Bally’s Corporation is looking to become a huge player in the growing sports betting industry in the United States after announcing a pair of deals this week. Bally’s has agreed to purchase Bet.Works and it has also acquired naming rights to more than 20 regional sports networks that belong to the Sinclair Broadcasting Group.
These two deals will allow Bally’s to become one of the top sports betting and iGaming operators in the United States, although there is still plenty of work that must be done. Bally’s was able to acquire Bet.Works for $125 million, but the naming right to the sports networks could be the most important part of this announcement.
Sports betting content will be integrated into each of these sports networks over the next ten years, per the original agreement. The Bally’s name will also be used on these networks moving forward, giving the company plenty of brand recognition.
Bally’s was previously owned by Caesar’s Entertainment, but that has all changed in the last 12 months. Twin Rivers Worldwide Holdings purchased the rights to Bally’s in October, and Twin River has been making several huge moves in the sports betting industry.
Two Companies Set to Emerge
Bally’s also announced this week that it will form two separate operating divisions as a result of these mergers. Bally’s Casinos will be the name of one of the groups, and Bally’s Interactive will be the other operating division.
Bally’s Casinos will focus on the entertainment venues as well as physical gaming and sports betting properties. Bally’s Interactive will look to expand in the sports betting and iGaming industry throughout the United States.
Both of these divisions will be working together to grow the Bally’s brand, but it’s likely that the Bally’s Interactive group will become much larger in the coming years. The entire sports betting and casino industry is shifting to online platforms, and that is where this division will focus.
Sinclair Deal Details
Sinclair currently owns and operates 190 television stations, and Bally’s will begin integrating sports betting content onto each of the stations. Several of the television stations’ names will be renamed to include the Bally’s brand, including some of the biggest sports networks in the industry.
Sinclair has a number of exclusive deals with some of the top professional sports leagues in the United States, and Bally’s will now have access to all of those partnerships. More than 95% of all live tennis matches in the United States are shown on Sinclair television stations, and now those broadcasts belong to Bally’s.
Facts About Bet.Works Deal
The Bet.Works deal will not become official until some time in the first quarter of 2021 as there are still many different steps to get through. Bet.Works currently offers some different online gaming options throughout the US, and Bally’s will now have access to all of these deals.
The current founder and CEO of Bet.Works, David Fang, will continue to serve as the CEO of Bally’s Interactive, and much of the same business strategies and practices will remain in place.