The Maryland Lottery and Gaming Control Commission (MLGCC) has granted Bally’s Interactive Maryland a mobile sports betting license to operate its Bally Bet Sportsbook statewide.
The approval follows a recent successful controlled demonstration of Bally Bet Sportsbook, the company’s mobile wagering platform.
Part of the demo involved customers who participated in live wagering, while the state lottery and gaming staff made sure that the sportsbook followed required procedures. The group also checked to ensure that the system functioned properly during the demonstration.
Last week, Bally’s moved forward with a merger agreement with Standard General L.P. affiliates.
Under the terms of the deal, Standard General will acquire Bally’s outstanding shares for $18.25 per share. Bally’s will now be combined with The Queen Casino & Entertainment.
To support the merger, Standard General has obtained $500m of the committed financing.
Some have questioned whether the pricing of the shares is appropriate. Julie & Holleman LLP has voiced concerns and the nationally known shareholder rights firm has kicked off an investigation into the proposed share buyout price.
In an exclusive interview with Gaming America, however, SCCG Management Founder and CEO Stephen Crystal gave another perspective on the recently announced merger.
He commented, “Bally’s was in a situation where they acquired a lot of debt, expanded very quickly and made some missteps in the marketplace. They acquired assets at the height of the market, and it became difficult to monetize those assets.
“So, this is really a move, in essence, to recapitalize and restructure the company. Given its base of assets across the US, this is what’s necessary for them to be a strong company going forward.”
Currently, Maryland’s sportsbooks currently contribute 15% of all taxable wins to the Blueprint for Maryland’s Future Fund.
Retail sports betting has been legal in the state of Maryland since 2021. The state opened its online sports wagering market in 2022.
Maryland has 13 mobile sportsbooks and 12 retail sportsbook locations.