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BALLY’S CORPORATION TO ACQUIRE PREMIER U.S. REGULATED SPORTSBOOK TECHNOLOGY PLATFORM BET.WORKS

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Proprietary Technology Stack Key Step In Bally’s Transformation To Become Premier Vertically Integrated Omni-Channel U.S. Gaming Provider

Acquisition Enables Significant Expansion of Sports Betting and iGaming Initiatives

Bally’s Corporation announced that it has entered into a definitive agreement to acquire Bet.Works, a U.S. based, sports betting platform provider to operators in New Jersey, Iowa, Indiana and Colorado, for $125 million, subject to adjustment. Upon acquiring Bet.Works’ proprietary technology stack and turnkey solutions, which include marketing, operations, customer service, risk management and compliance, Bally’s will become the premier, full-service, vertically integrated sports betting and iGaming company in the U.S. with physical casinos and online gaming solutions united under a single, preeminent brand, thus enabling it to launch its B2B2C business model.

Half of the Bet.Works purchase price will be paid in Bally’s common stock, which Bet.Works shareholders have agreed to hold for at least a year.

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The Bet.Works acquisition represents the latest step in Bally’s long-term growth, development and unification strategy. Over the past two years, Bally’s has engaged in strategic and opportunistic expansion of its gamingand entertainment properties, which will include14 casinos across 10 states once all pending transactions are completed. In addition, Bally’s recently acquired its iconic brand, which is synonymous with U.S. gaming and entertainment, and commensurate with the premier properties and amenities that define the Company’s portfolio.

The Bet.Works acquisition, which complements these initiatives, will provide Bally’s with a suite of advanced omni-channel products, platforms, software and content solutions that will enable it to deliver unrivaled sports betting and iGaming offerings to customers on a national scale. According to investment research by major Wall Street analysts and management estimates, the U.S. sports betting and iGaming market is expected to grow to $12 billion by 2025 and reach $50 billion at maturity. Bally’s estimates that the U.S. sports betting and iGaming market will reach $2.6 billion this year.

“This is the next step in our Company’s evolution,” said Soo Kim, Chairman of Bally’s Corporation’s Board of Directors. “By combining our expanding national footprint of casinos, the recently acquired Bally’s brand, and Bet.Works’ proprietary technology stack, we have evolved in just a few short years from a regional casino operator into the first U.S. gaming company committed to serving our customers with an omni-channel approach, combining the best of our physical properties with a superior online experience.”

Following the acquisition, Bally’s will form two distinct operating divisions: “Bally’s Casinos,” which will be comprised of Bally’s physical gaming and entertainment properties, and “Bally’s Interactive,” which will include new and existing contracts for sports betting and iGaming, including all of Bet.Works’ sports betting operations.

George Papanier, President and Chief Executive Officerof Bally’s Corporation, commented, “We are very excited to welcome Bet.Works to the Bally’s family. Owning Bet.Works’ superior technology platform will not only give Bally’s a long-term margin advantage online, but, more importantly, will also allow us to evolve our interactive product suite to go where sports betting and iGaming customers are headed quickly. David Wang and his team at Bet.Works have already demonstrated impressive growthand the ability to execute while creating a differentiated platform. We are very pleased to bring this technology to our more than 14 million active customers who will experience Bally’s Casinos and Bally’s Interactive as a unified brand with a single player card and rewards system.”

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David Wang, Founder and CEO of Bet.Works, will serve as the CEO of Bally’s Interactive upon closing the transaction. Bally’s Interactive will integrate Bet.Works’ experienced team of over 130 employees across three offices, including approximately 90 engineers, into its interactive operations. Bally’s Interactive also plans to open a technology development center in Rhode Island by the end of 2021, initially with 25employees.

