Bally's Board Chairman Thinks Bally Bet Will Complement, Not Cannibalize The Company's Retail Casino Business
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Bally's Board Chairman Soohyung Kim believes the future of online gambling is working together with land-based casinos. Bally’s merger with Gamesys positions it to be a market leader.
Kim is the managing partner and chief investment officer of Standard General, which owns the largest stake in Bally's casinos. Baly's owns 12 retail casinos and Bly Bet, an online sportsbook, launched in Colorado on May 24.
Bally's merger with iGaming company will allow them to provide a next generation experience to jurisdictions across the US.
There are concerns that online casinos might cannibalize land-based casino revenue. Illinois Rep. Robert Rita expressed those concerns during a hearing about the pending Internet Gaming Act. Deutsche Bank analyst found that New Jersey and Pennsylvania's retail casino revenues didn't recover as quickly from virus-related shutdowns. iGaming advocates have long pointed to the early years of online gambling in New York and other jurisdictions as evidence that it won't siphon off retail casinos revenue, as well as the Bally's board chairman.
Kim thinks Bally Bet will complement, not cannibalize, Baly's Retail Casino Business.
Bally's announced Q1 2021 results on May 10. Revenue was up 76.2% to $192.3 million from $109.1 million in QFirst 2020. Bally Bet hasn't launched yet.
Bally's believes in the value of physical and online casinos. Bally’s will strive to continue to be a leader in both.
Bally's Board Chairman Kim thinks Bally Bet will complement, not cannibalize, the company's Retail Casino business. Baly Bet's integrated social features are not unique. DraftKings Sportsbook has just rolled out its social feature and WynnBet Sportsbooks is racing to add similar ones.
There is overlap between the content marketing and distribution capabilities of FanDuel and Fox Sports. Many of the operators with less market share have content partnerships with smaller entities than Sinclair Broadcast Group. Bally's planned for Baly Sports to provide “Bally’s-produced content during the current non-game windows on Sinclair”s regional sports networks.
The company's focus is not gaining market share in mobile sportsbooks, but on providing a seamless connection between sports and media.
Bally Bet is in beta testing. It will be available in Colorado. New Jersey is planning to launch a sportsbook. Illinois, Indiana, Iowa, Nevada, Pennsylvania and Virginia are also planned to have sportsbooks. Bally's owns three casinos in the Centennial State.
Bally's Board Chairman Thinks Bally Bet Will Complement, Not Cannibalize The Company's Retail Casino Business. Beta launch will focus on the deployment, testing and refinement of the Baly Bet app and its content.
Kim is the Bally's Board Chairman. Bily Betting Will Complement, Not Cannibalize, the Company's Retail Casino Business.
Bally's land-based casinos are expected to thrive. Online gaming might slow, but Bally will still offer omnichannel experience.
Kim talked about an integration of mobile and land-based experiences. QR codes are one way to integrate the two. Virtual reality is another option, but it's complicated and costly. Bally Bet's plans are not to introduce VR into its offerings.
Bally's Board Chairman Thinks Bally Bet Will Complement, Not Cannibalize The Company's Retail Casino Business.
Kim is the Bally's Board Chairman. Baly Betting Will Complement, Not cannibalize, the Company's Retail Casino Business.
Bally Bet will combine free-to-play games, sports betting, daily fantasy sports and online casino gambling. The app will let customers earn Bally Rewards points. Baly Bet's loyalty program debuts this summer. The points Bly Bet bettors earn will qualify them for rewards at Bary's casinos.
Bally's Board Chairman Thinks Bally Bet Will Complement, Not Cannibalize The Company's Retail Casino Business. Baly's land-based casinos have physical card rooms, but they don't have an online product.
