Bally's
BALLY’S CORPORATION TO ACQUIRE PREMIER U.S. REGULATED SPORTSBOOK TECHNOLOGY PLATFORM BET.WORKS
Proprietary Technology Stack Key Step In Bally’s Transformation To Become Premier Vertically Integrated Omni-Channel U.S. Gaming Provider
Acquisition Enables Significant Expansion of Sports Betting and iGaming Initiatives
Bally’s Corporation announced that it has entered into a definitive agreement to acquire Bet.Works, a U.S. based, sports betting platform provider to operators in New Jersey, Iowa, Indiana and Colorado, for $125 million, subject to adjustment. Upon acquiring Bet.Works’ proprietary technology stack and turnkey solutions, which include marketing, operations, customer service, risk management and compliance, Bally’s will become the premier, full-service, vertically integrated sports betting and iGaming company in the U.S. with physical casinos and online gaming solutions united under a single, preeminent brand, thus enabling it to launch its B2B2C business model.
Half of the Bet.Works purchase price will be paid in Bally’s common stock, which Bet.Works shareholders have agreed to hold for at least a year.
The Bet.Works acquisition represents the latest step in Bally’s long-term growth, development and unification strategy. Over the past two years, Bally’s has engaged in strategic and opportunistic expansion of its gamingand entertainment properties, which will include14 casinos across 10 states once all pending transactions are completed. In addition, Bally’s recently acquired its iconic brand, which is synonymous with U.S. gaming and entertainment, and commensurate with the premier properties and amenities that define the Company’s portfolio.
The Bet.Works acquisition, which complements these initiatives, will provide Bally’s with a suite of advanced omni-channel products, platforms, software and content solutions that will enable it to deliver unrivaled sports betting and iGaming offerings to customers on a national scale. According to investment research by major Wall Street analysts and management estimates, the U.S. sports betting and iGaming market is expected to grow to $12 billion by 2025 and reach $50 billion at maturity. Bally’s estimates that the U.S. sports betting and iGaming market will reach $2.6 billion this year.
“This is the next step in our Company’s evolution,” said Soo Kim, Chairman of Bally’s Corporation’s Board of Directors. “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.”
Following the acquisition, Bally’s will form two distinct operating divisions: “Bally’s Casinos,” which will be comprised of Bally’s physical gaming and entertainment properties, and “Bally’s Interactive,” which will include new and existing contracts for sports betting and iGaming, including all of Bet.Works’ sports betting operations.
George Papanier, President and Chief Executive Officerof Bally’s Corporation, commented, “We are very excited to welcome Bet.Works to the Bally’s family. Owning Bet.Works’ superior technology platform will not only give Bally’s a long-term margin advantage online, but, more importantly, will also allow us to evolve our interactive product suite to go where sports betting and iGaming customers are headed quickly. David Wang and his team at Bet.Works have already demonstrated impressive growthand the ability to execute while creating a differentiated platform. We are very pleased to bring this technology to our more than 14 million active customers who will experience Bally’s Casinos and Bally’s Interactive as a unified brand with a single player card and rewards system.”
David Wang, Founder and CEO of Bet.Works, will serve as the CEO of Bally’s Interactive upon closing the transaction. Bally’s Interactive will integrate Bet.Works’ experienced team of over 130 employees across three offices, including approximately 90 engineers, into its interactive operations. Bally’s Interactive also plans to open a technology development center in Rhode Island by the end of 2021, initially with 25employees.
Wang stated, “We are pleased to be joining the Bally’sfamily, which has demonstrated a remarkable trackrecord of growthand diversification with a proven management team. We remain committed to creating the world’s best sports entertainment products, as well as delivering innovative and exciting solutions for sportsbetting and iGaming consumers across Bally’s national footprint. Bet.Works will continue to offer our best in class solutions to our existing B2B clients and our future partners in the U.S. market as we expand our reach into newly regulated states. Our turnkey solutions, which include Marketing, Operations, Customer Service, Risk Management and Compliance, combined with our dedicated launch teams, will ensure we maintain a leading position in the B2B sector while powering Bally’s Interactive. Bally’s is the perfect home for Bet.Works as it will allow us to continue to grow and innovate.
Bally’s expects to close the transaction during the first quarter of 2021, pending regulatory approval and other customary closing conditions.
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Bally’s and SC Gaming announced the termination of their agreement to open and operate a Category 4 satellite casino near Penn State University at the Nittany Mall. Despite the split, the project remains on track to open in the first half of 2026.
The decision comes three years after the two companies agreed to develop a “mini casino” in what was previously a Macy’s department store at the Nittany Mall, located just five miles from Penn State’s campus. Originally, Bally’s wasn’t eligible to bid on the license when the auction was held four years ago. Ira Lubert, the sole owner of SC Gaming, was eligible due to his stake in Rivers Casino Pittsburgh, won the bid, and later partnered with Bally’s. The plan was that the gaming venue would bear Bally’s regional casino operator brand.
However, amidst Bally’s shifting corporate priorities, the agreement fell through. Lubert has made it clear to state regulators that he has the financial resources to advance the project on his own.
“As a part of the Pennsylvania Gaming Control Board’s application and approval process, I demonstrated to the Board my resources and capability to independently develop and operate this casino project without reliance on a third party, including Bally’s,” Lubert said in a statement.
Lubert’s experience includes the development of the Valley Forge Casino Resort during the global financial crisis, and he holds a 3% stake in Rivers Casino Pittsburgh.
