Bally’s Corporation has reached a definitive agreement to acquire the daily fantasy sports operator.
US.- Casino and sports betting operator Bally’s Corporation has announced it has struck a definitive agreement to acquire daily fantasy sports (DFS) operator Monkey Knife Fight (MKF).
After acquiring sports betting platform provider Bet.Works last year, the latest deal is another step in Bally’s long-term strategy to become a fully integrated sport betting and igaming company.
The deal will make Bally’s the third US sports betting operator to have a DFS segment on its platform.
The gaming giant, formerly known as Twin River Worldwide Holdings, will give MKF exercisable penny warrants to purchase $50m in Bally’s common shares as part of the all-stock deal.
The terms also state that MKF will receive contingent penny warrants to purchase up to $20m in additional shares on the first and second anniversaries of the deal’s closing date.
The transaction is expected to complete by the end of the first quarter of 2021.
MKF is the third-largest DFS operator in North America. It has around 180,000 registered users and 80,000 depositing players across 37 US states and Canada.
Bally’s president and chief executive officer, George Papanier, said: “With this acquisition, we are pleased to enter into the high-growth DFS market.
“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.
“As with all of the properties and services that fall under the iconic Bally’s brand, we are committed to providing a best-in-class DFS platform to sports fans around the country.”