Bally’s Corporation (NYSE: BALY) today announced that, after conducting a thorough evaluation, it has entered into exclusive, multi-year agreements with Kambi Group plc, the world’s trusted sports betting partner, and White Hat Gaming, the leading PAM platform solution, to serve as Bally’s B2B online sports betting (OSB) and platform providers.
Combining these market-leading services with Bally’s core strengths, including its expansive footprint, which will consist of 17 casinos across 11 states once ongoing projects are completed, a robust, proprietary player database, an integrated Bally Rewards program, and a cross-functional marketing operation, will support the relaunch of Bally Bet — Bally’s online sports betting platform — which the Company expects to occur across seven states and at four retail gaming locations by the end of 2023. They will also enable Bally’s to expand its OSB presence globally over time.
Through these partnerships, Bally’s will leverage Kambi’s and White Hat’s proven technology integration, extensive licensing across regulated jurisdictions, end-to-end solutions, and track record of executing quick launches to support the expansion and enhancement of its online and retail sportsbooks. In addition, the fixed cost structure previously associated with powering Bally’s B2C sports betting platforms will shift to a variable cost structure that will generate significant cost savings and reduce risk. These benefits, coupled with enhancing Bally’s online and retail sportsbooks to drive further customer engagement with the Bally brand, will better position the Company to deliver near- and long-term results to investors.
Robeson Reeves, Chief Executive Officer of Bally’s Corporation, said, “We are very excited to have entered into long-term agreements with both Kambi and White Hat — two of the world’s most established and trusted gaming technology companies. Kambi provides an award-winning sportsbook that delivers unrivaled sports betting entertainment. By incorporating that with White Hat’s PAM platform solution, as well as our geographic reach, customer base, and marketing prowess, Bally’s will be optimally positioned to achieve significant scale and capture substantial market share in the global gaming market. This, in turn, will support our vision of becoming the premier, full-service, vertically integrated casinos and resorts, online sports betting, and iGaming company.”
Under the terms of the Kambi partnership, Bally’s will integrate Kambi’s mature suite of omnichannel products, trading capabilities, content solutions, and model driven approach to liability management to deliver unrivaled online and retail sports betting entertainment, and iGaming offerings, to Bally’s global customer base. Additionally, Bally’s maintains the option, pending the satisfaction of certain material performance metrics, to acquire a license to a limited part of Kambi’s online and retail technology source code. Should Bally’s exercise the option and pay an agreed sum, the two parties would enter into a separate long-term outsourcing agreement in relation to Kambi’s range of modularized services.
Kristian Nylén, Kambi Chief Executive Officer and Co-founder, said, “We are pleased to enter into this long-term partnership with Bally’s to enable the enhancement and expansion of its online and retail sports betting platform and services. Kambi is the proven global leader in sportsbook provision and I believe this powerful collaboration with Bally’s will deliver its customers the next generation betting entertainment they demand.”
Through the White Hat Gaming partnership, Bally’s will be supplied with its PAM platform solution, which includes its proprietary cashier, multiple RGS integrations, managed services, and its traveling wallet™, built end-to-end by White Hat for agility and flexibility in regulated U.S. markets. White Hat’s PAM platform will also provide Bally’s with sports betting and casino content via a mixture of direct supplier and aggregator integrations through its casino module.
Phil Gelvan, CEO of White Hat Gaming, said, “We are excited to partner with an innovative gaming company such as Bally’s, whose vision for growth and diversification complements that of White Hat. We are confident that our core technology, including our best-in-class PAM solution, plus our managed service offering, will not only enhance the Bally’s experience and player engagement, but also support its expansion strategy.”
The Kambi and White Hat partnerships represent the latest step in Bally’s long-term growth and development strategy, and come on the heels of Bally’s recent restructuring of its North America Interactive business segment — a complete redevelopment of the Company’s technology department pipeline that will form a more competitive and cost-efficient go-to market strategy.