Bally’s Corporation Tuesday announced that its acquisition of Bet.Works, a sports betting platform provider, has been completed.
The transaction, for $125 million, includes Bet.Works’ proprietary technology stack and turnkey solutions including marketing, operations, customer service, risk management and compliance. Half of the purchase price was paid in Bally’s common stock, which Bet.Works shareholders agreed to hold for at least one year.
Bally’s first announced the acquisition of Bet.Works, which provides services to casino operators in New Jersey, Iowa, Indiana, and Colorado, in November 2020.
“In just a few short years, we have transformed the company from a regional casino operator into the only U.S. 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,” said Bally’s Chairman of the Board of Directors Soo Kim Tuesday in a statement. “With Bet.Works’ market-leading technology underpinning our interactive platform, we are well positioned to capitalize on significant opportunities in what continues to be a rapidly expanding industry, and we are looking forward to launching additional interactive offerings later this year.”
Bally’s is creating two distinct operating divisions with the closing of the Bet.Works deal. Bally’s Casinos will include the company’s physical gaming and entertainment properties. Bally’s Interactive will include Bet.Works’ sports betting operations; SportCaller, a global B2B free-to-play game provider acquired in February 2021; and Monkey Knife Fight, a daily fantasy sports site acquired in March 2021.
Bet.Works Founder and CEO David Wang will lead the integration of Bet.Works’ 190 employees into Bally’s. Bally’s Interactive also plans to open a technology development center with 25 employees in Rhode Island by the end of the year.
“We are pleased to formally welcome David and the entire Bet.Works team to the Bally’s family,” said Bally’s President and Chief Executive Officer George Papanier in a statement. “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.
On May 25, the Rhode Island-based gaming operator launched Bally Bet in Colorado, its first foray into the mobile sports betting market. Bally’s also expects to launch it mobile sports betting platform in three additional markets by the end of 2021.
