What does Bally mean in Scotland?

Excuse me, could you please clarify what is meant by the term "Bally" in the context of Scotland? Is it a common expression, a place name, or perhaps a slang term with a specific meaning? It would be greatly appreciated if you could elaborate on its usage and any cultural significance it may hold within the Scottish community. Additionally, are there any common misconceptions or variations in pronunciation that one should be aware of? Thank you for your time and assistance.