Update: Bally Bet NY will not launch this week, meaning it will not launch before the end of H1, as it planned to in its latest earnings call. Still, it is expected to launch any day now, in short order.
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Bally’s had said in its latest earnings call that it planned to launch its sportsbook in New York by the end of H1, or before July 1.
Once Bally Bet NY is live, all nine approved NY online sportsbooks will finally be up and running in the state.
Legalized online sports betting went live in NY on Jan. 8. Bally’s had repeatedly said it was fine with being delayed. The operator wanted to get its new and improved 2.0 app technology up and running in Arizona before any other state.
Read More: At Last, New York Reaches Nine: Bally Bet NY Rolls Out Online Sportsbook
How Bally’s will navigate the NY sports betting market
Bally’s has planned to take a more rational approach in NY regarding marketing and promotional spend against the Empire State’s 51% tax rate.
Bally’s chairman Soo Kim told CNBC in late January:
“We have a longer-term plan. We think that the current version of sports betting is not a great business. It’s a fine business but not a great business.
“We think that there will be a wave of consolidation that will rationalize promotions but more importantly I think people will just stop competing with free money but people will start competing with product.”
Bally’s CEO Lee Fenton echoed those sentiments during a May 5 earnings call.
“In New York, we will be cautious as we keep a keen eye on marketing spend and how to navigate a high tax environment in sports betting,” Fenton said.
How much market share can Bally’s gain?
It will seemingly be difficult for Bally’s — even as much a name-brand as it is — to gain meaningful market share and revenue in NY, at least early on.
Since Jan. 8 launch, FanDuel, DraftKings, Caesars and BetMGM have combined for over 90% of the market share and revenue share, creating a daunting challenge for the smaller sportsbooks in the state.
Bettors will need a reason to break from their now-established loyalties to online sports betting app brands. If Bally’s isn’t offering significant promotions, it will be tough. At least Bally’s will be up and running for the first full NFL season featuring legal NY online sportsbooks. The 2022 regular season kicks off on Sept. 8.
