Bally’s Anticipates Further UK Growth with Online Betting Entry
Earlier this week, the leading gaming, hospitality and entertainment company, Bally’s Corporation, released its first quarter financial results. At the time, the company revealed a company-wide revenue of $618.5 million for Q1, marking an increase of 3.3% year-over-year when compared to the corresponding period in 2023. Despite the performance, which Bally’s CEO, Robeson Reeves acknowledged as a “solid start,” the company reported a loss of $173.9 million.
Upon announcing its results, the company’s boss commented on a number of developments. Reeves addressed a number of challenges and uncertainties the company experienced in light of the White Paper and upcoming changes to the gambling sector. Still, the CEO explained that Bally’s continued to gain market share in the online gambling sector in the country. Evidence for the increased position of the company within the iGaming vertical in the UK was its strong revenue.
More importantly, Reeves acknowledged the potential benefits of Bally’s entry within the online sports betting sector in the UK. He outlined that the company expects to launch its online sports betting services in the European country, complementing its iGaming presence and growing further its customer base.
“In the UK, we took advantage of the uncertainties created by the White Paper and continued our online iGaming market share gains, resulting in strong revenue growth. As the year progresses, we look forward to the launch of online sports betting in the UK to complement our iGaming offering and add another customer acquisition funnel.“
Robeson Reeves, CEO at Bally’s Corporation
New Opportunities Lie Ahead
Marcus Glover, Bally’s chief financial officer, also joined the recent discussion. He revealed that the Q1 results reported by the company reaffirmed the strength of its “diversified business segments.” According to the CFO, an ongoing focus of the company’s team of experts remains boosting operational efficiency and decreasing expenses.
“Overall, we made progress on several of these initiatives in the first quarter and are looking forward to the promising opportunities that lie ahead.“
Marcus Glover, CFO at Bally’s
Glover added that Bally’s was able to streamline its operations via the implementation of different initiatives where possible. He also said that in Q1 the company achieved significant progress toward different initiatives, and it expects further new opportunities throughout the year.
