Providence, R.I.-based publing iGaming company Bally’s Corporation (NYSE: BALY) is to acquire Bet.Works, a U.S. based, sports betting platform provider to operators in New Jersey, Iowa, Indiana and Colorado, for $125m.
The purchase price, still subject to adjustment, will be paid for a half in Bally’s common stock, which Bet.Works shareholders have agreed to hold for at least a year.
By buying Bet.Works’ proprietary technology stack and solutions, which are comprised of marketing, operations, customer service, risk management and compliance, Bally’s plans to become a vertically integrated sports betting and iGaming company in the U.S. with physical casinos and online gaming solutions united under a single brand, thus enabling it to launch its B2B2C business model.
The acquisition represents the latest step in the company’s long-term growth, development and unification strategy. Over the past two years, Bally’s has engaged in strategic and opportunistic expansion of its gaming and entertainment properties, which will include 14 casinos across 10 states once all pending transactions are completed, which include Tropicana Evansville (Evansville, IN), Jumer’s Casino & Hotel (Rock Island, IL), Eldorado Shreveport Resort and Casino (Shreveport, LA), and MontBleu Resort Casino & Spa (Lake Tahoe, NV).
Under this point of view, this latest deal will provide Bally’s with a suite of omni-channel products, platforms, software and content solutions that will enable it to deliver sports betting and iGaming offerings to customers on a national scale.
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Following the close of the deal, expected during the first quarter of 2021, pending regulatory approval and other customary closing conditions, Bally’s will form two distinct operating divisions:
– Bally’s Casinos, which will include Bally’s physical gaming and entertainment properties, and
– Bally’s Interactive, which will include new and existing contracts for sports betting and iGaming, including all of Bet.Works’ sports betting operations.
David Wang, Founder and CEO of Bet.Works, will serve as the CEO of Bally’s Interactive upon closing the transaction. Bally’s Interactive will integrate Bet.Works’ experienced team of over 130 employees across three offices, including approximately 90 engineers, into its interactive operations. The unit also plans to open a technology development center in Rhode Island by the end of 2021, initially with 25 employees.