The division will be part of a combined company with about €1.1bil of revenue. — Bloomberg
NEW YORK: Bally’s Corp is selling its interactive casino business to Intralot SA in a deal that values the business at €2.7bil (US$3.2bil).
The division, formally known as Gamesys, will be part of a combined company with about €1.1bil of revenue, 60% of that from the United Kingdom, according to a statement.
Bally’s chief executive officer (CEO) Robeson Reeves will also become CEO of the new business. The division’s best known brands include Virgin Games, Monopoly Casino and Jackpotjoy. The deal is expected to close in the fourth quarter.
Bally’s, a casino operator based in Rhode Island, acquired Gamesys in 2021 in a cash and stock deal valued at US$3bil at closing. The idea was to use Gamesys’ established online betting business to build Bally’s offering of online sports and casino games in the United States.
Bally’s will receive €1.53bil in cash as part of the sale. The rest will be paid in stock, making Bally’s Intralot’s largest shareholder.
Intralot, a provider of lottery technology, was founded 33 years ago in Greece by its chairman, Sokratis Kokkalis. It will continue to trade on the Athens exchange. — Bloomberg
