Bally's Corporation (BALY) Awarded Temporary Sports Wagering Permit In Virginia

March 16, 2021 4:17 PM EDT

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Bally's Corporation (NYSE: BALY), a leading U.S. omnichannel provider of land-based gaming and interactive entertainment, today announced that it has been issued a temporary sports wagering permit to conduct online sports betting in the Commonwealth of Virginia. The temporary permit provides Bally's with significant opportunities to showcase its best-in-class sports betting platform, augment its player database through the addition of Virginia-based sports fans, and contribute to the Company's goal of becoming the leader in the U.S. sports betting market.

The announcement also marks Bally's entry into the attractive Virginia gaming market, expanding the Company's national presence into 13 states once all pending acquisitions are completed, including CO, DE, IL, IA, IN, LA, MO, MS, NJ, NV, PA, RI, and VA. Such market access and licensure are subject to legalization and required approvals by regulatory authorities in each jurisdiction.

"Bally's is pleased to receive the temporary sports wagering permit from the Virginia Lottery," said George Papanier, President and Chief Executive Officer of Bally's Corporation. "This represents another step in our evolution to become the leading omnichannel gaming provider in the U.S., and we look forward to providing a first-class experience for sports fans across Virginia."

The Commonwealth of Virginia legalized sports betting in July 2020, making it the 21st state to allow sports betting. With a population of 8.6 million people, recent projections estimate that Virginia's legal sports books could produce as much as $412 million in handle annually, representing approximately $61.8 million in tax revenue.1 Virginia's proximity to major professional sports franchises and devoted sports fan base make the Commonwealth a natural center for sports betting.

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