As per latest news reports Bally’s Corporation is all set to buy British online gaming company, Gamesys for USD 2.7 billion. This comes just a week after the brand made a bid to acquire World Poker Tour from Allied Entertainment. For the latest bid to go through, it must be approved by the shareholders of Gamesys.
There will be multiple changes that will be taking place, as it is with any takeovers of this kind. Both the share options and an all-cash takeover have been proposed to the stakeholders of Gamesys. The latter was preferred by the board. The network of online assets owned by Gamesys will now be in control of Bally’s Corporation once the deal has been settled.
Members of both boards believe that this deal will help them move one step closer to their goals. The US online gaming market is fast evolving, and this partnership could put both companies in the forefront. With both sides planning to launch more US sites, the acquisition is the perfect way to do it.
Soo Kim, Chairman of Bally’s Corporation, commented on this saying, “Gamesys’ proven technology platform and the market access that Bally’s provides should allow the combined group to capitalize on the major growth opportunities in the US online gaming markets.”
The benefits that each company will receive are clear. While Gamesys will now have a partner that owns a network of 12 casinos across seven US states and a racetrack; Bally’s will have an established online gaming company that creates its software and owns a network of sites.
Adam Pliska, CEO, WPT had been working on building a digital presence for the company. WPT’s online series was a major success and with Element Partners, LLC and Ballys making bids for acquisition, WPT looks to have a commanding position.