Bally’s Corporation has completed the acquisition of Bet.Works, which will allow the company to diversify its business by forming two separate operating divisions.
The deal was worth $125 million and included Bet.Works’ proprietary technology stack as well as turnkey solutions in marketing, operations, customer service, risk management, and compliance. Half of the money was paid in Bally’s common stock, which Bet.Works shareholders agreed to hold for at least a year.
Soo Kim, chairman of the board of directors of Bally’s Corporation, explained: “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.
“In just a few short years, we have transformed the company from a regional casino operator into the only US 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.
“With Bet.Works’ market-leading technology underpinning our interactive platform, we are well positioned to capitalise 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.”
Two operating divisions
Bally’s will split into two operating divisions after the deal closes: ‘Bally’s Casinos,’ which will include the company’s physical gaming and entertainment venues, and ‘Bally’s Interactive,’ which will include all of Bet.Works’ sports betting businesses.
Monkey Knife Fight, a North American daily fantasy sports site, and SportCaller, a global B2B free-to-play game provider, will also be part of the latter.
George Papanier, president and CEO of Bally’s Corporation said: “We are pleased to formally welcome David and the entire Bet.Works team to the Bally’s family.
“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.
“We can’t wait to provide sports fans across the country with new and innovative ways to engage with their favorite teams as we continue to bring additional assets online over the coming months.”
The integration of the group’s roughly 190 employees will be led by David Wang, founder and CEO of Bet.Works. By the end of the year, Bally’s Interactive hopes to construct a technological development centre in Rhode Island, with a staff of 25 people.
Wang stated: “On behalf of the entire Bet.Works team, we are excited to now be a part of Bally’s interactive gaming operations. Bally’s has experienced unprecedented growth over the past year, and we look forward to further advancing the company’s sports betting and igaming portfolio with new technological innovations, including integrations with Bally Sports and enhancements to the recently launched Bally Bet sportsbook in Colorado.”