Originally used ironically, in context of being both sardonic use of "fam" combined with a pun based on the hit song "Black Betty" originally written by Ram Jam or more commonly known as performed by Spiderbait, has become a frequently used longer alternative to the more common "fam".
Users of this term often find themselves spontaneously breaking out into song, continuing to recite the lyrics of "Black Betty".
Person 1 bumps into Person 2
Person 1: Oh shit, sorry bro
Person 2: It's allg fam ballam, whoa black betty!