Bettors in New York may have noticed: Bally Bet has stopped accepting legal sports bets.
By the end of next week, Bally Bet will shut down its sports betting services and close accounts across the country.
According to its website, Bally Bet will go offline for a “few months” as it integrates technology from its newest platform provider, Kambi.
As a result, the NY sports betting landscape will lose Bally Bet after June 30. Customers will have until then to withdraw their funds, or Bally will mail a check to the address attached to your account. Bally Bet stopped accepting bets on June 22.
Bally Bet shutting down NY sports betting services
As laid out on the Bally Bet NY website, the company “will be working hard to elevate your betting experience” over the “next few months.”
This comes on the heels of Bally’s In the press release announcing the deal, Bally’s expects Kambi to help “support the relaunch of Bally Bet” across seven states by the end of 2023.
Robeson Reeves, CEO of Bally’s, noted that adding Kambi as well as White Hat Gaming will help Bally’s become “optimally positioned to achieve significant scale and capture substantial market share in the global gaming market.
“This, in turn, will support our vision of becoming the premier, full-service, vertically integrated casinos and resorts, online sports betting, and iGaming company.”
The press release also indicated that these new partnerships are just another represent another step in Bally’s “long-term growth and development strategy,” which also saw a restructuring of the Bally’s “North America Interactive business segment” and a redevelopment of the company’s “technology department pipeline” that will creat for Bally’s “a more competitive and cost-efficient go-to market strategy.”
What to prepare for with Bally Bet closing up shop
According to the Bally Bet website, customers should withdraw everything from their accounts before June 30. “After this date,” the website directs, “you will not be able to access your account.”
Should users not do so, Bally’s will mail a physical check to the address linked to their accounts.
Note that you will not be able to transfer your balance to the new Bally Bet app when it relaunches.
In fact, Bally Bet will be deactivating all accounts on June 30. As a result, current Bally customers can expect to sign up again for Bally Bet when it returns.
Reports indicate that Bally Bet will relaunch later this year on a state-by-state basis, potentially starting with Ohio in August.
Bally Bet goes offline as it struggles to keep pace
Bally Bet seemingly has nowhere to go but up.
Earlier this year, Lee Fenton stepped down as CEO, making way for Reeves. Soon after, looking back at the previous year, which featured Bally’s spending nearly $3 billion in customer acquisition, Reeves called 2022 “unacceptable” for his company.
Since launching in New York in July 2023, Bally Bet NY has totaled $15.5 million in accepted bets (0.0006% of the state’s total handle) and just $849,228 in gross gaming NY sports betting revenue (0.0004% of the market share).
For perspective, Bally’s paid $25 million for a New York sports betting license. On that pace, Bally Bet would not have broken even until around 2050.