Casino operator Bally’s Corp. (NYSE: BALY) is buying Bet.Works, a sports betting technology provider to operators in New Jersey, Iowa, Indiana and Colorado, for $125 million. The acquisition will expand Bally’s sports gaming services both online and in its physical casinos.
“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,” says Bally’s CEO George Papanier.
Companies are looking to take advantage of online gaming opportunities after the Supreme Court legalized sports betting, and that is spurring deal activity. For example, Entercom Communications Corp. (NYSE: ETM) recently bought sports data provider QL Gaming Group. QLGG’s technology offers sports betting data and analytics, simulation-based sports outcome predictions and game forecasting through subscriptions and licensing.