The US gambling giant Bally’s Corporation has announced the completion of its previously announced acquisition of Bet.Works.
This comes as the operator published a shareholder prospectus ahead of its £2bn ($2.7bn) acquisition of Gamesys.
Bally’s acquires Bet.Works
Yesterday, Bally’s announced the closing of its $125m acquisition of Bet.Works, a sports betting technology company.
Half of the purchase was funded with cash while the other half was paid with Bally’s stock which will be deferred for one year.
Bally’s first announced the deal to acquire the sports betting technology provider in November 2020.
The US operator acquired Bet.Works so that it could have proprietary access to a sports betting solution.
Bally’s Casinos and Bally’s Interactive
Now that the deal has been completed, Bally’s will be split into two separate divisions, Bally’s Casinos and Bally’s Interactive.
Bally’s Casinos will oversee the operator’s land-based gambling operations, while Bally’s Interactive will focus on the operator’s online business.
Bally’s Interactive will house the newly acquired Bet.Works as well as the daily fantasy sports operator Monkey Knife Fight and the free-to-play games provider SportCaller.
Both of these businesses were acquired this year with Bally’s acquiring SportCaller in February after paying $90m for the fantasy sports operator in January.
Bally’s chair Soo Kim said: “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 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.”
The founder of Bet.Works, David Wang, will oversee the integration of his business into Bally’s operation.
Wang said: “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.”
Last week, Bally’s launched its first online sportsbook, which is powered by Bet.Works, in the state of Colorado.
George Papanier, president and chief executive officer 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.”