Bally’s Confirms That the Gamesys Takeover Will Finalize on October 1

Bally’s Corporation has officially confirmed that its Gamesys takeover will be completed on October 1, and thus, it will finally complete the process of acquisition, one that lasted several months. The betting and gaming conglomerate also revealed that the UK Gambling Commission approved the M&A process, but, nevertheless, US counterparts still required approval.

The Two Companies Will Merge After a Court Hearing

Gamesys and Bally’s are expected to merge in early October after a court hearing that is scheduled to take place on September 30. These two companies originally agreed in April, and, with the deal, Bally’s will receive the entire share capital that is already issued by Gamesys, as well as the one that is to be issued, in cooperation with another company – Premier Entertainment.

According to the deal, Bally’s was required to pay around $2.7 billion (£2 billion) to Gamesys, which is around $25 per share in cash. That is almost a 40% premium on the share price of the British group, which was around $18 from January 25.

As a result of the acquisition, Gamesys put an end to all its UK operations and delisted from the London Stock Exchange. The two companies formed a combined group in the capital of Rhode Island – Providence.

There Won’t be Any Major Changes

With the acquisition, the CEO of Gamesys, Lee Fenton, will remain in his current position. The COO of the company, Robson Reeves, and Jim Ryan, a non-executive director, will join the board in the group in the US. The CEO of Bally’s, George Papanier, will remain as the Senior Executive and will be operating the retail casino business of the firm.

Fenton commented at the time of the takeover and stated that the combination is a massive opportunity to integrate the growing US platform of Bally’s and the leading gaming technology of Gamesys. This, he asserted, will create a company that will capitalize on the massive expansion of the online betting and online casino market that is currently taking place in the US.

Bally’s also has a lot to gain with the acquisition. This is an opportunity for the company to strengthen its position in the online casino and online betting market in the US, which is expanding rapidly. It also has a strategy of growth to become a global, premier, and omnichannel gaming company and thus, secure a long-term value for shareholders, as said by company chair Soo Kim.

Online casinos and online sportsbooks started expanding rapidly in the US ever since the Supreme Court ruled that all US states will be free to regulate these activities with their own laws. Since then, more than 20 states have legalized sports betting.