Bally’s makes online move with $125m Bet.Works buyout
Bally’s Corporation is going all in with betting platform buyout Bet.Works and planned omni-channel rollout across 10 states.
Bally’s Corporation has acquired the sports-betting technology platform Bet.Works in a $125m agreement.
The deal is part of a strategic move to establish an interactive betting and gaming division distinct from Bally’s historic activities in casino gaming.
- Bally’s will form two operating divisions at its Rhode Island headquarters:
- Bally’s Casinos will manage the group’s casino properties,
Bally’s Interactive will include Bet.Works’ existing betting operations plus all new customers.
The purchase is expected to close during the first quarter of 2021.
Twin River becomes Bally’s
Twin River Worldwide acquired control of the Bally’s name, brand and intellectual property from Caesars Entertainment for $20m in October.
It also purchased Bally’s Atlantic City property from Caesars Entertainment a $25m deal.
The transaction included three sports-betting and five gaming ‘skins’ for New Jersey, enabling it Bally’s enter the Garden State.
In a company statement, Soo Kim, Bally’s Chairman, said the transaction would transform the company. The new group will take an omni-channel approach, “combining the best of our physical properties with a superior online experience”.
CEO George Papanier said the transaction would “allow Bally’s to evolve our interactive product suite to go where sports betting and iGaming customers are headed quickly”.
Online focus and strategy
The acquisition is part of Bally’s strategy to make inroads into the online vertical.
Bet.Works has around 14 million active customers. Its integration will allow Bally’s to address them through a unified brand across both land-based casinos and interactive gaming.
Bally’s is in the process of acquiring four casinos in four states for a total of $755m. Once finalized, the group will operate 14 casinos in 10 states. Most of the portfolio will be rebranded as Bally’s properties.
Bet.Works is active in New Jersey, Iowa, Indiana and Colorado and supplies betting brands such Elite Sportsbook and theScore Bet.
David Wang, founder and CEO of Bet.Works, will serve as the CEO of Bally’s Interactive. He will integrate Bet.Works’ team of more than 130 employees across into the interactive division.
The New York Post also reported that Bally’s had signed a deal with the regional broadcast group that Sinclair Broadcast Group to rename its 21 sports networks Bally Sports.
Bally’s will pay Sinclair $85m over a 10-year period for the naming rights, giving it exclusive access to fans of 42 major teams, including the Arizona Diamondbacks, the Detroit Tigers, the Tampa Bay Rays, and the Kansas City Royals.