Bally’s plots May launch for Bally Bets app despite Bet.Works acquisition hurdles
CEO George Papanier hopeful of launching sports betting app in three additional states in 2021
Bally’s is planning to roll out its Bally Bets sportbook app in Colorado in May despite its acquisition of betting platform Bet.Works still awaiting regulatory approval.
Las Vegas-headquartered Bet.Works has been developing the Bally Bets offering since Bally’s’ $125m bid for supplier was accepted in November 2020.
Bally’s CEO George Papanier told analysts during the casino operator’s Q1 earnings this week that it would launch in an additional three states throughout 2021, while the following year would be used to test new product features and media integrations across Sinclair Broadcast Group’s renamed Bally Sports RSNs.
“We expect to begin to layer in additional states throughout 2022 by positioning ourselves in key markets to take advantage of a full sports calendar,” Papanier said.
The operator recently rolled out its new Bally Sports app which will offer users novel ways to engage with its free-to-play and real-money sports betting products once they are live.
“The app provides continuous video content and other RSN programming – we expect more exciting updates to these assets as we continue to gamify the experience,” Papanier added.
On its ongoing acquisition of UK online gaming group Gamesys, Bally’s closed a recent public equity offering which made $671m to be invested into the Gamesys purchase price.
The operator will also tap into credit, Sinclair warrants, and a new proposed deal with IGT that would see it win the contract to operate all state-sponsored retail casino technology in Rhode Island, to fund its bid for Gamesys.
On M&A, Papanier said the firm would take a more “disciplined approach” from now on, following an active few months securing deals to acquire DFS operator Monkey Knife Fight, free-to-play specialist SportCaller, Gamesys, and Las Vegas Strip casino Tropicana.
“Obviously we’ve been very active and we’ll continue to be opportunistic, but we’re also going to be more disciplined than we have been historically,” he said.
“We have a track record of acquiring pro-forma sub-seven times multiples and we’re going to continue to look for assets that have some upside as well as give us access to sports betting and igaming markets,” he added.