Bally’s Looks to Launch Mobile Wagering Soon in New York
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Bally’s Corp. plans to be live in New York with its BallyBet 2.0 sports wagering app in the first half of this year, the company chief executive officer said Thursday.
The Rhode Island-based casino and entertainment company also plans to launch its iGaming platform in Ontario, Canada’s most-populous province, in the summer, said CEO Lee Fenton.
Fenton and other Bally’s Corp. executives answered analysts’ questions during an earnings call Thursday regarding the company’s financial results in 2021.
New York Off to Record-Setting Start
Mobile sports betting in New York began Jan. 8, amassing a record number of bets in 30 days.
With the January launch, bettors, during a one-month period, placed $1.98 billion in sports wagers in New York, the most ever recorded in any state during a similar timeframe.
New York is the nation’s fourth most-populous state. California, Texas, and Florida, the three states with larger populations, do not have legal sports betting.
In early January, New York gaming regulators approved nine online bookmakers, including BallyBet, to begin accepting mobile wagers. Four began operating on the launch date — Caesars, DraftKings, FanDuel, and BetRivers.
Three others, BetMGM, PointsBet and WynnBET, have also gone live in New York. Genting’s Resorts World is authorized to accept bets on mobile platforms in the state once the company is operational there.
During the earnings call, Fenton said Bally’s Corp. plans to use the customer database from its Atlantic City property to attract potential New York mobile sports bettors.
BallyBet is live in Arizona, Colorado, Indiana, Iowa and Virginia. The company plans to launch its BallyBet 2.0 platform this summer in Arizona and New York, Fenton said.
From Ontario to Las Vegas, Bally’s Evaluates Plans
Also during the call, Fenton addressed plans in other jurisdictions where the company hopes to begin operating soon or already has a presence.
In Ontario, Bally’s anticipates launching its iGaming platform in Ontario during the summer, he said.
With a population of about 15 million people, Ontario would be the fifth most-populous state if it were located in the U.S. When commercial sports wagering is allowed there beginning April 4, it will be the second-largest North American market, behind New York.
Answering an analyst’s question about Bally’s casino proposal in Chicago, Fenton said he expects a decision from the City Council in April on which project will be selected. The city is evaluating five competing bids.
“We continue to be excited about the opportunity,” Fenton said.
Tropicana’s Future To Be Unveiled Later
Responding to a question about Las Vegas, Fenton said he was not in a position on Thursday to discuss details regarding the Tropicana hotel-casino’s future. Bally’s is in discussions with its development partners about the resort, he said.
The Tropicana, located on the southeastern end of the Las Vegas Strip near Harry Reid International Airport, opened in 1957. Decades ago, before corporate entities owned the Rat Pack-era resort, it had been under federal investigation for ties to Mafia.
Speculation has arisen that the 1,470-room Tropicana could be torn down and replaced with a new hotel-casino. Other proposals include using that space for a sports stadium if Major League Baseball’s Oakland A’s relocate to Las Vegas.
Company Reports ‘Significant Progress’
During the call, Fenton said Bally’s Corp. is “only really just getting going.”
The company owns or manages 14 of the best online casino sites in 10 states and a horse track in Colorado.
On Thursday, Bally’s Corp. reported revenue estimates for 2022 “in the range of $2.4 billion to $2.5 billion.”
Results from the fourth quarter of 2021 include:
- Revenue of $547.7 million, an increase of $429.6 million.
- A net loss of $115.3 million compared to net income of $20.2 million for the comparable period.
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