Bally Bet Expands into Massachusetts with Official Sports Betting License

Massachusetts has added a new player to its sports betting landscape. Bally Bet, a prominent name in the online sports betting industry, has officially launched its operations in the Bay State. This development follows the issuance of a sports wagering operation certificate by the Massachusetts Gaming Commission (MGC) earlier this week.

Rigorous Review Process

The journey to securing the license was not straightforward. Bally Bet had to undergo an exhaustive review process. The MGC scrutinized Bally Bet’s house rules, technology, and third-party integration systems. Additionally, the commission assessed Bally Bet’s geolocation capabilities and banking structures. These measures ensure that Bally Bet adheres to the highest standards, including the prohibition of using credit cards to fund player s. The approval process culminated in the awarding of a Category 3 license, which required Bally Bet to pay a non-refundable application fee of $200,000 and complete an initial licensing survey.

With its launch in Massachusetts, Bally Bet’s presence can be found in eight states, including Arizona, Colorado, Indiana, Iowa, New York, Ohio, and Virginia. This expansion is part of Bally Bet’s strategic efforts to establish a significant footprint in the US sports betting market. The Massachusetts launch follows a substantial overhaul of Bally Bet’s technology platform in 2023. The company collaborated with Kambi and White Hat Gaming to enhance its proprietary technology. This transition involved a two-month hiatus of Bally Bet’s online wagering app to integrate Kambi’s technology platform and White Hat’splayer management system (PAM).

Commitment to Responsible Gaming

Bally Bet’s parent company, Bally’s Corporation, has shown a strong commitment to responsible gaming practices. Last month, Bally’s Corporation ed the Responsible Online Gaming Association (ROGA) as the eighth founding member. This association includes other industry giants such as BetMGM, DraftKings, and FanDuel. ROGA’s mission is to promote responsible gaming through funding independent peer-reviewed research, providing educational tools, and developing evidence-based responsible gaming practices.

Bally Bet’s entry into the Massachusetts market comes at an opportune time. The Massachusetts sports betting market is experiencing robust growth. In May 2024, the state reported a total sports betting handle of $587.2 million, a significant increase from $454.9 million in May 2023. Bally Bet s six other licensed online sportsbooks in Massachusetts. Collectively, these operators generated $57 million in taxable gaming revenue in May 2024, with a 10.1% hold rate. The state collected $11.3 million in taxes from sports wagering during this period, highlighting the economic impact of this burgeoning industry.

The Massachusetts Gaming Commission has established a stringent regulatory framework to ensure a fair and secure betting environment. Licensed operators like Bally Bet are required to adhere to these regulations, which include a 20% tax rate on gross revenue. This regulatory environment not only ensures the integrity of the sports betting market but also contributes to the state’s revenue, ing public services and infrastructure.

The launch of Bally Bet in Massachusetts marks a significant milestone in the company’s expansion strategy. By securing a foothold in the Massachusetts market, Bally Bet is poised to leverage the state’s favorable market conditions and robust regulatory framework. The company’s commitment to technological innovation and responsible gaming practices positions it well to thrive in this competitive market.

Bally Bet’s arrival in Massachusetts signifies a new chapter in the state’s sports betting industry. The rigorous review and approval process by the MGC underscores the importance of maintaining high standards in the industry. The future looks promising for both Bally Bet and the Massachusetts sports betting market as they embark on this new journey together.

Source:

”Massachusetts welcomes Bally Bet as new online operator”, sbcamericas.com, July 02, 2024.