Bally’s revenue surges following strong year
First quarter revenue figures of $548.2 million have seen Bally Corporation round off an impressive last 12 months, with this figure substantially up year-on-year from 2021 by a staggering 198.6 per cent.
The online gambling, betting and interactive entertainment company has had a busy year, which has seen it once again open its casino doors to pre-pandemic customers, which has had a considerably positive effect on revenues.
However, there is perhaps more to this than meets the eye, with the company especially busy in other areas over the last year.
Uplift in M&A activity as Bally’s expands aggressively
There has been a flurry of mergers and acquisitions for Bally’s over the last year and it is believed that this has had a major effect on the company’s substantial increase in revenue.
Completing the acquisition of UK omnichannel iGaming company Gamesys last year has seen figures skyrocket, with this being seen as one of the main reasons for such impressive numbers.
However, the path was paved sometime before this deal, with Bally’s essentially putting all of the key foundations in place, without revealing its hand. Multi-million dollar moves for Sport Caller (a B2B, free-to-play software developer), US fantasy sports company Monkey Knife Fight and then Bet.Works, was preceded by the acquisition of a 10-year naming rights deal with Sinclair Media Group’s 21 sports networks.
Of all these targets, it became clear with the purchase of Gamesys, that this was its eventual target, others being part of a tactical team building exercise essentially. However, each one contributed to adding capital to the balance sheet, either directly or indirectly.
Onwards and Upwards for Bally’s
Following the launch of its sportsbook, Bally Bet, 2022 promises to be a big year for the company and it will be interesting to see how all of these moves play out in terms of its ability to be able to compete with its rivals.
Certainly, Bally’s is one to watch in the US market and, is perhaps, one that can mount a serious challenge to the main firms that operate there.
It remains to be seen whether further merger and acquisition activity is on the agenda for Bally’s over the next 12 months, however, they appear to be doing things very strategically – each one being well-thought-out, rather than reactionary.
And, while Gamesys will stay focused on the UK market, for now, there are suggestions that some of the resources could be used to help Bally’s other brands to make an even bigger impact in the US.