Bally's Corp i Sinclair Broadcast Group have announced a new long-term deal , placing big bets on the US sports betting market. As part of the deal, Sinclair will acquire a stake in Bally's and rename its 21 sports networks to Bally Sports .
Bally's Get access to the fan base
Under the terms of the agreement, Bally's will pay $85 million in over 10 years for the naming rights, in exchange for gaining exclusive access to fans of 42 major teams, including Arizona Diamondbacks , Detroit Tigers , Kansas City Royals i Tampa Bay Rays .
Unidentified sources claim that the owner Bally's Atlantic City Hotel & Casino wants to offer its Bally online gaming tool as a way for its TVs to place bets by combining the Sinclair deal with the purchase of Bet.Works , a sports betting software company. per $125 million . The agreement with the broadcaster is to direct traffic through Sinclair's networks to Bally's website.
Sinclair becomes a minority owner
Sinclair will take over 15% stake in Nasdaq-listed Bally's in exchange for renaming its sports channels, which are now called Fox Sports, after last year's purchase. The broadcasting company's stake in Bally's will have the potential to increase in the future with more 15% , subject to the achievement of specific financial targets.
"Sinclair, with its extensive inventory of stations, channels and RSNs, provides immediate national brand recognition that will support the growth of Bally's player database for both our traditional casinos and future online offerings, and ultimately provide significant shareholder value."
Soo Kim, Chair, Bally's
The deal will revolutionize the U.S. betting market
Bally's , formerly known as Twin River Worldwide Holdings which changed its name after buying the brand in October for $20 million from Caesars Entertainment and currently operates casinos in 10 US states, including Nevada, Mississippi, Missouri, Rhode Island, Colorado and New York. Jersey and Louisiana. A gambling operator controlled by a hedge fund Standard General can launch its new online sports betting tool in any state where online betting is legal, provided it operates a land-based casino there.
"We look forward to integrating our first-class, multi-channel sports betting and gaming offerings with Sinclair's extensive broadcast network to create a more immersive and customized experience for sports fans, making Bally's one of the best sports betting in the U.S. and igaming operators ".
Soo Kim, Chair, Bally's
A partnership with a sports betting operator would boost Sinclair's viewing numbers at a time when the broadcasting company is reducing its investment in local sports networks, after a write-down of $4.23 billion on the Fox Sinclair channels bought from Disney in 2019 for $9.6 billion .
The agreement with Bally's does not include YES Network which includes games New York Yankees i Brooklyn Dodgers , a network in which Sinclair holds a minority stake.