Bally Bet Receives Green Light to Restart Sports Betting Operations in Indiana
Legal sports betting operator, Bally Bet, has announced the relaunch of its operations in Indiana, despite lackluster financial results from its parent company, Bally’s Corp. The Rhode Island-based sportsbook had temporarily exited the Indiana market earlier this year, along with Iowa and New York, to transition to a new technology platform powered by Kambi Group and White Hat Gaming.
However, Bally Bet has continued to offer online sports betting in Arizona, Colorado, Ohio, and Virginia. The sportsbook initially gained access to the Indiana sports betting market in September 2021 after receiving a temporary vendor license from the Indiana Gaming Commission (IGC). Two years later, Bally Bet was awarded a permanent vendor license, requiring the operator to adhere to the IGC’s requirements.
Before its relaunch in Indiana, Bally Bet met the IGC’s requirements once again and received approval to go live with wagering in the state as early as Nov. 10. This relaunch comes at a time when Bally’s Corp. reported mixed financial results for the third quarter of 2023.
Despite a 9.4% increase in revenue year-over-year, Bally’s Corp. posted a net loss of $61.8 million in the third quarter of 2023. This is in contrast to a net income of $593 million in the same quarter of 2022. The company’s North America Interactive business reported $29.5 million in revenue for Q3 2023, up from $22.1 million in Q3 2022. Bally’s Corp. expects full-year revenue to reach between $2.4 billion and $2.5 billion in FY2023, with a projected adjusted earnings before interest, taxes, depreciation, amortization, and restructuring or rent costs of between $640 million and $655 million for the year.
Despite the financial challenges faced by its parent company, Bally Bet remains committed to relaunching its operations in Indiana and continuing to provide sports betting services in the state. George Papanier, the president of Bally’s Corp., expressed confidence in the company’s portfolio of assets and its ability to take share in the gaming market despite the financial setbacks.