Bally’s Corp a casino operator that was formerly known as Twin River has reportedly signed a massive sports betting deal with Sinclair Broadcasting a regional media titan in United States.
This Wednesday, Bally’s Corp which is a Rhode Island-based firm disclosed that it had formally finalized its purchase of the Atlantic City Hotel & Casino based in Bally from Caesars Entertainment.
The massive deal was announced as far back as April and it has gotten the nod from New Jersey gaming regulators at the start of the month.
The company used to be known as Twin River disclosed last month that it rebranded almost all its properties and would switch to the name Bally. In addition, they would also adopt the name as its latest corporate identity.
The firm further disclosed its intentions to unveil an exclusive sports betting operation with the new Bally’s brand.
Also, there was a new report on Wednesday by the New York Post which stated that Bally’s had agreed a $100 million deal to purchase Bet.Works Corp. This is an iGaming platform provider and sports betting company that powers the theScore Bet sports betting operations.
According to these reports, Bally’s intends to have its new betting companies in full swing by June next year.
That’s not all, Bally’s formally disclosed that the purchase price was pegged at $125 million. Half of this sum will be paid using Bally’s stock which the principals at Bet.Works’ have agreed to hold for a minimum of one year.
Simultaneously, Bally’s also announced plans to divide its operations into 2 segments which are: Bally’s Casinos. This company will manage its traditional brick-and-mortar gaming operations. However, Bally’s Interactive will take care of online gambling and sports betting.
CEO and founder of Bet.Works David Wang will head the Interactive unit. Soo Kim, Bally’s chair, called the acquisition “the next step in the company’s evolution.” Some of the plans for the company also include establishing a technology development centre in Rhode Island next year.
BETTING BROADCASTING CASH
According to reports from The Post, Bally’s had inked a massive deal with the Sinclair Broadcast Group. This is second-largest broadcaster in America with about 200 stations in more than 100 markets. To put this in context, this covers an estimated 40 percent of United States families.
Some of the media holdings of Sinclair’s include the former Fox Sports Networks. They control exclusive rights for several major league sports franchises.
Also, The Post disclosed that Sinclair plans to rebrand its regional Fox Sports properties which are about 21 to Bally’s name. For this service, Bally’s will dole out the sum of $85 million spread over 10 years to Sinclair, with a possible 5-year extension.
This news was officially confirmed by Bally’s a few hours later. They revealed that it’ll incorporate its content into all stations owned by Sinclair. The parties will team up to integrate, design and market products on a state-by-state basis.