Bally’s enters US sports betting market with Bet.Works acquisition
Bally’s Corporation is betting big on the regulated US sports betting market with its recent acquisition of Bet.Works. The turnkey purchase will set up Bally’s to move into emerging US sports betting markets in a quick manner and is part of a larger corporate strategy to diversify holdings and operations.
When the $125 million deal is complete, Bally’s will have immediate access to the sports betting business in Colorado, New Jersey, Iowa and Indiana. With outposts in these locations, Bally’s Corporation will be an immediate competitive and national presence on the US scene.
Under the terms of the deal, Bally’s will be paying out half of the $125 million in company stock. Given that the US market is estimated to reach $50 billion by 2025, this is a major investment that’s likely pay off in a major way.
In a statement to the press, Bally’s Corporation’s Chairman of the Board of Directors Soo Kim explained how the purchase fit into the company’s broader plans saying, “This is the next step in our Company’s evolution. By combining our expanding national footprint of casinos, the recently acquired Bally’s brand, and Bet.Works’ proprietary technology stack, 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.”
Given Bally’s relative newness to the online sports betting market, the company will retain Bet.Works founder and CEO, David Wang as the CEO of Bally’s Interactive.
This deal proves once again that the white hot center of the global sports betting market is currently a country called the United States of America.
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