In a strategic expansion move, Bally Bet has launched mobile sports betting in Maryland, marking another important step in the company's growing presence in the United States. The launch, which took place on July 29, follows their entry into Massachusetts and highlights Bally Bet’s rapid growth in new markets.
The addition of Maryland to its portfolio means Bally Bet now operates in nine states including Arizona, Colorado, Indiana, Iowa, New York, Ohio and Virginia. The expansion is particularly noteworthy because other online sportsbooks, such as SuperBook and Betfred, have recently exited the Maryland market, citing strategic consolidation.
To further solidify its growth trajectory, Bally Bet's parent company, Bally's Corporation, last week announced a merger with Standard General's regional "Queen" casino brand. The merger, which is pending regulatory approval, is expected to significantly increase Bally's market presence and is expected to be completed in the first half of 2025.
The Sports Betting Landscape in Maryland
The Maryland market welcomes Bally Bet following a successful demonstration of its mobile sports betting platform, which has been confirmed to comply with all required procedures by the Maryland Lottery and Gaming Control Board. The approval makes Bally Bet the second mobile sportsbook to launch in Maryland recently, following LetsBetMD, which began operations on July 1, CBS Sports reported.
The landscape of sports betting in Maryland is changing, with Bally Bet and LetsBetMD giving bettors more options. Upcoming micro-gambling platform Betr is also expected to join Maryland’s gambling market soon, pending regulatory approval.
Despite SuperBook and Betfred exiting Maryland, Bally Bet still faces significant competitive pressure in a market dominated by heavyweights such as FanDuel Sportsbook and DraftKings Sportsbook. These leading platforms far outpace the others in terms of market share, with Bally Bet and other smaller operators vying for the remaining market share.
Retail and mobile sports betting in Maryland generated more than $402 million in tax revenue in fiscal year 2024, contributing significantly to the state’s public education funding. Notably, online sports betting accounted for the majority of this revenue, highlighting the critical role of digital platforms in the state’s betting ecosystem.
Outlook and future prospects
As Bally Bet continues to navigate the competitive landscape, the company not only looks to strengthen its position in Maryland, but also plans to further expand its presence in the United States. Bally's Corporation CEO Robeson Reeves revealed during the company's second quarter 2024 earnings call that Bally Bet plans to launch in four additional states by the end of the year, emphasizing the brand's commitment to expanding its reach.
This expansion, coupled with strategic moves such as the merger with Standard General and platform enhancements, gives Bally Bet the potential to increase its market share and presence in the booming U.S. sports betting market.
