Bally’s Corporation Completed $125M Bet.Works Acquisition
Land-based casino operator and interactive entertainment provider Bally’s Corporation announced today its acquisition of gaming technology supplier Bet.Works completed.
“Completing our acquisition of Bet.Works represents a significant milestone for Bally’s as we continue to embark on our long-term growth and diversification strategy.”
Soo Kim, Chairman, Board of Directors, Bally’s Corporation
Bet.Works’ Technology Stack and Turnkey Solutions
In November, Bally’s Corporation agreed to pay $125 million for the platform provider to sportsbook operators in New Jersey, Indiana, Iowa and Colorado and acquire its proprietary technology stack and turnkey solutions. Half of the transaction amount was paid in stock which shareholders at Bet.Works agreed to hold for at least a year.
“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.”
Soo Kim, Chairman, Board of Directors, Bally’s Corporation
The addition of Bet.Works’ marketing, operations, customer services, risk management and compliance function made Bally’s the single vertically integrated sports betting and iGaming brand, uniting land-based casinos, online gaming and a B2B2C business model.
“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.”
Soo Kim, Chairman, Board of Directors, Bally’s Corporation
Bally’s Interactive Division
Parallel to the announcement of the acquisition deal, Bally’s said it would create two operating divisions, Bally’s Casinos to deal with the company’s physical gaming and entertainment properties, and Bally’s Interactive to include all of Bet.Works’ sports betting operations, as well as the fastest growing daily fantasy sports business in North America Monkey Knife Fight and B2B free-to-play games provider SportCaller.
“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.”
George Papanier, President and CEO, Bally’s Corporation
David Wang, founder and CEO of Bet.Works, will spearhead the integration effort of the technology company’s experienced team of more than 190 employees, while Bally’s Interactive is setting plans in motion to open a technology development center in Rhode Island by the end of 2021. Initially, the center will have a staff of 25 employees.
Wang expressed the entire Bet.Works team’s excitement to embark on the new journey as part of Bally’s Interactive division and build on the unprecedented growth in the past year by enhancing Bally’s betting and online gaming technology, including integrations with Bally Sport and recently launched in Colorado Bally Bet sportsbook brand.
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