Wang stated, “We are pleased to be joining the Bally’sfamily, which has demonstrated a remarkable trackrecord of growthand diversification with a proven management team. We remain committed to creating the world’s best sports entertainment products, as well as delivering innovative and exciting solutions for sportsbetting and iGaming consumers across Bally’s national footprint. Bet.Works will continue to offer our best in class solutions to our existing B2B clients and our future partners in the U.S. market as we expand our reach into newly regulated states. Our turnkey solutions, which include Marketing, Operations, Customer Service, Risk Management and Compliance, combined with our dedicated launch teams, will ensure we maintain a leading position in the B2B sector while powering Bally’s Interactive. Bally’s is the perfect home for Bet.Works as it will allow us to continue to grow and innovate.

Bally’s expects to close the transaction during the first quarter of 2021, pending regulatory approval and other customary closing conditions.

 

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Andy Whitworth CEO at White Hat Studios

White Hat Studios launches in Rhode Island with Bally’s

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White Hat Studios, the fast-growing slots provider to the US iGaming market, has become the first supplier in the region to go live in seven regulated iGaming states after launching with Bally’s in Rhode Island.

The landmark achievement demonstrates the provider’s substantial growth throughout the country, becoming one of the leading suppliers of casino entertainment within all major regulated states.

Rhode Island follows West Virginia, New Jersey, Michigan, Connecticut, Pennsylvania and Delaware in the line-up of states in which White Hat Studios content has gone live, following partnerships with major brands including BetMGM, FanDuel, DraftKings and Caesars. The supplier recently celebrated its 50th operator partner in the US, another impressive feat in its overall story since it was founded.

White Hat Studios has experienced outstanding success in the country with its multi-faceted portfolio of content, with the latest Eilers-Fantini Online Slots Features Report detailing how the provider has almost doubled its gross gaming revenue (GGR) shares at the start of 2024.

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Its content offering also includes player-favourite titles including The Goonies and Ted Cashlock, alongside its standout USP Jackpot Royale, with 30 games contributing to three progressive local operator jackpots which paid out a total of $9.8 million in 2023.

White Hat Studios is setting its sights on further growth and success in the US for 2024, with a strong product roadmap that is set to further cement its position as a leading supplier in the country.

Andy Whitworth, CEO at White Hat Studios, said: “Entering our seventh regulated state in the US market is another incredible milestone for us at White Hat Studios, and a showcase of our team’s sheer dedication to achieving our company-wide goals of becoming a leading supplier in the region.

“So far, our games have been embraced and enjoyed by hundreds of thousands of players in the US, with our partner operators noting impressive engagement rates. We’re confident that our entry into Rhode Island will help continue our upward trajectory.”

Craig Eaton, President, Rhode Island Operations at Bally’s, added: “White Hat Studios has become one of the most prominent providers in North America, and for good reason. Their dynamic, exciting slots – some of the most consistent top-performers in the market – are sure to thrill Bally’s customers.

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“We look forward to a successful partnership, and we’re anticipating that our players will embrace their multi-faceted content offering.”

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Bally's

Fanatics, Hard Rock Digital, PointsBet Join Coalition of Leading Online Operators Focused on Responsible Gaming

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A coalition of the largest online gaming operators in the US, which came together last September to agree on industry-led responsible gaming standards, has welcomed three new members to its ranks: Fanatics Betting and Gaming, Hard Rock Digital, and PointsBet.

The industry-leading coalition now includes the following nine members: Bally’s, BetMGM, DraftKings, Entain, Fanatics, FanDuel, Hard Rock Digital, PointsBet, and MGM Resorts International.

“PointsBet is proud to join the Responsible Gambling Coalition to continue bolstering our commitment to this important topic. Responsible gambling is a core priority for our business and requires meaningful collaboration with all stakeholders, inclusive of operators competing within the same markets, to promote this aspect of our industry and ensure safe practices are followed,” Rachel Kasper, SVP of Legal and Compliance of PointsBet US, said.

