The market for online sports betting in New York has finally reached capacity.
Months after its peers did the same, Bally Bet officially went live in the Empire State on Thursday, bringing the total number of online sportsbooks in New York up to nine.
Bally Bet belongs to Rhode Island-based Bally's Corp. and was one of eight online sports betting platform providers and nine mobile sportsbook operators that were last year awarded licenses by the New York State Gaming Commission.
Online wagering officially began in New York in early January but Bally’s leadership never appeared to be in a rush to jump into what has become the biggest legal sports betting market in the United States.
There could be several reasons for Bally’s slow walk towards the Big Apple, one of which was an ultimately rejected proposal to buy the entirety of the company by its biggest shareholder. Another factor could be the relatively high cost of doing business in New York, where the tax rate for mobile sports wagering revenue is 51%.
At any rate, Bally’s will now play catch-up with its peers in a fairly competitive market. New York’s online sportsbooks have been taking more than $1 billion a month in bets since launch, and the early leaders at an operator level have been FanDuel, DraftKings, and Caesars Sportsbook.
"Bally Bet is coming soon to New York and will be available statewide for fans looking to bet on hometown favorites, long-distance longshots, and everything in between," the Bally Bet website says. "Our easy-to-use app offers countless betting options on all of the major sports. With straightforward promos along with both pre-game and in-game lines, it is the perfect game day companion."
