Bally’s Corporation Buys Bet.Works as Part of Sports Wagering Transformation
- Bally’s purchasing Bet. Works for $125m is stepped one in sports wagering transformation
- The company now will have 14 casinos in 10 US states and will be split into two division
- Bally’s partnering with Sinclair Broadcasting in venture promoting online gaming tools
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It was quite a significant week for Bally’s Corp, who have purchased sports betting technology company Bet. Works for $125 million and have also finalized the purchase of a casino in Atlantic City.
Both transactions were announced Wednesday evening, giving the Rhode Island-based company formerly known as Twin River Worldwide Holdings, additional leverage in the sports betting and casino markets as they rapidly expand across the US.
Soo Kim, chairman of the company’s Board of Directors said:
This is the next step in our company’s 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 serving our customers with an omnichannel approach, combining the best of our physical properties with a superior online experience.”
Bally’s has evolved quickly over the past two years into becoming a national player in the gaming landscape. They now will have a total of 14 casinos in 10 US states with all pending transactions completed.
Also, noteworthy this week the company has finalized their purchase of Bally’s casino in Atlantic City from Caesar’s Entertainment plus a related entity, VICI Properties, for $25 million.
The next step will be planning to split themselves into two divisions. One will be known as “Bally’s Casinos”, the other as “Bally’s Interactive”, which will include new contracts for sports and internet gambling. That division will also include all of Bet.Works sports betting operations.
Bally’s Teaming with Sinclair Broadcasting
In other news, Bally’s has made a noteworthy deal with Sinclair Broadcast Group. The two companies just signed an agreement for Sinclair to rename its 21 sports networks Bally Sports.
Bally’s will pay Sinclair $85 million 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, sources said.
The primary goal as per sources is for viewers to eventually be able to wager on games using Bally’s online gaming tool directly from their television. According to the deal, Sinclair will also receive a 15% investment in the Nasdaq-listed Bally’s and will have the right to up its investment by another 15% if it achieves certain financial targets.
As an example of their partnership agreement, sports fans in Louisiana, who recently approved sports wagering, could get a plug for Bally’s new sports betting site while watching an NBA New Orleans Pelicans basketball game. A cue to potentially make a wager using Bally’s website, according to direct sources.
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Larry Gibbs is both a seasoned journalist and a respected online gaming industry consultant. His wry commentary & sharp analysis have appeared in numerous top gaming and sports wagering publications. He has also served as Vice President of US Gaming Services, a marketing research organization with 15 years of experience in US online wagering. He has spoken at noted gaming industry conferences including G2E, GiGSE, and NCLGS.
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