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Bally’s Completes Takeover of Monkey Knife Fight

Bally's Monkey Knife Fight

Bally’s has confirmed the acquisition of DFS provider Monkey Knife Fight

Bally’s Corp has announced that it has completed a deal to acquire daily fantasy sports company Monkey Knife Fight. The deal was initially announced on January 25, and the final details have now been completed. Bally’s, which was previously known as Twin River Holdings based in Rhode Island, owns and operates 11 casinos across seven states. Additionally, the company controls a racetrack and OTBs. One of the casinos on that list is Bally’s in Atlantic City, which is extremely popular.

The deal to acquire Monkey Knife Fight is an all-stock transaction. Bally’s has been making moves on several fronts recently as the company seeks to improve its position in the fast-moving U.S. gambling market. Upon news of the takeover, Bally’s press release stated that the acquisition “complements Bally’s recent media partnership with Sinclair Broadcast Group.”

This new deal is part of Bally’s overall customer acquisition strategy. MKF has 180,000 registered users and approximately 80,000 depositing players, according to Bally’s. The company added that MKF would “become an integral component of the ‘Bally’s Interactive’ division” and said it would play a big part in Bally’s “growing player database.”

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Monkey Knife Fight is regarded as the third-largest daily fantasy company. They are behind industry juggernauts DraftKings and FanDuel. Ultimately, the inclusion of MKF and the Sinclair partnership expand Bally’s reach and potential. The daily fantasy company has a presence in 37 states, the District of Columbia, and Canada. Additionally, Sinclair can point to 21 regional sports networks as part of its portfolio. Integrating both companies will be a vital component of Bally’s longer-term growth.

George Papanier, president and chief executive officer of Bally’s Corp, said they were “pleased” to get the deal for Monkey Knife Fight over the line. He added that plans now turn to integrating MKF into the Bally’s interactive division. Papanier believes that sports fans across the country will benefit from a “dynamic and engaging DFS platform” and that this type of offering “defines the Bally’s portfolio.”

As part of the transaction, MKF will receive “exercisable penny warrants to purchase up to approximately $50 million in Bally’s”. The total value of the acquisition is $90 million and is expected to be finalized in the first quarter of this year.

Another Significant Move from Bally’s

This latest transaction further strengthens Bally’s footprint in the U.S. In November, the company acquired the naming rights to 21 regional sports networks of the Sinclair Broadcasting Group in addition to purchasing sports-betting platform Bet.Works.

The regional sports networks were purchased by Sinclair in 2020 and are in the process of rebranding using the Bally’s name. Additionally, they will now integrate sports betting content as part of a 10-year agreement.

Caesars Entertainment previously owned the Bally’s brand. Twin River Worldwide Holdings took it over in October. Twin River is based in Rhode Island and changed its name to Bally’s Corp. on November 9.

Be sure to check back for more sports betting and casino news across the US. Follow us over on Twitter @Gamble_usa for the latest news, operator offers, and promos.

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