PROVIDENCE – Bally’s Corp. has entered into an agreement to purchase Monkey Knife Fight, a gaming platform and daily fantasy sports operator, in a deal worth up to $90 million, the company said on Monday.
The platform has 180,000 registered users and 80,000 depositing players across 37 states, the District of Columbia and Canada, the company said.
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“With this acquisition, we are pleased to enter into the high-growth DFS market. Monkey Knife Fight is a unique asset that we look forward to incorporating into Bally’s constantly growing omnichannel portfolio of land-based casinos and iGaming platforms,” said George Papanier, CEO and president of Bally’s Corp. “As with all of the properties and services that fall under the iconic Bally’s brand, we are committed to providing a best-in-class DFS platform to sports fans around the country.”
Bally’s said that the acquisition will include MKF receiving immediate exercisable penny warrants of $50 million in Bally’s shares and two contingent penny warrants up to $20 million, for a total of $40 million exercisable on the first and second anniversaries of closing.
“Since our inception, we have distinguished ourselves from competitors by providing the best experiences for our valued players, forming strategic partnerships with teams, ownership groups and players unions, and acquiring strategic assets to bolster our position in the market,” said Bill Asher, founder and CEO of Monkey Knife Fight. “I am immensely proud of all we have accomplished over the past three years at MKF and am confident that the talented Bally’s team has what it takes to continue to grow and develop what is already a great business.”
The deal is expected to close in the first quarter of 2021, subject to customary closing conditions.
MKF is headquartered in San Jose, Calif.
