Bally’s acquires Monkey Knife Fight fantasy sports company

Business

This Oct. 1, 2020, photo shows the exterior of Bally’s casino in Atlantic City, N.J. On Nov. 4, 2020, officials with Twin River Worldwide Holdings, a Rhode Island firm that’s buying Bally’s for $25 million, said they can make it “a place to see and be seen” by investing $90 million into the aging casino and boosting its offerings. (AP Photo/Wayne Parry)

ATLANTIC CITY, N.J. (AP) — Bally’s continued its acquisition juggernaut Monday, acquiring the daily fantasy sports company Monkey Knife Fight in an all-stock transaction that further widens the fast-growing company’s drive to add casino, online sports betting and media companies.

Providence, Rhode Island-based Bally’s becomes the third U.S. sports betting company to have a daily fantasy sports component, along with DraftKings and FanDuel.

Bally’s has been on a tear in recent months, adding gambling and media properties as it aims to become a major national player.

“With this acquisition, we are pleased to enter into the high-growth (daily fantasy sports) market,” said George Papanier, the company’s president and CEO. “Monkey Knife Fight is a unique asset that we look forward to incorporating into Bally’s constantly growing omnichannel portfolio of land-based casinos and iGaming platforms.”

Bally’s recent moves include the purchase of Bally’s casino in Atlantic City, a media partnership with Sinclair Broadcast Group and its pending acquisition of Bet.Works.

The company plans to integrate Monkey Knife Fight’s geographic presence in 37 states, Washington, D.C., and Canada, with Sinclair’s portfolio of 21 regional sports networks.

Monkey Knife fight has about 180,000 registered users, 80,000 of whom have made monetary deposits in order to play.

Papanier said Monkey Knife Fight will support Bally’s plans to develop a potential customer database in states that have not yet adopted sports betting but which are considered lucrative potential markets, including California, Florida and Texas, as well as in Canada.

The deal is expected to close in the first quarter of 2021.

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Follow Wayne Parry at http://twitter.com/WayneParryAC.

Copyright 2021 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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