The omnichannel operator will integrate Monkey Knife Fight’s award-winning daily fantasy sports product into its growing interactive division.
The all-stocks acquisition was first announced in January and highlighted Bally’s commitment to a long-term, diversification-led growth strategy.
Monkey Knife Fight will immediately received close to $50m in Bally’s common shares, as well as up to $20m in additional shares on the first and second anniversaries of the deal’s close.
The company’s DFS platform is the third most-used in the U.S. market with approximately 2000,000 registered users and 90,000 depositing accounts across 37 states.
George Papanier, president and CEO of Bally's Corporation, said: "We are pleased to have closed on our acquisition of Monkey Knife Fight, and are now focused on integrating this unique asset into our Bally's Interactive division. Entering the daily fantasy sports market is an integral component of our omnichannel approach and an important milestone for our Company as we continue our long-term diversification strategy.”
The acquisition will “contribute to Bally's growing player database and provide the Company with a significant advantage in launching its own B2C sports betting operations,” according to a Bally’s press release.
Following implementation of the Monkey Knife Fight platform, Bally’s will become only the third sports betting operator to have an integrated DFS vertical. Financial reports from competitors already running fantasy sports products have shown a high potential for player conversion from free to play apps to real-cash wagering.