Casino operator Bally’s Corporation, formerly Twin River Worldwide Holdings, has completed the acquisition of Bally’s Atlantic City and has announced an agreement to acquire sports betting technology firm Bet.Works as it seeks to tap into the digital gambling space.
It was last spring that Bally’s entered into a deal to buy Bally’s Atlantic City from its former owner, Caesars Entertainment Inc. The company paid $ 25 million for the Boardwalk property.
The acquisition of Bally’s Atlantic City provided the casino operator access to the New Jersey gaming market. News that the company closed the transaction came shortly after obtaining the necessary approval from state regulators.
Bally’s pledged to renew and expand the hotel and the casino for $ 90 million. The company plans to renovate hotel rooms, improve dining facilities, repair or replace critical infrastructure, and increase the property’s entertainment offerings.
The casino operator recently changed its name to Bally’s Corporation after purchasing the worldwide rights to the Bally’s brand from Caesars for $ 20 million. It was again last month that he announced a partnership with FanDuel that will see the sports betting operator run a bookmaker in Bally’s Atlantic City.
Acquisition of Bet.Works
Bally’s announced Wednesday that it has entered into a definitive agreement to purchase the sports betting platform provider Bet.Works, based in the United States, for $ 125 million, subject to adjustments.
The Bet.Work platform and related technology solutions power sports betting operations in New Jersey, Iowa, Indiana and Colorado.
The acquisition of the provider will enable Bally’s to become a full-service vertically integrated gambling and online gambling company managing traditional casinos and offering online gambling solutions under one mono-brand. In this way, Bally’s can launch a B2B2C model with considerable growth potential in the fast growing US market.
The deal is expected to be finalized in the first quarter of 2021, subject to regulatory approvals and other customary closing conditions. Bally’s said that half of the aforementioned purchase price would be paid in ordinary shares, which Bet.Works shareholders have agreed to hold for at least a year after the transaction closes.
Bally said the acquisition of Bet.Works will complement your recent expansion initiatives and it will provide you with a suite of omni-channel content products, platforms, software and solutions that will enable you to offer sports betting and online casino products to customers and players / bettors nationwide.
Bally’s has announced several acquisition agreements in recent months and when all close, the company will operate 14 casinos in 10 states. In addition to Bally’s Atlantic City, the company also recently revealed that it would buy Jumer’s Casino & Hotel on Rock Island for $ 120 million in cash to enter the Illinois gaming market. That transaction is expected to close in the second quarter of 2021.