Bally's Corporation announced that it has completed the Bet.Works acquisition for $ 125 million. For this reason, it becomes the leading vertically integrated omnichannel gaming provider in the United States.
As we published in late 2020, the acquisition of the sports betting platform provides Bally's with a suite of products, marketing, operations, platforms, software, customer service, risk management and compliance to excel in such an important market.
Soo Kim, Chairman of Bally’s Corporation’s Board of Directors, highlighted the importance of the purchase for the company's long-term growth and diversification strategy. Likewise, he emphasized the step from being a regional operator to providing an unmatched experience in the United States.
Referring to the Bet.Works purchase, he assures that it will allow them 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".
Bet.Works founder and CEO David Wang has been enthusiastic about being part of an unprecedented growth company like Bally. Wang will oversee the integration of the team of more than 190 employees and highlighted that they have set the objective 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".
George Papanier, President and CEO of Bally's Corporation, in addition to welcoming the Bet.Works team to the Bally family, says: "We can't wait to provide sports fans across the country with new and innovative ways to engage with their favourite teams as we continue to bring additional assets online over the coming months".
It should be noted that with the closing of the transaction, Bally's will create two different operating divisions: "Bally’s Casinos", for the company's land-based and entertainment operations; and "Bally’s Interactive," for the sports betting operations of Bet.Works, the daily fantasy sports site Monkey Knife Fight, and the B2B free games provider SportCaller.
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