Bally's Corporation, a US casino operator and provider of B2B and B2C services to the online gambling industry, announced Tuesday that it has completed its previously announced acquisition of Bet.Works.
Bet.Works is a US-based sports betting platform provider that offers its products to betting operators in New Jersey, Iowa, Indiana and Colorado.
Bally's announced its acquisition of the provider in November 2020. The company is for this
$25 million paid. platform and related technology solutions developer. The transaction included Bet.Works' proprietary technology stack and turnkey solutions, including marketing, operations, customer service, risk management and compliance.
Bally pays half of the purchase price of common stock that other company shareholders agree to hold for at least one year.
The acquisition of Bet.Works, the Rhode Island-based casino operator rebranded from Twin River Worldwide Holdings last year. He said it would help him. “In the USA A world-class, full-service, vertically integrated sportsbook and iGaming company with physical casinos, online gambling solutions and a B2B2C business model combined under one leading brand ”
20300One Milestone Agreement
Commenting on the Bet.Works acquisition, Bally's Corp. Soo Kim, Chairman of the Board, said that closing the transaction was an important turning point for his company. “We continue our long-term growth and diversification strategy.”
In just a few years, the businessman went and bought Bally's from a regional casino operator. “To our customers
Lady. Kim also said that with Bet.Works' technology supporting its interactive offerings, they are well positioned to take advantage of the fast-growing US sports betting industry and offer additional interactive offers.
He said they are looking forward to launching. after that 2021.
Two New Business Departments
With the company's recent closure of the Bet.Works acquisition, Bally's now plans to create two different operating divisions – Bally's Casinoswill form the company's land-based casinos and entertainment properties, and Bally's Interactive, all sports betting operations of Bet.Works, daily fantasy sports site Monkey Knife Fight and Sport Caller, provider of free-to-play games.
Bally's Interactive plans to open a technology development center in Rhode Island by the end of the year. employees.
David Wang, founder and CEO of Bet.Works, will lead the integration of more than 300 teams. people in the larger group.
As part of the acquisition of the sports betting technology provider, Bally's recent beta is backed by Bet.Works in Colorado. Bally Bet launches mobile sportsbook . The app is now available for download in the Centennial State on both iOS and Android, and is also available on the desktop.
Bally plans to launch its sports betting operation in three more markets this year, with further launches scheduled for next year. )Source: Bally's Corporation Closes Bet.Works Acquisition, PR Newswire, June 2, 2021