame given for the sportsbook’s new platform technology may be when Bally’s is targeting to launch in the Bay State.
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Bally Bet in other states
Reeves did share a little insight into future expansion plans in North America, adding that the company expects to launch in Pennsylvania this month and that they are monitoring the sports betting bill recently introduced in the Rhode Island legislature.
Bally’s focus on sports betting in North America is paying off in Q1, with New Jersey leading the way. Bally Bet recently surpassed a 4% market share in the state, drawing closer to its 8% long-term goal in the Garden State.
“We are pleased to have achieved strong results across all three of our segments, Casinos & Resorts, International Interactive and North America Interactive,” Reeves said.
It is currently legal and operating in six states: Arizona, Colorado, Indiana, Iowa, New York and Virginia.
Cost saving measures paying off
In response to the company’s challenging 2022, Bally’s implemented North America Interactive, a series of cost-saving initiatives in its North America segment, to balance the budget sheet in 2023. The changes come after its failed Monkey Knife Fight venture and include reducing their workforce by 15%.
So far, it’s paid off significantly. “North America Interactive significantly outperformed as cost-savings initiatives took hold faster than anticipated,” said Reeves.
Bally raised its full-year adjusted EBITDA guidance for investors to sit at $665 to $700 million. However, revenue projections still sit at $2.5-$2.6 billion.
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