Located on the Atlantic City boardwalk, Bally’s was owned and operated by Caesars Entertainment. Earlier this week, though. Caesar’s sold the property to Twin River Worldwide for a reported $20 million. The sale is pending regulatory approval but it figures to turn Bally’s into a player in the lucrative New Jersey online betting market.
This acquisition will enable Twin River to retain the Bally's name for the Atlantic City property and also permits the company to rebrand virtually all of its portfolio properties under the Bally's name and logo.
As part of the deal, Twin River has agreed to provide Caesars Entertainment a perpetual license to use the Bally's brand at its existing Bally's Las Vegas Hotel & Casino property. A Rhode Island-based operator, Twin River currently owns nine casinos in five states. But once all its current ongoing purchase deals are complete, the company will own 13 casinos in eight states.
Bally's NJ Online Casino?
New Bally’s Owners Poised To Enter NJ Online Sports Betting Market
Twin River owner Soo Kim indicated that the new owners already had plans in place to debut a sports betting website in New Jersey under the Bally’s brand, something that could carry some cache in the Garden State. New Jersey has the largest sports wagering market in the country. No mention was made of an online casino, although generally the two sites go hand in hand.
With solely a retail sports betting location, Bally’s had handled $1,034,470 in sports betting revenue for the first nine months of 2020. To get an indication of what an online sports betting site could mean to Bally’s, simply look at the numbers being generated by sportsbooks across the state.
Of New Jersey’s sports betting handle this year, $300,939,575 was wagered at retail brick and mortar sites. However, online sports betting apps have brought in $2,985,029,887 in revenue state wide.
In Colorado, Twin River partners with Circa Sports to serve as their online sportsbook provider. However, at their home base in Rhode Island, Twin River operates their own sportsbook, Sportsbook Rhode Island.
Since they’ve indicated plans to operate their online entity in New Jersey under the Bally’s brand, it’s more likely to resemble the Rhode Island site.
Sportsbook Rhode Island offers wagering on all the major North American pro sports, as well as college sports, soccer from around the globe, boxing, MMA, auto racing, tennis, golf, Australian Rules football, rugby and table tennis.
All of the standard betting lines are offered, including an extensive in-play menu.
Bally’s Online Casino Bonus: Name Carries Clout
Once one of the most prominent names in the U.S. gambling industry. At one point, Bally’s owned the highest-grossing casino in New Jersey. A lack of upgrades in recent years saw Bally’s fall behind some of the fresher brands in the game.
By packaging its online product with the iconic Bally’s name, there’s a chance for Twin River to make real inroads into the New Jersey online betting industry. It will be intriguing to see how quickly they move into the market after regulatory approval is granted.
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