Bally’s Corporation completes $125m Bet.Works acquisition2nd June 2021 7:27 am GMT
New York-listed Bally's Corporation has created a new interactive division with the completion of its acquisition of US sports betting platform provider Bet.Works.
Following an initial agreement last November, Bally’s has paid a total of $125m to acquire the sportsbook supplier, half of which was paid in Bally's common stock, with Bet.Works’ shareholders agreeing to hold the shares for at least one year.
“Completing our acquisition of Bet.Works represents a significant milestone for Bally's as we continue to embark on our long-term growth and diversification strategy,” said Bally's Corporation chairman Soo Kim. “In just a few short years, we have transformed the company from a regional casino operator into the only US 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.”
Following completion of the acquisition, Bally's has created two separate operating divisions; Bally's Casinos, which comprises its land-based gaming properties; and Bally's Interactive, which includes Bet.Works, fantasy sports operator Monkey Knife Fight and free-to-play games supplier SportCaller.
Bet.Works founder and CEO David Wang will lead the integration of Bet.Works’ team of over 190 employees, with Bally's Interactive planning to open a new technology development center in Rhode Island by the end of the year, which will initially consist of 25 employees.
“On behalf of the entire Bet.Works team, we are excited to now be a part of Bally's interactive gaming operations,” said Wang. “Bally's has experienced unprecedented growth over the past year, and we look forward to further advancing the company's sports betting and iGaming portfolio with new technological innovations, including integrations with Bally Sports and enhancements to the recently launched Bally Bet sportsbook in Colorado.”
Bally's Corporation president and CEO George Papanier commented: “We are pleased to formally welcome David and the entire Bet.Works team to the Bally's family. Since we announced the acquisition 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.
“We can't wait to provide sports fans across the country with new and innovative ways to engage with their favorite teams as we continue to bring additional assets online over the coming months.”
Share in Bally’s Corporation (NYS:BALY) closed 0.79 per cent higher at $58.55 per share in New York Tuesday.