Massachusetts will be welcoming its seventh online sportsbook by the end of June when Rhode Island’s Bally’s Corporation launches its Bally Bet sports betting app in the Bay State.
Howdy Neighbor
Bally’s Corporation is a Providence-based gaming entity located only about an hour south of Boston. The company owns and operates 15 casinos across 10 states and has launched digital sports betting operations in 14 US states, soon to be 15 once it launches in Massachusetts.
Bally Bet will join six other online sportsbooks operating in Massachusetts including DraftKings, ESPN Bet, FanDuel, Fanatics, Caesars and BetMGM. Betr and WynnBet had been operating in the Bay State but both terminated operations while Betway left the state without ever launching.
“Our commitment is strong here,” Brett Calapp, Bally’s chief operating officer, said. “We’re really excited to be in the state. This is a state with such a rich sports history.”
Jordan Maynard, the Massachusetts Gaming Commission’s interim chair, said, “The eagerness comes out of the fact that we believe that to stamp out the illegal market and give people the protections that Massachusetts provides, it’s good to have options. Having someone that we’ve started with the licensing process, a group come in and actually get going, is exciting to us.”
The June launch is a solid target but it is not a guarantee quite yet, as the Bally Bet sports betting app must be audited and its equipment checked to ensure it is up to code before it gains regulatory approval. Bally Bet has had a Category 3 gaming license in Massachusetts for over a year without yet launching its mobile sports betting app.
Bally’s Changes Chiefs
Bally’s has enjoyed several successes, but the company has not been infallible. Several recent acquisitions proved to be disastrous and many of these C-Suite occupants are to blame. Some of those missteps include:
- Monkey Knife Fight announced its closure on Feb. 27.
- Bally’s wrote down MKF and Bet.Works in its most recent earnings report (a nearly $400 million impairment between Bet.Works and MKF).
- Bally’s was granted a New York sports betting license but was the last of the nine licensed operators to launch there.
- In January, Bally’s announced it is reducing its digital workforce by 15%.
- With Sinclair’s Diamond Sports hurtling towards bankruptcy, the Bally-branded regional sports networks are on the verge of losing their team contracts. Bally’s has zero liability related to Diamond Sports.
Therefore, it is not surprising that the man at the top took the fall for the company’s recent misfortunes. CEO Lee Fenton, whose reign lasted only 18 months, was replaced by Robeson Reeves, who previously served as President of Bally’s Interactive Division, and took charge on March 31st.
During the company’s Q4 earnings call, Reeves said:
“On sports, we recognize that the Bet.Works acquisition did not give us the platform required to develop a competitive product. We didn’t react fast enough there, and this will not happen again. We are confident there are more economical and nimble solutions out there and have spent the past five months analyzing them deeply. Sports for us is an acquisition tool. It can drive further engagements for the Bally’s brand. So, when we approach the choice of technology, we’ll make sure we have that mindset.”
