Dover Downs owner Bally’s Corporation and UK-based Gamesys Group plc announced that they had reached an agreement in principle calling for Bally’s to require the online gaming company.
Rhode Island-based Bally’s has been building what it describes as an omnichannel company with land-based casinos and online gaming activities.
It is also buying up casinos including Atlantic City’s Bally’s. The company acquired Bally’s brand as part of that effort.
The deal is valued at $2.7 billion.
The Gamesys Board and Bally’s Board believe that the combination has a compelling strategic and financial rationale that would create long-term value for both Gamesys and Bally’s and would be consistent with Bally’s and Gamesys’ long-term growth strategies, a release stated.
The transaction would be subject to the approval of Gamesys shareholders and customary regulatory approvals.
The combined group would be headquartered at Bally’s headquarters in Rhode Island, and its shares would retain their listing on the New York Stock Exchange.
Bally’s CEO, George Papanier, would remain a board member and a senior executive running the retail casino business.
Following the completion of pending acquisitions and the construction of a land-based casino in Centre County, PA, Bally’s will own and manage 15 casinos across 11 states.
In November 2020, Bally’s announced that it had entered into a definitive agreement to acquire Bet.Works, a US-based sports betting platform provider to operators in New Jersey, Iowa, Indiana, and Colorado.
Upon acquiring Bet.Works’ proprietary technology stack and turnkey solutions, which include marketing, operations, customer service, risk management, and compliance, Bally’s believes it will position it to become a leading, full-service, vertically integrated sports betting and iGaming company in the U.S. with physical casinos and online gaming solutions.