Bally’s Corporation and Elite Casino Resorts entered into a multi-year partnership deal, the Rhode Island-based casino operator announced today. Bally’s is acquiring market access for mobile sports betting under the license of Grand Falls Casino and Golf Resort in Larchwood, Iowa, operated by Elite.
First State with No Physical Gaming Facility
The new partnership is in line with Bally’s strategy to integrate vertically with sports betting and iGaming in the US with online platforms aggregated under a single brand. Earlier in the month, the casino operator announced the acquisition of sports betting solutions provider Bet.Works in a deal worth $125 million, as part of its intent to launch interactive gaming. The sports betting technology supplier is already powering sports wagering products for casinos in 4 US states.
“We are delighted to partner with Elite Casino Resorts in Iowa. We currently operate sportsbooks in Rhode Island, Colorado, Delaware, Mississippi, and soon will be in Atlantic City. Entering the Iowa gaming market with our new, integrated sports betting and iGaming company is very exciting and we look forward to the launch in 2021.”George Papanier, President and CEO, Bally’s Corporation
By offering sports betting in Iowa, pending regulatory approvals, Bally’s footprint extends into its 11th state, but it is the 1st in which the casino company does not operate land-based casino and is entering the jurisdiction through its online platform, marking a shift into the company’s market expansion approach.
Bally’s general preference to enter a state by acquiring a land-based gaming facility is shifting to a more flexible, market access agreement with a casino operator, to respond to the dynamics of the market environment and its participants.
Adding Broadcasting Service
In October, the casino operator previously known as Twin River Worldwide Holdings announced it acquired the Bally’s brand from Caesars Entertainment in a deal worth $20 million. Along with the brand acquisition, the company announced it is going to rename into Bally’s Corporation and will rebrand all its casino properties accordingly.
Last week, the casino company controlled by Standard General hedge fund signed a partnership deal with Sinclair Broadcast Group, under the terms of which Bally’s would acquire the naming rights for the broadcasters’ sports channels, for the price of $85 million, which Bally’s would pay in installments over the 10-year-period of the deal.
The deal that grants Bally’s access to fan bases of 42 teams from the National Football League (NFL), will allow the casino operator to integrate its first-in-class, omni-channel sports betting and iGaming offerings with the expansive broadcast network and create a more engaging and tailored experience for sports fans and bettors.