Bally Bet Sportsbook Launches In Maryland: Will It Survive?
Today, the Maryland Lottery and Gaming Control Commission (MLGCC) issued Bally’s Interactive Maryland, LLC, a mobile sports betting license. With the license, Bally Bet officially launches its mobile sportsbook in Maryland. Will Bally Bet be successful? Or will the sportsbook suffer the same fate as other sportsbooks that have failed to gain meaningful market share in Maryland?
Bally Bet Meets Maryland
Bally Bet completed a controlled demonstration of its mobile app in Maryland. The MLGCC oversaw the process as customers partook in live betting. All required procedures were in order, and Bally’s systems properly functioned. Now, locals in Maryland have access to the full slate of Bally Bet odds on offer.
Maryland is a thriving betting market, with sportsbooks contributing more than $60.3 million in taxes for the Blueprint for Maryland’s Future Fund during FY 2024. The most recent revenue report reveals $384,687,982 in wagers on sports for the month. This represents a 51.2% increase year over year.
Handle (Amount players wagered, including free promotional wagers)
- Retail: $11,268,992 (includes $5,500 in free promotional wagers)
- Mobile: $373,418,990 (includes $811,187 in free promotional wagers)
- Combined: $384,687,982
Bally Bet is entering a growing and thriving Maryland sports betting market. However, can Bally claim a major slice of the Maryland pie?
Maryland Dominated By FanDuel
The recent exit of Betfred from Maryland showcases that not all sportsbooks are thriving in the Old Line State. Betfred never held a major market share in Maryland and shut down its mobile and retail operators. The sportsbook went live in November 2022 and only saw $1.48 million in revenue and $20.1 million in handle between launch and May 2024. Betfred held less than a percentage of market share while live in Maryland.
While Maryland sports betting is constantly growing, the lion’s share of the market has gone to the market leader FanDuel. From November 2022 to May 2024, FanDuel reported $478.8 million in revenue from $3.45 billion in betting handle.
Bally Bet is the second sportsbook to go live in Maryland following Befred’s decision to exit, with LetsBetMD launching on July 1. This now marks eight states that Bally’s is live in with sports betting.
For 2023, the company held less than one percent of sports betting market share in America. For Bally to be successful in Maryland and avoid the fate of Betfred, the operator may need to address the Maryland market differently.