Bally’s Corporation has reported consistent growth in its third-quarter trading report, demonstrating its ability to adapt to challenges in the gambling industry. Despite ongoing regulatory changes in the United Kingdom, the country is becoming an increasingly significant market for the US gambling group. These successful financial results are expected to pave the way for further growth in the European market.
According to the report, Bally’s achieved group-wide revenues of $632.5 million in the third quarter, a 9.4% increase compared to the same period last year. Bally’s International Interactive, one of the key contributors to this growth, reported revenues of $243.9 million, a 7.2% rise from the previous year. The company’s UK operations played a crucial role in this success, with a remarkable 13.1% increase in revenues.
Bally’s UK market share is primarily driven by the Gamesys Group, which the company acquired for over $2 billion in October 2021. This strategic move allowed Bally’s to operate renowned brands like Jackpotjoy, Virgin Casino, and Monopoly Casino. In September, Bally’s also launched its branded online casino app, further strengthening its presence in the UK market.
Bally’s CEO, Robson Reeves, expressed confidence in the company’s ability to continue exceeding its current performance levels and anticipated even better results in the fourth quarter. The solid financial performance in Q3 will enable Bally’s to pursue growth opportunities in select international markets while reinvesting in its core businesses in the UK and Asia.
Despite ongoing regulatory changes in the UK gambling industry, Bally’s has managed to maintain its impressive market share expansion. The UK Gambling Commission and the DCMS are currently engaged in consultations with stakeholders regarding the White Paper review, which could introduce stricter affordability checks and KYC compliance requirements. However, Bally’s timely preparations have allowed it to thrive in this challenging environment.
While Bally’s is increasingly focusing on international projects, it remains a leader in the US market. The company’s newest casino in Chicago had a successful debut, attracting over 80,000 visitors and generating approximately $6.7 million in revenue. Continued investments in promising projects across various states indicate Bally’s commitment to maintaining a balance between its core regions for optimal results.
CEO Reeves remains optimistic about the company’s long-term success and expects investments in its C&R segment to pay off in 2024, boosting profitability in the long run. The tight restrictions in the UK market have led to substantial innovations in customer onboarding and retention, resulting in reduced acquisition costs and increased deposit rates. These insights are expected to benefit Bally’s other segments and help the company stand out amidst rising competition.