Bally’s Corporation has announced it will acquire US-based sports betting platform provider Bet.Works for $125 million.
This acquisition rounds out Bally’s Corporation’s existing portfolio, which already includes 14 casinos across 10 states (a few are pending acquisitions). Bet.Works brings sports betting into the fold. In the announcement press release, Bally’s estimates the sports betting and iGaming market could reach $2.6 billion this year.
Soo Kim, Chairman of Bally’s Corporation’s Board of Directors, said: “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 U.S. gaming company committed to serving our customers with an omni-channel approach, combining the best of our physical properties with a superior online experience.”
After the acquisition is complete, Bally’s will have two operating groups. Bally’s Casinos will run the company’s physical properties while Bally’s Interactive will cover sports betting, iGaming, and Bet.Works’ existing operations.
Becoming Bally’s
The Bally’s name has been shuffled around the industry for many years now. 2020 continued that trend when Twin River Worldwide Holdings purchased the Bally name, brand, and IP from Caesars for $20 million. Twin River Worldwide subsequently changed its name to Bally’s Corporation on November 9.
At the time of the purchase, Bally’s Corporation President and Chief Executive Offer George Papanier said: “This is an exciting and transformative moment for our Company as we unite the high-quality customer offerings that span our increasingly national footprint under a singular preeminent brand. The Bally’s brand is core to our drive to become the first omni-channel gaming company to seamlessly integrate and operate physical casinos with digital solutions. We remain committed to employing our disciplined acquisition strategy, and leveraging regulatory incumbency as well as our retail customer database, to take advantage of the incredible growth potential that an online future offers.”
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