Bally's Corporation announced that it has entered into an agreement to acquire Bet.Works for $ 125 million. Thus, it achieves a significant expansion which means that Bally's will become the premier, full-service, vertically integrated sports betting and iGaming company in the U.S. with physical casinos and online gaming solutions united under a single, preeminent brand, thus enabling it to launch its B2B2C business model.
As reported by Bally's Corporation, half of the Bet.Works purchase price will be paid in Bally's common stock, which Bet.Works shareholders have agreed to hold for at least a year.
The Bet.Works acquisition, expected to close during the first quarter of 2021, will provide Bally's with a suite of advanced omni-channel products, platforms, software and content solutions that will enable it to deliver unrivaled sports betting and iGaming offerings to customers on a national scale.
On this purchase agreement, Soo Kim, Chairman of the Board of Directors of Bally's Corporation, said:
"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"
Furthermore, Bally's Corporation explained that, following the acquisition, it will form two different operating divisions: "Bally's Casinos", for land-based gaming; and "Bally's Interactive" which will include sports betting and iGaming.
According to George Papanier, President and CEO of Bally's Corporation, commented: "Owning Bet.Works' superior technology platform will not only give Bally's a long-term margin advantage online, but, more importantly, will also allow us to evolve our interactive product suite to go where sports betting and iGaming customers are headed quickly”.
For his part, David Wang, founder and CEO of Bet.Works, who will serve as CEO of Bally's Interactive, commented:
“Our turnkey solutions, which include Marketing, Operations, Customer Service, Risk Management and Compliance, combined with our dedicated launch teams, will ensure we maintain a leading position in the B2B sector while powering Bally's Interactive. Bally's is the perfect home for Bet.Works as it will allow us to continue to grow and innovate".
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