An emerging legal sports betting operator is relaunching in the Hoosier State.
Bally Bet is relaunching sports betting operations in Indiana following a temporary exit from the market earlier this year, according to the Indiana Gaming Commission. The Rhode Island-based sportsbook also temporarily shuttered operations in two other states — Iowa and New York — to transition to a new technology platform powered by Kambi Group and White Hat Gaming.
Bally Bet has continued to offer online sports betting in Arizona, Colorado, Ohio, and Virginia.
The sportsbook first gained access to the Indiana sports betting market in September 2021 after it received a temporary vendor license from the IGC. Two years later, Bally Bet was awarded a permanent vendor license, which required the operator to adhere to the IGC’s requirements.
Bally Bet met the IGC’s requirements once again ahead of its relaunch of wagering in Indiana. The sportsbook has received approval to go live with wagering in Indiana as early as Nov. 10.
Quarterly Report
Bally Bet is relaunching in Indiana following lackluster financial results by its parent company.
Bally’s Corp. generated $632.5 million in revenue in Q3 2023 — a 9.4% increase year-over-year. The company’s Casino & Resorts segment posted $359 million in revenue during the quarter, compared to $328.5 million in Q3 2022. Bally’s North America Interactive business reported $29.5 million in revenue in Q3 2023, up from $22.1 million in Q3 2022.
The casino and entertainment conglomerate posted revenue growth despite a net loss of $61.8 million in Q3 2023. In comparison, Bally’s reported a net income of $593 million in Q3 2022.
"Bally's portfolio of assets remains well-positioned, and has demonstrated significant year-over-year revenue growth. We continue to take share in our respective markets, which the monthly gaming data illustrates, as we outperformed peers in most states."
- Bally president George Papanier
Bally’s expects full-year revenue to reach between $2.4 billion and $2.5 billion in FY2023. Its guidance projects an adjusted earnings before interest, taxes, depreciation, amortization, and restructuring or rent costs of between $640 million and $655 million for the year.
