As known from:
The SunFootball365Sportskeeda
Alerts
Latest Deals
Write a Review
Write a Review
Nothing Found
About betting.net
  • Betting.net on YouTube
  • About betting.net
  • The betting.net Crew
  • How We Rate
  • Play Responsibly
  • Contact us
  • Writers Wanted
  • Content Disclaimer
  • Affiliate Disclosure
Contains commercial content
Alerts
Latest Deals
Write a Review
Write a Review
Nothing Found
About betting.net
  • Betting.net on YouTube
  • About betting.net
  • The betting.net Crew
  • How We Rate
  • Play Responsibly
  • Contact us
  • Writers Wanted
  • Content Disclaimer
  • Affiliate Disclosure
Betting.net / News / Bally Bet Becomes Ninth Sportsbook to Go Live in New York State

Bally Bet Becomes Ninth Sportsbook to Go Live in New York State

Publish Date: July 14, 2022
Fact checked by: Jesse M Cox

The laws that allowed legal sports betting to begin in New York State allowed for nine online operators to be licensed. After some delays, Bally Bet launched their online sportsbook, making them the last of the initial licensees to begin taking wagers. 

Bally Bet Becomes Ninth Sportsbook to Go Live in New York State

Almost $9 billion in handle in the first six months

Sports betting became legal in New York in January of 2022, with licenses awarded to nine operators via a competitive bidding process. Many of the winning operators were ready to go on day one, with the rest following in the subsequent months. Bally Bet won a license, but experienced delays as they built up to their own launch. They have finally joined the fray, entering a market that has quickly become one of the largest states in terms of overall handle. The state has generated nearly $9 billion in handle during their brief period of legalization, easily surpassing states that have had legal sports betting for years to rank fifth overall in lifetime sports betting handle.

The large size of the betting market has made the competing sportsbooks battle each other relentlessly in terms of advertising spend and promotional offers. As the market took hold, books offered a slew of lucrative promotions designed to entice new bettors and earn their loyalty. Bally Bet may have saved some money in the short term by staying out of the fight, but the ramifications of their tardiness could be felt in the long run as they are now in the position of entering an extremely competitive market where well-funded behemoths have established a strong foothold.

Bally Bet faces uphill climb to earn market share

The recency of the launch indicates there are still plenty more new customers to be won, but FanDuel and DraftKings have used the first six months to capture a huge swath of New York sports bettors. The two companies have combined to take in more than half of the state’s overall handle, with FanDuel taking in more than $3.4 billion in handle and DraftKings cresting the $2 billion mark. The most recently launched book is also the one that has taken in the least amount in wagers, having handled just $24.6 million.

It may still take some time for New York State’s lifetime handle to surpass states that have had legal sports betting for significantly longer, but the state’s 51% tax rate combined with the rush of wagering has already made them the nation’s leader in tax revenue generated. Caesars Sportsbook has been another very successful entry into the New York legal sports betting market, but even they opted to pull back on promotional offers and advertising expenditures.

A long term plan takes a significant step

The highly competitive market combined with the significant tax burden makes operating as a sports betting provider in New York no easy task. They will have to perform well on multiple fronts to acquire a sustainable share of the market while maintaining profitability in spite of more than half their revenue going to taxes. The company has repeatedly stated that they are not dismayed by the delayed launch, and has a long term plan that involves a conservative marketing spend in the face of the high tax rate. CEO Larry Fenton assured investors that the company was taking all factors into consideration and is prepared to take on the challenge, saying  ”In New York, we will be cautious as we keep a keen eye on marketing spend and how to navigate a high tax environment in sports betting,” 

There is never a downside for sports bettors when it comes to having more choices of where to place their wagers. Bettors should not expect to see the enormous promotional offers that were being thrown around in the initial days of legal New York sports betting, but even something as simple as a small odds fluctuation can provide value for the savvy sports fan. As the market continues to mature, there will be plenty more new customers to come as well as novice bettors who expand their options to include multiple books as they gain more experience with the hobby.

