The online sportsbook Bally Bet has been struggling in all four states it operates in. Now, Bally’s Corporation, which operates Bally Bet, is taking steps to right the ship.
Those steps began in May when Bally’s signed multi-year deals with Kambi and White Hat Gaming. The former provides professional sports betting and oddsmakers services, while the latter develops online platforms.
Now, Bally Bet has temporarily suspended services in Iowa, New York, and Indiana. It will continue to serve Arizona despite struggles in that state as well. In what could be an admission that acquiring Bet.Works in 2021 was a mistake, Bally Bet is looking to restructure with the hopes of returning to Iowa by football season.
All Iowa Bally Bet users should withdraw any funds from the app immediately.
What does this mean for Iowa users of the Bally Bet app?
Iowa online sports betting offers nearly 20 sportsbooks to Iowa players. Bally Bet entered the market two years ago and has never been able to gain a solid footing in The Hawkeye State.
Bally Bet accumulated just over $7,000 in total online handle in May in Iowa. Those bets turned into $7,500 in winnings for players, leaving Bally Bet with less money than they started with.
For Fiscal Year 2023, Bally Bet has yet to reach $1 million in total handle. It’s the only active sportsbook in Iowa to fail in reaching that mark. Their $913,000 in online sports wagering handle and nearly $964,000 in winnings paid equates to Bally Bet being over $50,000 in the red in Iowa.
Because of its struggles, Bally Bet is deactivating in three of the four states it serves while bringing Kambi and White Hat Gaming into the picture to reinvigorate its sports wagering services. Once Bally Bet returns, it hopes to have a better-performing online product that can compete with other sportsbooks.
Kambi is known to be one of the top technology and service providers in the sports betting market for online or retail sports betting.
Iowans must withdraw all funds from Bally Bet by June 30
All balances in Iowa must be withdrawn no later than June 30. After that date, users will lose access to their accounts. Any remaining balance will be mailed to their listed address and paid via physical check.
While no return date has been announced, Bally Bet noted on its website that it will return soon.
“We are already working hard behind the scenes on the new Bally Bet. As soon as we are back, we will be in touch.”
