The Bay State is awaiting the launch of its newest online sportsbook.
Like other legal sports betting states, two online sportsbooks dominate the market. A number of smaller outfits compete for a relatively small piece of the pie.
Here’s how we think Bally Bet can fit into the Massachusetts online sports betting market.
Bally bringing a newly revamped app to Massachusetts
Bally Bet already has experience in the U.S. sports betting market. The company is in Arizona, Colorado, Indiana, Iowa, Virginia and New York before temporarily shutting down the app this past June.
As planned, Bally moved to a new platform developed by Kambi, and relaunched the new and improved app. Then, Bally Bet entered the Ohio market.
Bally had a less-than-stellar run with the previous version of the app. The app couldn’t capture just 1% market share in any of its active markets. Bally execs hope the new Kambi platform and partnership with White Hat Gaming (for player account management and payment processing) will position the company for growth as it re-enters the game.
Bally Bet operates in Arizona, Colorado, Indiana, Ohio (a new market for Bally), and Virginia. It has yet to relaunch in the other jurisdictions.
Other late arrivals have stayed at the bottom
Sports betting has been live in MA since March, and two apps launched after the opening month. Apps that went live in MA after the state’s initial launch in March have stayed at the bottom of the revenue ranking.
Betr Sportsbook launched in May, barely capturing over one-tenth of one percent of the market share. That has been their best month yet. In August, Betr handled just .049% of the total online betting volume.
Betr is a more niche product than other apps and wasn’t expected to take a significant piece of market share. On the other hand, Fanatics Sportsbook entered the market (also in May) with name recognition on its side and a well-designed, user-friendly app.
Since its launch, Fanatics increased its market share. But it still garnered just 1.43% of the market in August.
Based on past results, Bally Bet should have an uphill battle in a crowded Massachusetts market.
Big name apps are duking it out in MA
Another moving piece is Barstool’s imminent rebrand as ESPN Bet. That move could shake up the state’s online sportsbook market, as the broadcasting and fantasy sports giant brings significant marketing power.
However, a new ESPN sportsbook app might affect the first and second-tier operators more than the fledgling options.
Bally also has name recognition from its 15 casino properties, including Atlantic City, and Bally Sports Network. Their relaunched app has garnered positive reviews in states where it has already launched, so it’s poised to give Fanatics a run for their money.
It’s too early to see how the new app has fared as far as market share or handle in the re-launch states, but they’ll likely see a similar trajectory to Fanatics. In our estimation, Fanatics will be Bally’s closest competitor for a while, as the two smaller apps try to climb the ladder to gain market share from the bigger ones.