Bally’s Bids $2.7 Billion for Gamesys to Further Its Digital Aspirations

March 26th, 2021 | by Greg Shaun

Bally’s Corporation looks set to buy online gaming company Gamesys and the World Poker Tour (WPT) in two deals worth more than $2.7 billion.

Bally’s Corporation has made a $2.7 billion bid for Gamesys just weeks after making a play for the WPT. (Image: Gamesys)

Bally’s made the headlines last week when Allied Entertainment, the WPT’s parent company, accepted a $90 million takeover bid. That offer usurped a previous one made by Element Partners.

Since pulling of that last-minute coup, the US casino operator has made a $2.7 billion move for British gaming and software company Gamesys.

Bally’s Bidding Hard for Two Big Brands

The deal has been agreed in principle by both boards but will have to be approved by Gamesys shareholders and, in turn, regulators.

Assuming that happens, Bally’s is willing to pay more than $20-a-share to take control of Gamesys and its network of digital assets.

That means it will own a variety of European and Asian facing sites, including Virgin Games, Jackpotjoy Bingo, and InterCasino, which has been active since 1996.

Gamesys is also the digital partner for New Jersey’s Tropicana Casino. This, along with the rest of the company’s portfolio, would become part of Bally’s. So too would other existing resources and future products.

The move to acquire Gamesys and the WPT is part of a larger effort to become a major player in the US online betting industry.

As it stands, Bally’s owns a network that spans seven US states and includes 12 land-based casinos and a racetrack.

Chairman Soo Kim wants to build on these foundations and launch online casino, poker, and sports betting sites in regulated US states.

“We believe that this combination would mark a transformational step in our journey to become a leading integrated, omni-channel gaming company with a B2B2C business,” Kim said in a March 24 statement.

Bally’s Building Digital Networks

Bally’s took its first major step towards becoming a live and online operator this week after completing its purchase of Money Knife Fight. The $50 million deal gives Bally’s an online daily fantasy sports platform with 200,000 users.

The aim is to go at least two steps further by purchasing Gamesys and the WPT.

“We think that Gamesys’ proven technology platform, alongside its highly respected and experienced management team, combined with the US market access that Bally’s provides, should allow the combined group to capitalize on the significant growth opportunities in the US,” Kim continued.

For the industry at large, Bally’s becoming a force in the online gaming world would create new opportunities on both sides of the pond.

The US will be its main focus but a takeover of the WPT could lead to innovations in Europe and Asia. Add to this the possibility of new partners for the WPT and we could see more tournament festivals taking place online.

That would be a positive for everyone, including Bally’s.