US gambling giant Bally’s Corporation has announced that it has completed its acquisition of the UK-based Gamesys Group after receiving all necessary regulatory and shareholders approvals.
This comes after the US gambling giant made its £2bn ($2.74bn) offer to purchase Gamesys back in March of this year.
Bally’s completes Gamesys acquisition
Yesterday, Bally’s announced it had completed its acquisition of the UK-based online gambling group.
According to the announcement, “ the transaction transforms Bally’s into a premier, global, data-driven omni-channel gaming company.”
The deal, which was set to be completed by the end of the fourth quarter, saw Bally’s agree to pay $25.77 per Gamesys share.
In accordance with the merger agreement, Neil Goulden, Andria Vidler, Colin Sturgeon, Nigel Brewster, James Ryan and Katie Vanneck-Smith have all resigned as non-executive directors of Gamesys.
When the deal was announced back in March, it was revealed that Gamesys chief executive Lee Fenton, would become chief executive officer of the new entity, while two Gamesys directors would join the new company’s board.
Gamesys COO Robeson Reeves will also assume the role of President, Interactive. Reeves and Fenton, along with Jim Ryan, former Gamesys Non-Executive Director, have been appointed to serve on Bally’s Board of Directors.
Meanwhile, George Papanier, chief executive of Bally’s, would stay on the board following the merger, but move into a new role where he would run Bally’s land-based operations.
With the purchase now complete, Bally’s will also resume the rollout of its sportsbook product across US markets where it is regulated. In August, it was announced the rollout was put on hold until the purchase was complete.
Soo Kim, Chairman of Bally’s Board of Directors, said: “Bally’s acquisition of Gamesys transforms our company into the premier omni-channel gaming company. We welcome the 1,800 members of the Gamesys team to the Bally’s family, and we welcome your strong technology capabilities and your proven international business acumen. We cannot wait to see what we are able to accomplish together in the US and beyond.”
Lee Fenton, the newly-appointed CEO of Bally’s, said: “I am honored to have the opportunity to lead Bally’s in the next phase of our evolution. Our business is transforming from being a regional casino operator into an industry leader in retail, sports, media and iGaming, which will see us bringing together a set of assets that gives us a formidable platform for growth as a digital-first leader in global gaming entertainment.
“With Gamesys now part of the Bally’s family, I look forward to delivering on the exciting opportunities ahead and continuing to create value for our shareholders, employees and customers in the years to come.”
Gamesys purchase to bolster Bally’s portfolio
The purchase of Gamesys will help Bally’s bolster its gambling offerings and provide the company with a significant advantage in the online gambling space. On top of that, the combined business will now become one of the largest online gambling companies in the industry.
According to the announcement, the “combination complements the growth and diversification that Bally’s has accomplished over the past 18 months.
“Gamesys’ proven technology platform will foster Bally’s continued buildout of its interactive offerings in North America, including real-money gaming options in Online Sports Betting and iGaming. Additionally, unifying Bally’s and Gamesys’ player databases and technologies provides Bally’s with one of the largest portfolios of omni-channel cross-sell opportunities, consisting of land-based gaming, Online Sports Betting, iCasino, poker, bingo, daily fantasy sports and free to play games.
“These offerings, coupled with Bally Interactive and Bally’s media partnership with Sinclair Broadcast Group, position the Company to capitalize on significant growth opportunities in the rapidly expanding U.S. online entertainment and sports betting markets.”
A busy year for Bally’s
With the deal now complete, Bally’s will bring another major firm under its control in its quest to dominate the US gambling space.
In August, Bally’s acquired Telescope, a provider of real-time audience engagement solutions for live events and prior to this, the operator also purchased the professional beach volleyball organisation, the Association of Volleyball Professionals.
This year, Bally’s has completed its acquisition of the US-facing daily fantasy sports provider Monkey Knife Fight, as well as the sports betting technology company Bet.Works. The US operator acquired Bet.Works so that it could have proprietary access to a sports betting solution.
Bally’s also acquired the free-to-play games provider SportCaller in February