Bally’s Corporation (NYSE: BALY) has announced an official partnership with Major League Baseball on Friday. Bally’s has been rapidly changing their brand over the past year. They are formally known as Twin River Worldwide Holdings. In October, they bought the rights to the iconic Bally’s brand from Caesars Entertainment, completing their rebrand. Bally’s partnership with MLB is another major step in the evolution of the platform.
Bally’s has been extremely busy over the past six months. Their company has rebranded to Bally’s, acquired platform supplier Bet.Works, and now they have agreements in place with major sports leagues. This is their third sports betting agreement with a professional sports league. Bally’s partnership with the MLB is followed by their previously announced agreements with the NHL and NBA.
Bally’s Corp. President and CEO George Papanier looks to add excitement to MLB betting online.
Papanier said, “We are honored to have the opportunity to put the Bally’s stamp on America’s national pastime and look forward to providing an innovative and engaging sports betting experience. We can’t wait for the season to begin.”
The expectation is that Bally’s will continue the aggressive ploy to be apart of the massively growing sports betting universe.
Ballys’ Bets Powered By Bet. Works Making Major Strides
Bally’s Corporation entered the sportsbook market for the first time in November. Bally’s Bets, Ballys’ sportsbook will be powered by Bet.Works. Bet.Works was purchased by Bally’s Corp to help them launch Bally’s Bets. Moving swiftly before baseball season begins, Bally’s will not launch until the summer but did get a preliminary permit for a Virginia sports betting license.
Bet.Works and Bally’s agreed on a deal for $125 million – half of which was paid in Bally’s stock. When the deal was agreed upon, Bally’s Chairman Soo Kim said, “This is the next step in our company’s evolution.”
The company is evolving at lightspeed, owning 14 casinos and over 5,000 employees; sports betting is next on their horizon. Their company is on the rise and the future hurdles will center around customer acquisition. DraftKings Sportsbook spends around $200 million in marketing costs each year. This will be a hefty price for a smaller company like Bally’s. Furthermore, if Bally’s really wants to make a big splash in the market they will need to bring in users.
When Bally’s Bets Sportsbook does launch, it will signify a whole new era for the company. Formerly Twin River Holdings, Bally’s Corporation is making major splashes across the industry.