Bally’s agrees to acquire DFS site Monkey Knife Fight
Bally’s Corp. has entered into a definitive agreement to acquire daily fantasy sports company Money Knife Fight, making Bally’s the third major sports betting company to include a DFS platform.
The deal is an all-stock transaction worth approximately $90m. MKF will immediately obtain $50m worth of Bally’s stock with the option to purchase another $40m over the next two years.
Bally’s, formerly known as Twin River Holdings, is based in Lincoln, Rhode Island.
“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,” said George Papanier, President and Chief Executive Officer of Bally’s Corporation. “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.”
MKF has 180,000 users including 80,000 depositing players, according to Bally’s. MKF is partners with four professional sports teams including Major League Baseball’s San Diego Padres and Milwaukee Brewers.
The company is based out of San Jose, Calif.
“Since our inception, we have distinguished ourselves from competitors by providing the best experiences for our valued players, forming strategic partnerships with teams, ownership groups and players unions, and acquiring strategic assets to bolster our position in the market,” said Bill Asher, Founder and Chief Executive Officer of Monkey Knife Fight. “I am immensely proud of all we have accomplished over the past three years at MKF and am confident that the talented Bally’s team has what it takes to continue to grow and develop what is already a great business.”
Pending the acquisition, Bally’s will become the third operator to host sports betting and DFS, joining DraftKings and FanDuel.
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