Terrestrial casino operator and interactive entertainment provider Bally's Corporation today announced the acquisition of a gaming technology provider Bet.Works ended.
“The completion of the Bet.Works acquisition is an important milestone for Bally's as we continue our long-term growth and diversification strategy. "
Soo Kim, chairman of the board of directors, Bally's Corporation
Bet.Works technology stack and turnkey solutions
In November Bally's Corporation she agreed to pay USD 125 million behind a platform provider for betting operators in New Jersey, Indiana, Iowa and Colorado and acquires its own set of technologies and turnkey solutions. Half of the transaction amount was paid in stocks that Bet.Works shareholders have agreed to hold for at least one year.
“In just a few short years, we've transformed the company from a regional casino operator into the only US gaming and entertainment company that provides customers with a multi-channel experience that combines a national portfolio of best-in-class real estate with unparalleled digital capabilities. "
Soo Kim, chairman of the board, board of directors of Bally's Corporation
The addition of marketing, operations, customer service, risk management and compliance with Bet.Works has made Bally the only vertically integrated sports betting and iGaming brand, bringing together land-based casinos, online games and B2B2C business model.
"With Bet.Works" The market-leading technology behind our interactive platform, we are well positioned to take advantage of significant opportunities in what is still a fast-growing industry and look forward to introducing additional interactive offerings later this year . "
Soo Kim, Chairman of the Board, Bally's Corporation
Bally's Interactive Division
In parallel with the announcement of the takeover deal, Bally's said it would form two operating divisions, Bally's Casinos physical games and entertainment facilities, and Bally's Interactive to cover all Bet.Works betting operations as well as the fastest growing daily fantasy sports business in North America Monkey Knife Fight and provider of free B2B games SportCaller .
“Since we announced the acquisition last year, a tremendous amount of work has gone into the development of our online sports betting and interactive product suite. We are very confident that the great or experience our diverse platform will bring to our over million active customers. ”
George Papanier, President and CEO, Bally's Corporation
David Wang, Bet.Works founder and CEO, will lead the integration efforts of the technology company's experienced team of more than 190 employees, while Bally's Interactive prepares plans to open a technology development center in Rhode Island by the end of 2021. Initially, the center will employ 25 employees.
Wang expressed the enthusiasm of the entire Bet.Works team to embark on a new journey through the Bally Interactive division and capitalize on last year's unprecedented growth by improving Bally's online betting and gaming technology, including integration with Bally Sport and the recently launched Bally Bet betting brand in Colorado .