Bally’s Completes the Bet.Works Acquisition

Bally's Sinclair

US casino operator, Bally’s Corporation, has announced it has completed the takeover of Bet.Works. According to available information, the acquisition was closed on Tuesday.

Bet.Works provides a sports betting platform to US operators in those states where wagering on sports has been made legal. At this moment, its products are available to operators in New Jersey, Indiana, Iowa, and Colorado.

The acquisition itself was announced in November last year. Bally’s acquired the platform and the entire range of its technology solutions in a deal worth $125 million. The list of proprietary technology to which Bally’s has gained access includes operations, marketing, customer service, compliance, and risk management.

Half of the price has been paid in common stock, while Bet.Works’ shareholders will be able to sell them after one year.

According to the official statement from the Rhode Island-headquartered casino operator, the acquisition of Bet.Works would enable it to offer premium vertically integrated sports betting and online gambling services to customers in the US. The renowned company, whose rebranding from Twin River Worldwide Holdings was completed last year, planned to unite land-based casinos, online gambling solutions, and B2B2C business model under a single brand.

An Important Deal

Commenting on the successful completion of the Bet.Works acquisition, Soo Kim, Chairman at Bally’s, said it represented a significant milestone for the renowned operator and pointed out the significance of the ongoing diversification strategy.

Kim added that in just a few years, Bally’s had been transformed from a regional operator to the only gaming company in the US that offered customers a portfolio of land-based and digital services. According to him, players across the states are now able to enjoy an unparalleled omnichannel experience.

The businessman explained that adding Bet.Works’ technology to Bally’s offering would allow it to cement its positions in the rapidly-growing US market. Finally, he said they were looking forward to seeing it in action later this year.

Creating New Operating Divisions

Following the closure of the latest acquisition, Bally’s will turn to creating two separate operating divisions. Bally’s Casinos will be tasked with managing the operator’s land-based gambling and entertainment properties, while Bally’s Interactive will comprise the sports betting platform acquired in the Bet.Works’ deal, Monkey Knife Fight sports site, and Sport Caller, the provider of free-to-play games.

The integration of the Bet.Works team, which consists of more than 190 people, will be led by the company’s founder and Chief Executive Officer David Wang.

Under the provisions of the deal, Bally’s has recently launched its mobile sportsbook in Colorado, powered by Bet.Works platform. Customers in the Centennial State can find the app on Apple Store and Google Play, while the platform can also be accessed through desktop.

The B2B and B2C service provider for the online gambling industry is getting ready to offer its sports betting operation to customers in three more states this year. At the same time, additional launches are planned for 2022.

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