It will take a little longer to get the full sports betting plans from Ballys and be Bally bets Sports betting come to light.
Bally’s should close on $ 125 million Acquisition of the sports betting platform Bet.Works by doing First quarter. This delay is at a regulatory level, but not due to business concerns.
The Indiana Gaming Commission Meetings only quarterly, the next meeting takes place in June. The Bet.Works permit appears to have lapsed in Bally’s acquisition of Tropicana Evansville, Executive VP for Strategy and Operations Marc Crisafulli said Thursday on the company 2020 Call for prizes.
That means the upcoming work on Bally’s new interactive segment is postponing a few months. The Bally Bets sports betting app should be in the second quarterSaid Crisafulli.
First states for Bally Bets
Finding where Bally Bets will focus first is as easy as seeing where Bet.Works is now active:
These four states are the first focus before additional operations are started.
“We want to make sure we build it right in the long term,” said Crisafulli. “So we have to see how these first starts go, and then we will build other states on top of that. So you can expect a pretty ambitious program through 2022 as we put all of these assets online.
The Sinclair deal will take shape in the second quarter
Bally’s has been busy building its interactive segment through a number of deals, but one of the most important could be the renaming of regional sports networks that it owns Sinclair.
The 21 RSNs will be renamed with the Bally brand. This work could begin next month as Crisafulli said the first renaming will happen early in the second quarter.
“When the sports industry recovers from COVID and we have a full sports calendar, we expect a recovery and think about the RSNs that Sinclair has as an important component in realizing our vision,” added Crisafulli.
Bally’s has a plan to “seize this gamification opportunity with all of its assets,” he said.
Monkey Knife Fight, sports callers help build the Bally Bets database
Bally’s has about 14 million Customers already, but are clearly looking for more through the various agreements it has signed. Along with increasing brand awareness through these RSNs, the Monkey knife fight and SportCaller Shopping is another way to get more customers.
Both operations are Top of Funnel Opportunities, VP of Strategy, and Interactive Adi Dhandhania said:
“When we think of free-to-play and sports callers, we can build this world-class customer database that we can eventually turn into real money sports betting. What DFS and Monkey Knife Fight offer us is the ability to build a database in states that we do not currently operate in or that are not legalized. What we’ve seen from colleagues in our industry is a great way to move onto the real money platform and sell it. “
Bally is ready for sports betting, iGaming
Further acquisitions could come for Bally’s.
The company would add complementary technology and platforms to enhance its sports betting and iGaming business. CEO George Papanier said. It sounds like Bally’s is preparing the funding in case it finds something to buy.
After considering the outstanding transactions, Bally’s $ 128 million in pro forma cash on hand. Recent renegotiations with his debtors will add Bally’s $ 200 million to his $ 250 million Revolver.
“We’ll probably (raise the turret) in the near future” CFO Stephen Capp said. “Not for a specific financing requirement, but for an abundance of available liquidity.”