The Pennsylvania project with Lubert, coupled with its purchase of Bally’s on the Atlantic City boardwalk, which was recently completed, mean the company operates in two of the largest iGaming and sports wagering markets in the US<\/strong>.<\/p>\n\u201cPennsylvania is one of the largest online gaming markets in the US thus far, with trailing 12-month sports betting\/iGaming gross gaming revenue (as of November) of $167M\/$502M (compares to NJ at $361M\/$920M),” Stifel analyst Steven Wieczynski in a note to clients. “Assuming management’s broadly targeted 10% market share, this implies a $67M GGR opportunity at trailing 12-month levels, while we expect the market to continue to see strong growth over the next several years.”<\/p>\n
All About Online<\/h2>\n
Aside from Casino KC in Missouri, all Bally’s properties operate in states where sports betting is legal, and the same is true of its pending deals.<\/p>\n
The company is planning to roll out its sports wagering mobile app in Colorado, Indiana, Iowa, and New Jersey in the second quarter, with a Pennsylvania debut expected in the July through September period.<\/p>\n
\u201cWhile we think Monday’s announcement signals continued execution on a potentially attractive sports betting and iGaming opportunity, we are reiterating our ‘Hold rating’ for the time being, as we think the strong initial market reaction to BALY’s two-part sports betting announcement has already priced in meaningful upside,\u201d <\/strong>said Wieczynski.<\/p>\nThe analyst has a $50 price target on the stock, implying upside of 7.5 percent from where the shares closed on Jan. 4.<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"Bally’s (NYSE:BALY) said on Monday it will build a satellite casino near Penn State University in Centre County. This is a move one analyst views as smart, given the company’s geographic diversification efforts and market access ambitions. Construction on the Category 4 gaming venue is slated to start in the first half of this year […]<\/p>\n","protected":false},"author":46,"featured_media":160279,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[62,10],"tags":[],"acf":[],"yoast_head":"\n
Bally's Move Into Pennsylvania Is Positive, Says Analyst<\/title>\n\n\n\n\n\n\n\n\n\n\n\n\n\t\n\t\n\t\n\n\n\n\n\n\t\n\t\n\t\n