US casino operator and provider of B2B and B2C services for the online gambling industry Bally’s Corporation on Tuesday announced that it has completed the previously announced acquisition of Bet.Works.
Bet.Works is a US-based provider of a sports betting platform that provides its products to wagering operators in New Jersey, Iowa, Indiana, and Colorado.
Bally’s announced the acquisition of the provider in November 2020. The company paid $125 million for the platform and related technology solutions developer. The transaction included Bet.Works’ proprietary technology stack and turnkey solutions, including marketing, operations, customer service, risk management, and compliance.
Bally’s paid half of the purchase price in common stock which shareholders in the other company agreed to hold for at least one year.
The Rhode Island-based casino operator, which last year rebranded from Twin River Worldwide Holdings, said that the purchase of Bet.Works would help it become the “premier, full-service, vertically integrated sports betting and iGaming company in the US with physical casinos, online gambling solutions and a B2B2C business model united under a single, preeminent brand.”
A Milestone Deal
Commenting on the acquisition of Bet.Works, Bally’s Corp. Chairman Soo Kim said that closing the transaction represents a significant milestone for his company as they “continue to embark on our long-term growth and diversification strategy.”
The businessman went on to say that over a short period of just a few years, they have transformed Bally’s 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.”
Ms. Kim further pointed out that with Bet.Works’ technology underpinning their interactive offering, they are well positioned on capitalizing on the rapidly growing US sports betting industry and are looking forward to launching additional interactive offerings later in 2021.
Two New Operating Divisions
With the recent closure of the Bet.Works acquisition, Bally’s now plans to create two distinct operating divisions – Bally’s Casinos, which will comprise the company’s land-based casinos and entertainment properties, and Bally’s Interactive, which will include all of Bet.Works’ sports betting operations, daily fantasy sports site Monkey Knife Fight, and free-to-play game provider Sport Caller.
Bally’s Interactive further plans to open a technology development hub in Rhode Island by the end of the year, which will initially consist of 25 employees.
Bet.Works founder and CEO David Wang will lead the integration of his team of more than 190 people within the larger group.
As part of the acquisition of the sports betting technology provider, Bally’s recently beta launched its Bet.Works-powered Bally Bet mobile sportsbook in Colorado. The app is now available for download in the Centennial State on both iOS and Android and is also accessible via desktop.
Bally’s plans to launch the sports betting operation in three more markets this year, with subsequent launches being planned to occur next year.
Source: Bally’s Corporation Closes Bet.Works Acquisition, PR Newswire, June 2, 2021