Bally's Corporation has signed an agreement to acquire Bet.Works, a US-based sports betting platform, for $125m.
With Bet.Works technology including marketing, operations, customer service, risk management and compliance, Bally’s will be able to offer a full sports betting service in the US. Bally's, which recently rebranded from Twin River Worldwide Holdings, expects to close the transaction during the first quarter of 2021.
Chairman of Bally's Corporation's Board of Directors Soo Kim said: "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 US gaming company committed to serving our customers with an omni-channel approach, combining the best of our physical properties with a superior online experience."
The group aims to combine both physical and online gaming "united under a single, preeminent brand, thus enabling it to launch its B2B2C business model.”
Bally's estimates the US sports betting and online gaming market could reach $2.6bn this year alone, while specialists expect growth to $12bn by 2025.
President and CEO of Bally's Corporation George Papanier said: "We are very excited to welcome Bet.Works to the Bally's family." He believes Bet.Works technology will give Bally’s “a long-term margin advantage online."
David Wang (pictured), founder and CEO of Bet.Works, will become the CEO of Bally's Interactive once the transaction is closed.
Wang said: "We remain committed to creating the world's best sports entertainment products, as well as delivering innovative and exciting solutions for sports betting and online gaming consumers across Bally's national footprint."