Bally Bet has been issued a license for online casino gaming and sports betting in Ontario, an essential step before launching in the province.
The Alcohol and Gaming Commission of Ontario (AGCO) issued an internet gaming operator license to Bally’s Canada Inc., a Rhode Island-based Bally’s Corporation subsidiary, on June 30. The operator needs to execute an operating agreement with iGaming Ontario (iGO) before Bally Bet Casino Ontario and Bally Bet Sportsbook Ontario can go live.
The license has a two-year term and includes registration for four domains: ballybet.ca, ballycasino.ca, ballysbet.ca, and ballyscasino.ca.
Bally Bet is currently live in six US states — Arizona, Colorado, Iowa, Indiana, New York, and Virginia. It went live in New York on Thursday.
Bally Bet Ontario is Already Registering Players
As of Friday, the operator was actively looking to register Ontarians as players through a dedicated website, ballybet.com/on. Bally Bet said that it would offer “a range of free-to-play sports games” ahead of launching in the province and was also offering prizes.
“The new and exciting Bally Bet Sportsbook and Casino is coming soon to Ontario,” the operator said while acknowledging that it still needed to execute an operating agreement with iGO. “The online casino will be available first, then the sportsbook will launch after that.”
The website includes a checkbox for players that, if selected, grants Bally’s permission to send promotional offers from the operator or associated third parties. Verbiage attached to the checkbox is critical to preventing Bally’s from running afoul of the province’s strict rules on advertising and inducements, which are contained in the AGCO’s Standards for Internet Gaming.
Specifically, Standard 2.05 prohibits advertising and marketing materials that include details on gambling inducements, bonuses, and credits — with two exceptions — operators are allowed to post such information on their websites and through direct marketing to active players, provided the player has given their consent.
To date, BetMGM Ontario, PointsBet Ontario, and DraftKings Ontario have all been fined by the AGCO for allegedly violating the aforementioned rules. The regulator claimed that the three operators violated Standard 2.05.
Bally’s “Ramping Up” in North America
During an earnings call to discuss Q1 2022 on May 5, Bally’s CEO Lee Fenton said its North America Interactive division, which includes Ontario, was in “ramp-up mode.” Bally’s has been working on Version 2.0 of the Bally Bet app, which would have a “revamped US-customer centric design,” according to an investor presentation for the quarter.
“This is a significant milestone for us and represents a huge effort by the team,” Fenton said during the call. “I’m proud of all the work that’s been done to bring our technology stacks together.”
The investor presentation said North America Interactive was projected to have $125 million in revenue in 2022 but would also incur an EBITDA (earnings before interest, taxes, depreciation, and amortization) loss of approximately $60 million. Six state launches were planned for the year.
In a 10-K for the full-year 2021 filed on May 17 with the US Securities and Exchange Commission (SEC), Bally’s said that in 2022, the company is planning “a rapid expansion of iCasino and sportsbook platforms across the US and Canada with expanded omnichannel marketing features.”
Last month, Bally’s released a summary three-year cash flow forecast, which projected the company’s EBITDAR (earnings before interest, taxes, depreciation, amortization, and rental or restructuring costs) would reach $785 million in 2024.
The EBITDAR figure assumes the North America Interactive division reaches a breakeven point in 2024, but it excludes any EBITDA contribution from its proposed casino in Chicago.
Learn more about the Best Online Casinos in Ontario and Ontario Online Sports Betting Apps in our complete guides.