Bally’s ramps up sports betting drive after close of Bet.Works acquisition
Gaming giant announced addition of sports betting solutions provider for $125m in late 2020
Bally’s Corporation formally completed the acquisition of Bet.Works on June 1 as the gaming and entertainment giant looks to begin scaling up the sports betting vertical of its business.
Bally’s first announced the $125m acquisition of Bet.Works — a US-based turnkey sports betting solutions provider that handles everything from oddsmaking, trading services and risk management on behalf of operators — in late 2020 among a wave of M&A activity.
Included in the push was a rebranding from Rhode Island-based TwinRiver to Bally’s, the acquisition of naming rights to more than 20 regional sports networks from Sinclair Broadcast Group, the purchase of DFS company Monkey Knife Fight, and the addition of free-to-play game provider SportCaller.
The combined impact of the deals has Bally’s positioned as one of the emerging vertically integrated sports betting and igaming companies in the US.
“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,” said Bally’s chairman Soo Kim.
“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.”
Bet.Works founder and CEO David Wang added: “On behalf of the entire Bet.Works team, we are excited to now be a part of Bally’s interactive gaming operations.”
Going forward, Bally’s will boast two distinct operating divisions: Bally’s Casinos, which includes the company’s land-based gaming and entertainment properties, and Bally’s Interactive, the heart of which will revolve around the Bet.Works-driven sports betting operations.
Bally’s, which recently announced the beta launch of the Bally Bet sportsbook app in Colorado, intends to have its mobile sports betting product available in a total of four states by the end of 2021, with additional launches in 2022.