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Mike Johnson November 19, 2020 3 min read
Bally’s to Buy Bet.Works, Launches Interactive Division
Bally’s Corp. launches two new divisions and takes aim at multi-channel experiences online, bringing sports betting and iGaming to the fore.
Bet.Works to Help Bally’s with Interactive Division
Formerly known as Twin Rivers, Rhode Island-based Bally’s Corp. has agreed to pay $125 million to acquire Bet.Works, a sports betting solutions provider, which already powers sports betting products of casinos across four states in the United States.
Announced on Wednesday via press release, Bally’s will follow up this move by creating two independent divisions to oversee land-based casinos and another in charge of sports betting and iGaming products known as Bally’s Casinos and Bally’s Interactive respectively.
Bally’s is expecting to seal the deal in Q1, 2021 as the company prepares to pursue an omni-channel approach, taking advantage of land-based operations and what Chairman Soo Kim described as “a superior online experience.”
Bally’s Diversification Push and Rebranding
Diversifying online allows companies to be more flexible in the face of industry disruptors such as the raging covid-19 outbreak. Point in case is New Jersey, which has posted record-high iGaming numbers despite brick-and-mortar casino business closures and capacity reduction.
Bally’s was previously known as Twin Rivers Worldwide Holdings (TRWH), but changed its name on November 9, following an agreement with Caesars Entertainment to use the trade name for its own operations, as well as assumed property rights of Bally’s Atlantic City, the city’s worst performing gaming venue.
The new divisions will take care of business in their respective segments. Bally’s has been excited about the deal.
Company chief executive George Papanier said that Bally’s would now look to expand in the interactive market and establish itself as a household name among sports betting and iGaming consumers.
The company presently has $755 million in pending deals for the acquisition of four resort casinos across the United States. Once these deals clear, the company will be in charge of 14 casinos in 10 states.
Some of these properties will also change their branding to reflect the company’s new trade name, but others will retain their authentic name to avoid confusion. With brick-and-mortar operations going strong, Bally’s interested in bringing its 14 million active customers onto the digital frontier with the help of Bet.Works.
Bet.Works Executives Step Up in Transfer of Ownership
Bally’s will tap into Bet.Works’ already existing talent base, with founder and CEO David Wang joining as Bally’s Interactive chief executive. The company’s 130 employees will join the interactive decision and spearhead the brand’s strategy.
Wang reaffirmed that his team and he are committed to delivering what is one of the best sports betting products in the world. This comes at the same time when Bally’s has signed a major integration deal with Sinclair Broadcast Group, rebranding the broadcaster’s 21 sports networks as Bally Sports.