MLGCC Grants Sportsbook License to Bally's
Date: 2024-07-29 Author: Kirill Zagoruyko Categories: SPORTS BETTING
The Maryland Lottery and Gaming Control Commission (MLGCC) recently granted Bally's Interactive Maryland LLC a mobile sportsbook license. This significant development opens new horizons for the company as it seeks to strengthen its position in the sports betting market.
Successful Completion of Platform Demonstration
Bally's has completed a controlled demonstration of its mobile betting platform, Bally Bet Sportsbook, in Maryland. This step was critical to the licensing process and allowed the company to demonstrate its ability to effectively operate mobile betting.
Bally's also recently signed a $4.6 billion merger agreement with Standard General. This agreement represents a significant step in the company’s growth strategy to expand and strengthen its market position.
Steven Crystal, Founder and CEO of SCCG Management, shared his thoughts on the deal with Gaming America. He noted that Bally’s was in a difficult situation, facing large debt loads and difficulties in monetizing assets acquired at the peak of the market. In his opinion, the merger with Standard General represents a key step in recapitalizing and restructuring the company.
Crystal emphasized: “Bally’s acquired assets at the peak of the market and made mistakes in the process of expansion. Now they need to recapitalize and restructure to become a stronger company for the future. This is an important step to stabilize and grow.”
Support from Maryland Lottery and Gaming
The staff of Maryland Lottery and Gaming actively supported Bally’s during the licensing process. They helped to ensure that the sportsbook was operating properly and guaranteed that all requirements were met. This cooperation was an important factor in the successful launch of the betting platform and ensuring its compliance with regulatory standards.
Between July 2023 and June 2024, sports betting in Maryland contributed $60.3 million to the Blueprint for Maryland Future Fund. This fund supports public education programs in the state, and sports betting revenue plays a significant role in funding educational initiatives.
Obtaining a mobile betting license from the MLGCC is a major step for Bally's Interactive Maryland LLC. This event not only strengthens the company's position in the sports betting market, but also opens up new opportunities for its growth and development. The merger with Standard General and the support from the Maryland Lottery and Gaming highlight Bally's strategic efforts to improve its financial stability and operational efficiency.
Successful Completion of Platform Demonstration
Bally's has completed a controlled demonstration of its mobile betting platform, Bally Bet Sportsbook, in Maryland. This step was critical to the licensing process and allowed the company to demonstrate its ability to effectively operate mobile betting.
Bally's also recently signed a $4.6 billion merger agreement with Standard General. This agreement represents a significant step in the company’s growth strategy to expand and strengthen its market position.
Steven Crystal, Founder and CEO of SCCG Management, shared his thoughts on the deal with Gaming America. He noted that Bally’s was in a difficult situation, facing large debt loads and difficulties in monetizing assets acquired at the peak of the market. In his opinion, the merger with Standard General represents a key step in recapitalizing and restructuring the company.
Crystal emphasized: “Bally’s acquired assets at the peak of the market and made mistakes in the process of expansion. Now they need to recapitalize and restructure to become a stronger company for the future. This is an important step to stabilize and grow.”
Support from Maryland Lottery and Gaming
The staff of Maryland Lottery and Gaming actively supported Bally’s during the licensing process. They helped to ensure that the sportsbook was operating properly and guaranteed that all requirements were met. This cooperation was an important factor in the successful launch of the betting platform and ensuring its compliance with regulatory standards.
Between July 2023 and June 2024, sports betting in Maryland contributed $60.3 million to the Blueprint for Maryland Future Fund. This fund supports public education programs in the state, and sports betting revenue plays a significant role in funding educational initiatives.
Obtaining a mobile betting license from the MLGCC is a major step for Bally's Interactive Maryland LLC. This event not only strengthens the company's position in the sports betting market, but also opens up new opportunities for its growth and development. The merger with Standard General and the support from the Maryland Lottery and Gaming highlight Bally's strategic efforts to improve its financial stability and operational efficiency.
