Bally's Completes Bet.Works Deal; What Happens Next?
Bally’s Corp. took another step in securing its position as an important player in the gaming and sports entertainment industry in announcing Tuesday that it closed on its acquisition of Bet.Works.
Bet.Works is an online sports betting platform provider to NJ gambling sites, Iowa, Indiana and Colorado, and it provides Bally’s with its own technology stack and turnkey solutions comprised of marketing, operations, customer service, risk management and compliance.
This move in the online gaming space adds to Bally’s overall industry position that already includes physical casinos, and, previously, the Bally’s branding on Sinclair Broadcasting’s regional sports network that’s now known as Bally Sports. The purchase price of Bet.Works, a U.S.-based company, was $125 million. Half that is being paid in Bally’s common stock which Bet.Works shareholders agreed to hold for at least one year.
With the acquisition of Bet.Works, Bally’s will create two distinct operating divisions, according to a news release.
One division, Bally's Casinos, comprises the company's bricks-and-mortar and entertainment properties. The other division is Bally's Interactive, which will include all of Bet.Works' sports betting operations as well as daily fantasy sports site, Monkey Knife Fight, and SportCaller, a B2B free-to-play game provider.
On the interactive front, Bally’s recently announced the beta introduction of Bally Bet, its sportsbook app, in Colorado. The company said it plans to launch mobile sportsbooks in three additional markets in 2021, and more in 2022.
"Since we announced the acquisition (of Bet.Works) last year, a tremendous amount of work has gone into developing our online sports betting and interactive product suite, and we are extremely confident in the superior experience that our differentiated platform will provide to our more than 14 million active customers,” said George Papanier, Bally’s president and CEO.
An Aggressive Path
Bally’s Corp. — previously Twin River Worldwide Holdings, a Rhode Island-based regional gaming company — acquired the rights to the familiar Bally’s name in 2020 and has been on an aggressive growth trajectory as sports gambling and Internet gaming has spread across the U.S.
“In just a few short years, we have transformed the company from a regional casino operator into the only U.S. gaming and entertainment company providing customers with an omni-channel experience that combines a national portfolio of best-in-class properties with unmatched digital capabilities,” Soo Kim, chairman of Bally's Corp.’s Board of Directors, said in the release. “With Bet.Works' market-leading technology underpinning our interactive platform, we are well positioned to capitalize on significant opportunities in what continues to be a rapidly expanding industry, and we are looking forward to launching additional interactive offerings later this year."
Casinos in Eight States
On the casino side, Bally’s currently owns and manages 12 casinos across eight states, a horse racetrack and authorized OTB licenses in Colorado. Its casinos include Bally’s Atlantic City and the Tropicana in Las Vegas.
With its Bally Sports branding on Sinclair’s broadcast network, Bally’s has access to 19 regional sports networks.
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