PROVIDENCE – Bally’s Corp. has entered into an agreement to acquire Bet.Works, a sports-betting platform provider to operators in New Jersey, Iowa, Indiana and Colorado, the company announced on Wednesday.
The transaction is expected to close in the first quarter of 2021.
The acquisition includes Bet.Work’s proprietary technology stack and turnkey solutions, which include marketing, operations, customer service, risk management and compliance.
Following the acquisition, Bally’s – previously known as Twin River Worldwide Holdings – will form two operating divisions, Bally’s Casinos and Bally’s Interactive. The latter plans to open a technology development center in Rhode Island by the end of 2021, with 25 employees.
“This is the next step in our company’s evolution,” said Soo Kim, chairman of Bally’s board of directors. “By combining our expanding national footprint of casinos, the recently acquired Bally’s brand, and Bet.Works’ proprietary technology stack, we have evolved in just a few short years from a regional casino operator into the first U.S. gaming company committed to serving our customers with an omni-channel approach, combining the best of our physical properties with a superior online experience.”
The acquisition will add 130 employees across three offices to Bally’s, including approximately 90 engineers.
David Wang, founder and CEO of Bet.Works, will serve as the CEO of Bally’s Interactive upon closing the transaction.
The company also announced that it has entered into a deal with Sinclair Broadcast Group Inc. to integrate content into Sinclair’s 190 television stations across 88 markets and its sports networks. The 21 FOX regional sports networks the company owns will be rebranded with the Bally’s name.
“By integrating gamification elements that allow audiences a more personalized and interactive game experience, consumers of live sports in the future can look forward to a more dynamic and engaging sports-viewing experience,” said Chris Ripley, president and CEO of Sinclair.
As part of the deal, Sinclair would take a minority stake in Bally’s.
“This arrangement represents an opportunity to revolutionize the U.S. sports betting, gaming and media industries,” said Kim. “Sinclair, with its broad holdings of stations, channels and RSNs, provides immediate, national brand recognition that will support the development of Bally’s player database for both our traditional casinos, as well as our future online offerings, and ultimately deliver significant shareholder value. We look forward to integrating our first-in-class, omni-channel sports betting and iGaming offerings with Sinclair’s expansive broadcast network to create a more engaging and tailored experience for sports fans, positioning Bally’s to become one of the top U.S. sports betting and iGaming operators.”