Discover the best NY sportsbooks for December 2022

SI Sportsbook
1.
97/100
Rating
Credit Card
Virginia (US) Lottery Board
BET $20 GET $200 IN FREE BETS
SI Sportsbook Sports Bonus
BET $20 GET $200 IN FREE BETS
SI Sportsbook Review
***** Visit Site
T&Cs apply, 21+
Highlights
  • Awesome $50 bonus for new bettors
  • Lots of cool odds boosts are available
  • Top odds on all major sports
BetRivers.com
2.
95/100
Rating
Credit Card
Virginia (US) Lottery Board
100% up to
$500
BetRivers.com Sports Bonus
100% up to $500
BetRivers.com Review
***** Visit Site
T&Cs apply, 21+
Highlights
  • Excellent range of sports
  • Mobile app available
  • Live betting is possible
BetMGM
3.
94/100
Rating
Credit Card
Virginia (US) Lottery Board
100% up to
$1000
BetMGM Sports Bonus
100% up to $1000
BetMGM Review
***** Visit Site
T&Cs apply, 21+
Highlights
  • Massive range of betting markets
  • Plenty of different wager choices
  • Live match tracker and data available
DraftKings
4.
92/100
Rating
Credit Card
Virginia (US) Lottery Board
20% up to
$1000
DraftKings Sports Bonus
20% up to $1000
DraftKings Review
***** Visit Site
T&Cs apply, 21+
Highlights
  • Over 18 sports to choose from
  • Great live betting options
  • Available in many states
FanDuel
5.
90/100
Rating
Credit Card
Virginia (US) Lottery Board
FanDuel Sports Bonus
FanDuel Review
***** Visit Site
T&Cs apply, 21+
Highlights
  • Huge range of games to bet on; both real and fantasy!
  • Guides to help you responsibly bet
  • Competitive odds compared to other betting sites
Read Also
Online Sports Betting in New York Tops $1 Billion
New York State now hosts the biggest market for online sports betting ...
Illinois Tops $760 Million in Sports Betting Handle For May
The Illinois Gaming Board released the statistics for May, revealing that the ...
BetRivers.com Promo
BallyBet mobile sportsbook officially launches in New York on Thursday
BallyBet released its sports betting app in the state of New York ...
Colorado Sets New High In Sports Betting Revenue
The Colorado Division of Gaming released the details on sports betting activity ...
Indiana Sets a New Sports Betting Record in January 2022
The Indiana sports betting market is already off to a flying start ...
Sportsbook of the month
BetRivers.com - Get your Free Bet now! Get your Free Bet now!
Latest News
Macau issues casino licenses to MGM, Sands, and Wynn
The government of Macau announced Saturday that it ...
Entain Approved for 5 German Licences & First Poker License
Entain has had five licenses approved in Germany ...
Esports Regulatory Discussions to Come Into the Light
The popularity of esports has grown exponentially over ...
Maryland Online Sports Betting to Launch Before Thanksgiving
We’ve got great news for fans of sportsbooks ...
Top Betting Sites
Top Betting Bonuses
SI Sportsbook
SI Sportsbook
SI Sportsbook Review
97/100
BetRivers.com
BetRivers.com
BetRivers.com Review
95/100
BetMGM
BetMGM
BetMGM Review
94/100
DraftKings
DraftKings
DraftKings Review
92/100
FanDuel
FanDuel
FanDuel Review
90/100
SI Sportsbook
SI Sportsbook Bonus
BET $20 GET $200 IN FREE BETS
T&Cs apply
9.7/10
First deposit only | 21+ & located in CO, MI, VA | Promo code EXTRA200| A qualifying bet is $20 or more | Min odds of +120 or more | Free Bet Tokens credited after bet is settled and expire after 7 days | Free Bet stakes not included in winnings | Please Gamble Responsibly - Gambling Problem? VA: CALL 1-888-532-3500, CO: CALL 1-800-522-4700, MI: CALL 1-800-270-7117 | Full T&C apply
BetRivers.com
BetRivers.com Bonus
100% up to $500
T&Cs apply
9.5/10
BetMGM
BetMGM Bonus
100% up to $1000
T&Cs apply
9.4/10
DraftKings
DraftKings Bonus
20% up to $1000
T&Cs apply
9.2/10
WynnBET
WynnBET Bonus
Bet $100 Get $100
T&Cs apply
9/10
Get the latest updates in Sports and Casino via our Newsletter
Poker & Bingo

Full coverage of poker and bingo, from reviews of providers to guides and much more besides!

Players must be 21 years of age or older or reach the minimum age for gambling in their respective state and located in jurisdictions where online gambling is legal. Please play responsibly. Bet with your head, not over it. If you or someone you know has a gambling problem, and wants help, call or visit: (a) the Council on Compulsive Gambling of New Jersey at 1-800-Gambler or www.800gambler.org; or (b) Gamblers Anonymous at 855-2-CALL-GA or www.gamblersanonymous.org.

This site is using Cloudflare and adheres to the Google Safe Browsing Program. We adapted Google's Privacy Guidelines to keep your data safe at all times.

ccwww
Move to Top
Close
Our Sports Pros recommend these awesome sports betting sites this week:
×
Your Bonus Code:
The bonus offer of was already opened in an additional window. If not, you can open it also by clicking the following link:
Visit Site