Bally’s Corp. (NYSE:BALY) continues solidifying its sports wagering footprint, announcing late Thursday that it’s now the authorized sports betting operator of the NBA.
Financial terms of the multi-year agreement weren’t disclosed. Details of the pact are standard fare among gaming companies and professional sports leagues. For example, the Rhode Island-based gaming company gets access to official NBA data and the rights to use league logos and marks across its burgeoning roster of online sports wagering products.
The accord with the NBA is the second of its kind Bally’s struck in less than a month. In February, the casino operator reached a similar deal with the NHL, meaning the game company has high-level partnerships with two of the four major US sports leagues. Major League Baseball and the NFL are the other two.
Analysts are enthusiastic about the company’s ongoing efforts to bolster its sports wagering offerings.
As we look across the broader sports betting and iGaming landscape, we think management has put together some of the more compelling strategies,” said Stifel analyst Steven Wieczynski in a note out last month.
In the statement announcing the NBA agreement, Bally’s didn’t mention a specific date on which the deal takes effect. The league is heading toward its all-star break this weekend and will be off until late next week.
Bally’s Sports Betting Momentum
The arrangement with the NBA adds to Bally’s “ongoing momentum with professional sports leagues,” said CEO George Papanier.
In reality, the NBA and NHL pacts are the latest examples of the gaming company’s efforts to transform into an internet casino and online sports betting heavyweight. A year ago, Bally’s was merely a bit player in the US sports betting landscape. But a string of acquisitions and partnerships, such as the NBA accord, are changing the complexion of what was once a sleepy regional gaming outfit.
Last November, Bally’s said it’s acquiring sports betting technology provider Bet.Works for $125 million. That buy paves the way for the company to become vertically integrated — a rarity in the sports wagering industry.
After that, the company purchased daily fantasy sports (DFS) firm Monkey Knife Fight (MKF), and last month, it said it’s acquiring free-to-play games provider SportCaller. With the recent spate of dealmaking, Bally’s joins rivals in offering both DFS and traditional sports betting while bolstering its technology profile.
On the same day last November, Bally’s revealed the Bet.Works buy, it also reached an agreement to pay $85 million over 10 years to put its name on 21 regional sports networks (RSNs) owned by Sinclair Broadcast Group.
There are some possible synergies there with the new NBA accord, because 19 of Sinclair’s RSNs “account for more than half of the US NBA teams,” according to Bally’s.
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