A major deal that could impact the US gaming and media industry has been struck between Bally’s Corporation and Bet.Works.
Bally’s will acquire the sports betting platform provider for $125m, giving it a suite of advanced omni-channel products, platforms, software and content solutions. The effect will be that Bally’s can immediately deliver sports betting and igaming products on a national scale in the US on a B2B2C business model.
Half of the purchase price will be paid in Bally’s commons stock which Bet.Works shareholders agreed to hold for at least a year.
It represents a big step in Bally’s long-term growth and development of an unification strategy. Over the past two years, Bally’s has engaged in strategic and opportunistic expansion of its gaming and entertainment properties that will include 14 casinos across 10 US states. The company also acquired its brand that is well established and recognised in the US and international markets.
Soo Kim (pictured), chairman at Bally’s, said: “This is the next step in our evolution. By combining our expanding national footprint of casinos, the recently acquired Bally’s brand and Bet.Works’ proprietary technology stack, we have evolved in just a few short years from a regional casino operator into the first US gaming company committed to servicing our customers with an omni-channel approach.”
Bally’s will now form two operating divisions, Bally’s Casinos and Bally’s Interactive. David Wang, founder of Bet.Works, will serve as the CEO of Bally’s Interactive upon closing the transaction.
The deal should close in the first quarter of 2021.