Press Releases
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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Latest News
GR8 Tech Brings “Best Workplace 2024” and Fresh LatAm Insights from BIS SiGMA Americas
GR8 Tech’s participation at the recent BIS SiGMA Americas event held in SĂŁo Paulo was quite successful, highlighted by winning the ‘BEST WORKPLACE 2024’ award at the SiGMA Americas Awards and holding over 150 meetings with operators and other stakeholders. These interactions have laid a solid foundation for GR8 Tech’s strategic expansion in the region and provided the team with significant insights into the evolving Latin American iGaming market.
A Closer Look at the Brazilian Market and Wider LatAm
“Brazil is not synonymous with Latin America. Each country on the continent has its own unique characteristics,” Evgen Belousov, GR8 Tech CEO.
The most important thing to understand in the LatAm region is that it’s very diverse. There are significant cultural and operational differences that necessitate a localized approach. For example, “Brazil’s rhythm is distinct; life starts in the afternoon, and business interactions reflect this laid-back pace. To thrive here, understanding and integrating into the local lifestyle is essential.”
Belousov further discussed the Brazilian market’s competitive nature, highlighting retention strategies’ crucial role. “The churn rate is high as players frequently shift between operators lured by aggressive marketing. Hence, having robust retention mechanisms, such as real-time tools and enticing bonus mechanics, is crucial to maintaining a loyal customer base,” he added.
Yevhen Krazhan, CBDO, addressed trending compliance and market preferences. “Regulation is a hot topic, with a keen focus on product compliance. Moreover, while classic sportsbooks saturate the market, emerging interests lie in areas like fantasy sports and social gaming, which present new opportunities for differentiation and growth.”
Thomas Carvalhaes, Senior Business Development Manager for the Latin America region, provided his expertise during the panel discussion “Understanding the demands and evolution of the B2B market”, highlighting the demand for localization and intuitive technology. “In Latin America, where many markets are still learning the ropes of iGaming, the simplicity of the technology is key. Products need to be user-friendly to ensure they meet the expectations of a clientele that values straightforward and engaging gaming experiences,” Carvalhaes explained.
Future Directions and Engagements
Building on the insights and achievements from BIS SiGMA Americas, GR8 Tech is actively expanding its presence in Brazil and LatAm, establishing its reputation as a key player in the region. The company is also exploring opportunities in other global markets, with Asia as the next target at SiGMA Asia, scheduled for June 3-6 in Manila, Philippines. This upcoming event presents another fantastic opportunity for GR8 Tech to demonstrate the capabilities of its flagship GR8 Sportsbook platform and forge new partnerships in another exciting and diverse region. We invite all our partners and clients to stay tuned, following our updates at https://gr8.tech/.
partnerships
Kambi Group plc Signs Landmark Sportsbook Partnership with Choctaw Nation of Oklahoma
One of the largest Indian nations in the United States to utilize Kambi’s market-leading turnkey sportsbook on property and online in exclusive nationwide partnership
Kambi Group plc (Kambi), the world’s trusted sports betting partner, has signed a landmark multi-state sportsbook agreement with the Choctaw Nation of Oklahoma (Choctaw Nation), one of the largest Indian nations in the United States, to provide its sports betting technology and services to Choctaw Nation’s gaming entities.
Choctaw Nation, operator of Choctaw Casinos and Resorts, owns a selection of gaming and hospitality destinations throughout southeastern Oklahoma and is the official and exclusive casino and resort partner of the Texas Rangers, Major League Baseball’s World Series Champion. Choctaw Nation’s flagship resort is located near the Texas border and in close proximity to the Dallas-Fort Worth Metroplex with a population of more than eight million people.
The long-term deal will see Choctaw Nation combine its digital and ecommerce expertise with Kambi’s market-leading turnkey sportsbook with the ambition to become an online and retail sports betting powerhouse. Pending regulatory approvals, the agreement includes the scope to expand into multiple states.
The relationship with Choctaw Nation strengthens Kambi’s position as the sportsbook partner of choice for Indian nations across the United States, with Choctaw Nation selecting Kambi for its proven online and retail technology as well as its collaborative approach to delivering tailored sports betting solutions.
“This is a landmark partnership for Kambi with exciting long-term potential,” the co-founder and Chief Executive Officer for Kambi, Kristian Nylen, said. “Not only does Choctaw Nation have fantastic, well positioned gaming and entertainment facilities in Oklahoma, but its proven track record in developing successful digital businesses gives me every confidence that together we will create thrilling sports betting experiences for its players.
“Due to these exciting credentials, Choctaw Nation was an obvious partner, so I am therefore delighted it saw the benefits of Kambi’s proven technology and recognized our shared values. Trust remains paramount through each tribal partnership and we look forward to delivering a best-in-class sportsbook that generates long-term sustainable revenues for the Choctaw Nation.”
“We are thrilled to have entered into a long-term agreement with Kambi,” the Commerce Senior Executive Officer for Choctaw Nation, Heidi Grant, said. “Adding Kambi’s best-in-class technology and custom player offerings to Choctaw Nation’s brand and market positioning, Choctaw Nation is poised to remain well positioned as the premier, full-service, vertically integrated gaming operator throughout our region.”
partnerships
Play’n GO announces expansion of PokerStars partnership with Pennsylvania launch
Play’n GO, the world’s leading casino entertainment provider, has today announced its partnership with world-famous gaming brand PokerStars has expanded into a third US state, as the studio’s games are now live with the operator in Pennsylvania.
Play’n GO and PokerStars have already established a successful partnership in the US, following agreements in the states of Michigan and New Jersey, as well as teaming up for a Michigan-exclusive game built around the state’s National Hockey League team, the Detroit Red Wings. This latest announcement sees PokerStars players in the Keystone State gain access to classic Play’n GO titles such as Book of Dead and Reactoonz.
Play’n GO is now licensed in six US states and is aiming to be active in every regulated market, in the US and around the world.
Magnus Natt och Dag, Commercial Director North America at Play’n GO, said: “Following our recent licensing approval in Pennsylvania, we eagerly anticipate the launch of our games with PokerStars, our third operator to go live in Pennsylvania. PokerStars share our vision for a safe, regulated iGaming industry, and we’re confident of further success together in the coming months and years.”
Brent Rovner, North American Casino Director at PokerStars said: “We are thrilled to launch Play’n GO in Pennsylvania, making their games available in all our active US states. We’re confident that our customers will enjoy these games for years to come.”
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