“We are proud to collaborate and partner with our industry colleagues. We are committed to the 12 responsible gaming principals and providing our fans tools and resources to enjoy our products,” Anthony D’Angelo, Sr. Manager of Responsible Gaming at Fanatics Betting & Gaming, said.

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“Hard Rock Digital is pleased to have this opportunity to collaborate with our fellow operators to promote and maintain an industry-wide atmosphere of responsible gambling. We’re committed to serving our players with educational tools, resources, and support to ensure a safe and enjoyable online gaming experience,” Danny Crook, SVP of Operations at Hard Rock Digital, said.

The industry-leading operators have further followed through on their commitment to the principles, which will be reviewed externally by a panel of experts who will provide guidance for future endeavors. Each operator has developed reports on their activities to date that align with each of the 12 principles, and projects carried out by individual members of the group include:

  • Launched a variety of responsible gaming tools and sites.
  • Appointed Responsible Gaming Ambassadors, including Craig Carton and Amanda Serrano, and worked with former New York Giant Amani Toomer and former New York Knick Charles Oakley to promote responsible gambling.
  • Committed to the need for a unified, nationwide responsible gaming toll-free helpline, and continue to advocate for its adoption.
  • Established research partnerships with industry-leading institutions including the Massachusetts Council on Gaming and Health, the Division on Addiction of the Harvard Medical School, and the ICGR Sports Wagering Research Fund.
  • Partnered with the National Council on Problem Gambling (NCPG) by serving as donors and Advisory Board members; helping to fund the organization’s agility grant program; and supporting NCPG and its state affiliates through a State Council Funding Program.
  • Received the RGCheck accreditation from the Responsible Gambling Council, the leading international authority on responsible gambling, with several others moving through the accreditation process.
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Bally's

Bally’s Appoints Robeson Reeves As CEO

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Bally’s Corporation announced that Lee Fenton, CEO, will step down and Robeson Reeves, President – Interactive, will take over as CEO, effective March 31, 2023.

Fenton became CEO of Bally’s on October 1, 2021 following the acquisition of Gamesys Group PLC where he had been CEO since 2015. Fenton will also step down from the Bally’s Board of Directors.

Soo Kim, Chairman of Bally’s Corporation’s Board of Directors, said, “On behalf of the Board of Directors, I want to thank Lee for his excellent leadership and valuable contributions to Bally’s. Lee has led Bally’s through the effective integration of Gamesys, leaving us well positioned for future growth. During his time, he also established the purpose and values of what is now an integrated Bally’s group. We look forward to building on what Lee has helped develop, and we wish him all the best in his next chapter.”

Kim continued, “I am excited to have Robeson succeed Lee as CEO. Robeson has an extraordinary mind and the drive required to excel as he takes the helm. Robeson has been a member of the Board since the Gamesys acquisition and his appointment represents the Board’s commitment to the development of the very best talent at Bally’s.”

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Lee Fenton, Bally’s outgoing Chief Executive Officer, said, “I want to thank Soo and the rest of the Board for my time at Bally’s and for the work through the transition to Robeson’s leadership. Bally’s is an extraordinary business with extraordinary people, and I want to thank each and every one of them for the support they have shown me and the commitment they continue to bring to the business. It is particularly special for me to be able to hand the reigns to Robeson with whom I have worked for over 14 years. Robeson is a unique talent and the time is right for him to lead Bally’s.”

Robeson Reeves, Bally’s incoming Chief Executive Officer, said, “I am honored to lead Bally’s and grateful for the support and confidence shown in me by my fellow Board members. We are a unique company with a robust core and an extraordinary set of opportunities ahead of us. I look forward to working hard with my Executive Team and all our teams to take those opportunities and maximize our growth.”

Reeves joined Gamesys in September 2005 and held several leadership positions since that time. Prior to his current role with Bally Interactive, Reeves served as Chief Operating Officer of Gamesys since July 2015, and before that as Gamesys’ Director of Gaming Operations.

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