When Bally’s and SC Gaming decided to team up on the Pennsylvania mini casino three years ago, the project aligned with Bally’s prior ventures. Since then, however, Bally’s has rapidly shifted its focus toward larger, more expensive developments in major cities. The company’s new priorities include developing a permanent gaming venue in Chicago, which will be its most expensive project to date. Additionally, Bally’s is pursuing a license in the New York City area and still holds the operating rights for Tropicana Las Vegas.
While the future of the Tropicana site remains uncertain and there are no guarantees Bally’s will secure a downstate permit in New York, the Chicago venture alone demands significant attention. This suggests that shedding smaller projects, such as the Pennsylvania mini casino, could be a prudent move at this time.
In July, Bally’s agreed to be acquired by Standard General, the hedge fund that is the gaming company’s largest shareholder. This development wasn’t on the table three years ago when Bally’s agreed to work with SC Gaming on the Nittany Mall casino.
Prior to accepting the takeover offer from Standard General, some shareholders criticized Bally’s for becoming financially strained and focusing too heavily on expensive projects in Chicago, Las Vegas, and New York. Some investors argued that abandoning some or all of these projects could lead to cost savings.
Although specific cost efficiencies from exiting the Pennsylvania mini casino partnership weren’t quantified, the move aligns with Bally’s new vision. With Chairman Soo Kim, the founder of Standard General, likely taking a larger day-to-day role in Bally’s operations, more cost-cutting measures may follow, but that remains to be seen. It is clear, however, that the Nittany Mall casino didn’t fit with Bally’s renewed strategic goals.
“The termination of the framework agreement aligns with Bally’s long-term strategic goals and allows the company to allocate resources towards other priorities. Bally’s remains confident in its ability to adapt and thrive in the ever-changing market,” the company said in a press release.
EPIC Global Solutions and Bally’s have announced a groundbreaking three-year partnership aimed at promoting responsible gaming and making a positive impact on communities. This collaboration positions both organisations as leaders in responsible gaming within the gaming industry.
The partnership between EPIC Global Solutions and Bally’s is driven by a shared commitment to creating safer and more enjoyable gaming environments. By leveraging EPIC’s innovative lived experience approach, the two companies aim to educate multiple partners in the gaming ecosystem, both in the UK and the US.
“Bally’s and EPIC Global Solutions are committed to setting new standards for responsible gaming with a three-year commitment. Together, we are creating safer and more enjoyable gaming environments through educating multiple partners in the gaming ecosystem, harnessing the power of EPIC’s lived experience approach in both the UK and US,” said Robeson Reeves, CEO of Bally’s Corporation.
The partnership will focus on promoting responsible gaming practices and raising awareness about the potential effects of gaming. By emphasising the importance of responsible gaming, EPIC Global Solutions and Bally’s aim to minimise the negative impact of gaming and ensure a more responsible approach within the industry.
EPIC Global Solutions’ lived experience approach will play a crucial role in this partnership.
Bally’s employees in the US will benefit from bespoke training from EPIC’s lived experience perspective that will be of particular significance to teams on the casino floor or in customer service roles, empowering them to make informed decisions and helping them to better engage with customers with their wellbeing and enjoyment in mind. The two organisations will also engage to create social media and digital campaigns that help to provide clear advice on responsible gaming best practice and the potential consequences of gaming.
“We are excited to partner with Bally’s to drive positive change in the gaming industry. By leveraging EPIC’s lived experience approach, we can make a significant impact on responsible gaming practices globally,” said Paul Buck, EPIC Global Solutions founder and CEO.
The partnership between EPIC Global Solutions and Bally’s represents a significant step forward in promoting responsible gaming and community impact.
White Hat Studios, the fast-growing slots provider to the US iGaming market, has become the first supplier in the region to go live in seven regulated iGaming states after launching with Bally’s in Rhode Island.
The landmark achievement demonstrates the provider’s substantial growth throughout the country, becoming one of the leading suppliers of casino entertainment within all major regulated states.
Rhode Island follows West Virginia, New Jersey, Michigan, Connecticut, Pennsylvania and Delaware in the line-up of states in which White Hat Studios content has gone live, following partnerships with major brands including BetMGM, FanDuel, DraftKings and Caesars. The supplier recently celebrated its 50th operator partner in the US, another impressive feat in its overall story since it was founded.
White Hat Studios has experienced outstanding success in the country with its multi-faceted portfolio of content, with the latest Eilers-Fantini Online Slots Features Report detailing how the provider has almost doubled its gross gaming revenue (GGR) shares at the start of 2024.
Its content offering also includes player-favourite titles including The Goonies
and Ted Cashlock, alongside its standout USP Jackpot Royale, with 30 games contributing to three progressive local operator jackpots which paid out a total of $9.8 million in 2023.
White Hat Studios is setting its sights on further growth and success in the US for 2024, with a strong product roadmap that is set to further cement its position as a leading supplier in the country.
Andy Whitworth, CEO at White Hat Studios, said: “Entering our seventh regulated state in the US market is another incredible milestone for us at White Hat Studios, and a showcase of our team’s sheer dedication to achieving our company-wide goals of becoming a leading supplier in the region.
“So far, our games have been embraced and enjoyed by hundreds of thousands of players in the US, with our partner operators noting impressive engagement rates. We’re confident that our entry into Rhode Island will help continue our upward trajectory.”
Craig Eaton, President, Rhode Island Operations at Bally’s, added: “White Hat Studios has become one of the most prominent providers in North America, and for good reason. Their dynamic, exciting slots – some of the most consistent top-performers in the market – are sure to thrill Bally’s customers.
“We look forward to a successful partnership, and we’re anticipating that our players will embrace their multi-faceted content offering.”
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