Bally’s Corporation to Acquire MKF

Spread the Word:

Bally’s Corporation announced on Monday that it has acquired Monkey Knife Fight (MKF), for up to $90 million in stock. The acquisition of the third-largest daily fantasy sports (DFS) operator in North American in an all-stock transaction will widen Bally’s drive to add online sports betting, casino, and media companies and is part of the company’s long-term growth and diversification strategy.

The gaming company’s recent addition also complements its recent media deal with Sinclair Broadcast Group and Bally’s pending acquisition of Bet.Works. More importantly, Bally’s now becomes the third US sports betting brand to have a daily fantasy sports offering, along with Boston-based DraftKings and New York-based FanDuel.

Who is Monkey Knife Fight?

MKF is the third-largest Daily Fantasy Sports (DFS) sports operator in North America, with a business spreading across 37 states and with 180,000 registered users and as many as 80,000 depositing players. Last year, MKF was also ranked by SponsorUnited as the sixth most-searched-for and tenth fastest-growing entity in sports and entertainment. The brand provides its loyal users with a dynamic and creative slate of daily sports and e-sports contests.

In a statement, Founder and CEO of Monkey Knife Fight, Bill Asher, said he’s proud of the company’s achievement since its inception in 2017. Asher said the company has distinguished itself from competitors by providing unique experiences for its players, forming strategic partnerships with teams, players unions, and ownership groups, besides acquiring strategic assets to strengthen its position in the market. He added that the company is proud of all its accomplishment over the past years at MKF, believing that the “talented” Bally’s team has the potential to grow and develop “what is already a great business.”

What Will the Deal Achieve?

Thanks to the new platform, the widest reach will allow Bally’s to gain customers in states where sports betting is not yet regulated. The same edge has enabled DraftKings and FanDuel to lead the US sports betting as the two largest sports betting entities. Bally’s will become the third force in DFS now.

In a press release, Bally’s stated that MKF will support its plans to develop sports bettors’ databases in the states with the largest population- such as California, Texas, and Florida. These states are projected to account for up to 25% of US sports betting revenues. Bally’s is also convinced that MKF will allow it to build a player database in Canada, where sports betting could be legalized at any time in the near future. Additionally, the combination will lead to Bally’s developing new and engaging content with MKF for its customers. Having MKF’s DFS platform can also ensure players’ loyalty with Bally’s, who could otherwise move to DraftKings or FanDuel to play fantasy sports betting.

While commenting on the acquisition, President and CEO of Bally’s Corporation, George Papanier, said the company is excited to enter into the high-growth DFS market. He added that Monkey Knife Fight is a unique asset that Bally’s looks forward to incorporating into its constantly growing omnichannel portfolio of land-based casinos and digital platforms. Papanier said that Bally’s brand is committed to providing a top-class DFS platform to sports fans around the country through its properties and services.

The deal is expected to close during the first quarter of 2021. MKF will get promptly exercisable penny warrants to acquire up to $50 million in Bally’s common shares. In addition, MKF will also receive warrants for up to $20 million in additional Bally’s shares on each of the first and second years of closing.

Related News

Ballys Kansas City Casino
August 5, 2021

Bally’s Corporation Rebrands Casino KC in Missouri

Bally’s Corporation has rebranded Casino KC, previously known as the Isle of Capri, to Bally’s Kansas City Casino as part of its $40 million renovation project. The company has also […]

read more
MGM Grand Hotel & Casino
August 6, 2021

VICI to Acquire MGM Growth Properties in a $17.2B Deal

Real estate investment trust VICI Properties has said it is acquiring MGM Growth Properties in a whopping $17.2 billion deal. The announcement that came Wednesday could make the casino owner […]

read more
October 25, 2020

Twin River Acquires Bally’s Brand from Caesars

Twin River Worldwide Holdings has recently announced a deal with Caesars Entertainment to acquire Bally’s brand for $20 million. In April, Rhode Island-based company revealed its plan to purchase the […]

read more
NFL players
March 25, 2021

Bally’s Corporation Completes Acquisition of Monkey Knife Fight

Bally’s Corporation announced the completion of a deal to acquire Monkey Knife Fight, the third-largest daily fantasy sports operator in North America. According to the news release issued Tuesday, the […]

read more
Rhode Island
June 9, 2021

Rhode Island Legislature Passes Gambling Deal with IGT and Bally’s

The Rhode Island lawmakers have passed a gambling deal, promising more revenue for the state by creating a joint venture between its two partners – IGT and Bally’s Corporation. Both […]

read more
Tropicana Hotel & Casino Las Vegas
April 15, 2021

Bally’s Acquires Tropicana Las Vegas Hotel and Casino for $308M

Bally’s Corporation has announced to purchase the Tropicana Las Vegas Hotel and Casino from Gaming and Leisure Properties, Inc. for $308 million. The transaction is expected to close early next […]

read more
MGM Grand Hotel & Casino
January 8, 2021

MGM Confirms Takeover Proposal to Acquire Entain

MGM has confirmed it made an offer to acquire Entain but added it could not confirm if it will make a firm bid to merge its British partner. The latest […]

read more
AVP Women's Beach Volleyball Tournament
July 18, 2021

Bally’s Acquires the Association of Volleyball Professionals

Bally’s Corporation on Thursday acquired the Association of Volleyball Professionals, the biggest professional beach volleyball tour in the United States. The acquisition represents the Rhode Island-based gaming company’s latest step […]

read more
NBA player
March 8, 2021

NBA Names Bally’s Corporation its Authorized Sports Betting Operator

Bally’s Corporation has announced a new partnership, making it the authorized sports betting operator of the National Basketball Association. The strategic deal revealed Thursday represents Bally’s second such sports betting […]

read more
June 17, 2020

Will Draftkings Acquire Bleacher Report?

A recent report, or perhaps rumor, suggested that DraftKings was aiming to buy Bleacher Report (BR), a dwindling media company facing financial challenges. Although the news was immediately dismissed, it […]

read more
Businessmen shaking hands
November 23, 2020

Bally’s To Acquire Sports Betting Platform Bet.Works

Bally’s Corporation has recently entered into a definitive agreement to acquire the sports betting provider Bet.Works for $125 million. Bet.Works is a US-based sports betting platform to operators in New […]

read more
Bally's Casino
June 23, 2021

Bally’s Partners With Boot Hill Casino to Launch Mobile Sportsbook in Kansas

Bally’s Corporation has expanded to 14th state following a market arrangement, allowing it to give sports betting access to Kansas following legalizagiton. On Monday, the Rhode Island-based company partnered with […]

read more

Stay Updated & Receive Exclusive Offers

Be the first to know when new states legalize online gambling and gain access to exclusive casino and sports betting promotional offers.