The Growth of Bally’s Corporation over the past year in the gambling and sports betting industry is remarkable.
In October of 2020, Twin River Holdings, formerly known as BLB investors from 2004-2011 acquired the rights to the Bally’s brand and trademarks from Caesar’s Entertainment for $20 million. In this move, they transitioned nearly all of their current properties and assets to the Bally name. In November of 2020, they would change their formal name to Bally’s Corporation.
In that same month, Bally’s reached a naming rights agreement with Sinclair Broadcast Group to rebrand their group of regional sports networks, previously branded as Fox Sports Network Group under the Bally’s name as Bally Sports. This rebranding would also add to the network and include provisions of sports betting-related content across Sinclair sports networks.
Expansion in Online Gambling and Sports Betting
Sports betting and online gambling are growing at a speedy pace ever since the Federal Government struck down its ban 3 years ago. Since then, nearly every state has considered the legalization of sports betting on a state level, but with the strict political opposition in some states, it could be a while till we see it legalized everywhere.
That being said, there are still around 20 states who have fully legalized some form of sports betting, with key state Florida being the most recent in late May of 2021.
With this growth, Bally has decided to put all their eggs into the basket of becoming the heavyweight in the online casino and sports betting industry.
In 2021 alone, Bally’s has made several deals to expand its online gaming and betting business. In February, it acquired SportCaller, which provides a ton of free-to-play online games. Following that in March, they acquired Monkey Knife Fight, the third-largest fantasy sports daily operator in the U.S., for up to $90 million in stock holdings. Bally’s has also come to a preliminary agreement to buy Gamesys Group, a British online gambling company, for $2.7 billion, and this month has officially acquired Bet.Works, a sports betting technology provider, for $125 million after announcing the deal last November.
Bally’s has also become the official sports betting operator and partner of both the NHL and NBA after striking a deal with both professional leagues in February (NHL) and March (NBA). That leaves just the NFL and MLB without high-profile betting partners, and even more room for Bally’s to grow.
With both of these deals, Bally’s, the Rhode Island-based casino and gaming company, gets access to official NBA data and the rights to use league logos and marks across its blossoming roster of online sports wagering sites and apps.
It also makes sense given that their branding deal with Sinclair has their name branded across 19 NBA teams regional broadcasts and 12 NHL teams. That deal also covers 14 MLB teams. Is a deal in the works to partner with the MLB?
Bally’s Ultimate Goal
Bally’s mission is to combine the world of in-person sports and casino gambling, with the new spectacle of online and live gambling.
“Our huge advantage over companies like DraftKings and PointsBet is we make money every day. The biggest flaw with those businesses is they need a strong market…The market is green or red for them every day and it has to be green when they need to tap it for cash to keep spending.” Company Chairman Soo Kim said of Bally’s recent acquisitions and moves.
Bally’s has the advantage of being able to use their consistent cash flow from their land casinos to keep their online ventures afloat, something that cannot be said of DraftKings, Points Bet, or FanDuel.
From the looks of it, Bally’s does not look to be slowing down any time soon. DraftKings, Points Bet, and FanDuel are on their tail, but their rise to the top of the sports betting industry seems almost inevitable.
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