Bally's Interactive announced Thursday that its mobile sports wagering app Bally Bet has launched in Tennessee, the 10th state where it is conducting digital sports betting.
It is the third state where Bally Bet has recently expanded, following July launches in both Massachusetts and Maryland. Bally's also currently conducts online sports betting in Arizona, Colorado, Iowa, Indiana, New York, Ohio and Virginia.
Bally Bet is an official partner of the NHL's Nashville Predators. Tennessee is a thriving all-digital sports betting market that just posted its highest monthly handle in September at $520.8 million.
Entering the crowded Volunteer State marketplace as its 13th operator, Bally Bet is hoping its Parlay Zone will be a difference-maker. Available on the Bally Bet app homepage, bettors can select and customize daily pre-built parlays across multiple sports. It also has a Picks tab powered by Wager Games that has insights from "industry-leading influencers through video clips."
How Much Market Share Can Bally Bet Attain?
Bally's overhauled its mobile sports betting platform in May 2023 after signing a multi-year deal with Kambi to be its odds provider and re-launched in markets where it was conducting business last fall and winter after the tech stack switch from Bet.Works, which it acquired for $125 million in June 2021 as part of a massive expansion following Twin Rivers' rebranding to Bally's.
That switch to Kambi has provided improved performance in terms of handle and revenue across the board, but Bally Bet is among those operators finding it challenging to gain market share in the leftovers after FanDuel, DraftKings, BetMGM, Caesars, Fanatics Sportsbook, ESPN BET and bet365.
Even being in the largest market in the country in New York — which surpassed $2 billion monthly handle for the fourth time in September — Bally Bet has gained little traction following its re-launch. It posted an all-time monthly high with $10.7 million handle for the month, but that represented 0.5% of the $2.07 billion wagered online in the Empire State. Bally Bet is usually ahead of only Resorts World when the New York State Gaming Commission releases weekly and monthly figures.
Tennessee's marketplace can be likened to Indiana in terms of handle and volume of mobile operators. Bally Bet has generated $26.3 million handle through the first nine months of 2024 in the Hoosier State, which is nearly 0.8% of its $3.4 billion in digital sports betting statewide.
