{"id":284157,"date":"2023-08-07T09:52:32","date_gmt":"2023-08-07T14:52:32","guid":{"rendered":"https:\/\/www.casino.org\/news\/?p=284157"},"modified":"2023-08-07T12:11:37","modified_gmt":"2023-08-07T17:11:37","slug":"ballys-may-consider-sale-of-sports-betting-unit","status":"publish","type":"post","link":"https:\/\/www.casino.org\/news\/ballys-may-consider-sale-of-sports-betting-unit\/","title":{"rendered":"Bally\u2019s Could Mull Sale of Online Sports Wagering Unit"},"content":{"rendered":"

Bally\u2019s (NYSE: BALY) Bally Bet arm, which includes the operator\u2019s portfolio of iGaming and online sports wagering assets, could consider a sale of the sports betting segment.<\/p>\n

\"Bally's\"
A roulette table at Bally’s Twin River Lincoln Casino Resort in Rhode Island. A rumor surfaced the company could look to sell its sports betting business. (Image: Bally’s Corporation)<\/figcaption><\/figure>\n

That rumor recently appeared in a post on the Off Shore Gaming Association (OSGA) blog. It noted that although Bally\u2019s recently announced plans to revamp its online sports betting operations through a new technology partnership with Kambi, there may be another motive. The company is struggling to attain adequate market share in the states in which it offers mobile sports wagering.<\/p>\n

An unidentified source told the publication that Bally\u2019s could look to sell the sports betting unit in an effort to wring some value out of it for investors rather than simply letting the business die, a la FOX Bet<\/a>.<\/p>\n

I\u2019d be quite surprised if Bally\u2019s has any real long-term plans for their sports betting product. Undoubtedly, the company believed its name recognition would take it to the top. But they are really known for their land-based casino products and hotels, not sports betting,\u201d<\/strong> the source told OSGA.<\/p><\/blockquote>\n

Bally Bet is live in just six states — <\/em>Arizona, Colorado, Indiana, Iowa, New York, and Virginia — as well as in Ontario, Canada. That\u2019s a scant percentage of the 34 states and Washington, DC in which sports wagering is live and legal.<\/p>\n

Land-Based Casinos Not Helping Bally\u2019s Cause<\/h2>\n

Rhode Island-based Bally\u2019s is a regional casino operator with properties in 10 states.<\/a> But those venues aren\u2019t helping the company bolster its sports wagering status.<\/p>\n

\n

The firm runs namesake casino resorts on the Atlantic City Boardwalk and in Lake Tahoe, as well as the Tropicana on the Las Vegas Strip. But it doesn\u2019t offer mobile sports wagering in Nevada or New Jersey — two of the biggest sports betting markets in the country. Likewise, Bally\u2019s runs four casinos in Colorado. But it has negligible sports betting market share in that state.<\/p>\n<\/div>\n

Compounding Bally\u2019s woes on the digital gaming front is the point that its North American interactive<\/a> unit endured increased losses in the second quarter.<\/p>\n

\u201cGiven BALY’s stated transition to a variable-cost tech strategy and a trend towards profitability seen across the broader U.S. OSB\/iCasino space this earnings season, we see sequentially worsening losses as disappointing for investors and potentially impacting expectations for timing to inflect to profitability,\u201d wrote Stifel analyst Jeffrey Stantial in a recent report.<\/p>\n

What\u2019s Next for Bally\u2019s in Sports Betting Space<\/h2>\n

Bally\u2019s has options when it comes to the future of its online sports wagering arm, including devoting the financial resources necessary to increase its market share. However, that wouldn\u2019t be cheap, and the endeavor might not pay off, given that the regulated sports wagering landscape in the U.S. is dominated by just two participants, FanDuel and DraftKings.<\/p>\n

\n

Likewise, as OSGA points out, Bally\u2019s could consider being a business-to-business player in the iGaming space. It could potentially envision licensing out its well-known brand for internet casinos, while allowing partners to use the sports betting brand of their choice.<\/p>\n<\/div>\n

As for a sale of the online sports betting unit, Bally\u2019s could find interested suitors due to its licenses in states such as Arizona<\/a> and New York that limit the number of those permits. How much prospective buyers are willing to pay for that is another matter.<\/p>\n","protected":false},"excerpt":{"rendered":"

Bally\u2019s (NYSE: BALY) Bally Bet arm, which includes the operator\u2019s portfolio of iGaming and online sports wagering assets, could consider a sale of the sports betting segment. That rumor recently appeared in a post on the Off Shore Gaming Association (OSGA) blog. It noted that although Bally\u2019s recently announced plans to revamp its online sports […]<\/p>\n","protected":false},"author":46,"featured_media":270993,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[10,32093,1,1074],"tags":[81903,81966,81967,80968],"acf":[],"yoast_head":"\nBally's May Consider Sale Of Sports Betting Unit<\/title>\n<meta name=\"description\" content=\"Bally's could divest sports betting biz, according to new rumor.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.casino.org\/news\/ballys-may-consider-sale-of-sports-betting-unit\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Bally's May Consider Sale Of Sports Betting Unit\" \/>\n<meta property=\"og:description\" content=\"Bally's could divest sports betting biz, according to new rumor.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.casino.org\/news\/ballys-may-consider-sale-of-sports-betting-unit\/\" \/>\n<meta property=\"og:site_name\" content=\"Casino.org\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/Casino.OrgNews\" \/>\n<meta property=\"article:published_time\" content=\"2023-08-07T14:52:32+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-08-07T17:11:37+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2023\/04\/ballystwinrivers18_1200xx3600-2025-0-188.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"800\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Todd Shriber\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@etfgodfather\" \/>\n<meta name=\"twitter:site\" content=\"@Casino_Org\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Todd Shriber\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.casino.org\/news\/ballys-may-consider-sale-of-sports-betting-unit\/\",\"url\":\"https:\/\/www.casino.org\/news\/ballys-may-consider-sale-of-sports-betting-unit\/\",\"name\":\"Bally's May Consider Sale Of Sports Betting Unit\",\"isPartOf\":{\"@id\":\"https:\/\/www.casino.org\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.casino.org\/news\/ballys-may-consider-sale-of-sports-betting-unit\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.casino.org\/news\/ballys-may-consider-sale-of-sports-betting-unit\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2023\/04\/ballystwinrivers18_1200xx3600-2025-0-188.jpg\",\"datePublished\":\"2023-08-07T14:52:32+00:00\",\"dateModified\":\"2023-08-07T17:11:37+00:00\",\"author\":{\"@id\":\"https:\/\/www.casino.org\/news\/#\/schema\/person\/f4cecf70a5032bc4e60eb73fc86d4a85\"},\"description\":\"Bally's could divest sports betting biz, according to new rumor.\",\"breadcrumb\":{\"@id\":\"https:\/\/www.casino.org\/news\/ballys-may-consider-sale-of-sports-betting-unit\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.casino.org\/news\/ballys-may-consider-sale-of-sports-betting-unit\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.casino.org\/news\/ballys-may-consider-sale-of-sports-betting-unit\/#primaryimage\",\"url\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2023\/04\/ballystwinrivers18_1200xx3600-2025-0-188.jpg\",\"contentUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2023\/04\/ballystwinrivers18_1200xx3600-2025-0-188.jpg\",\"width\":1200,\"height\":800,\"caption\":\"A roulette table at Bally's Twin River Lincoln Casino Resort in Rhode Island. 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