The rollout of the Bally’s Corp. name on the regional sports networks operated by Sinclair Broadcast Group is expected to begin in the next few months, the companies said Wednesday.
Bally Sports will replace Fox on 19 regional sports networks throughout the U.S.
The deal with Sinclair, announced in November, is part of Bally’s sports betting launch that included the acquisition of sports wagering platform Bet.Works last fall for $125 million.
The Rhode Island-based casino operator, which expected to have 14 properties in 10 states by the end of 2021, created an interactive division to reach both new and current customers across the U.S.
The deal allows Bally to put its brand in front of audiences to integrate sports gambling content into the sports network’s broadcasts. Sinclair executives said it reaches 70% of all U.S. households.
“Rolling out Bally’s iconic logo across Sinclair’s regional sports networks is a rewarding first step in a transformational partnership that is going to revolutionize the U.S. sports betting, gaming, and media industries,” Bally’s CEO George Papanier said in a statement.
As part of the rebrand, two of Sinclair’s regional sports networks will transition to new geographic monikers when Prime Ticket becomes Bally Sports SoCal, and Sports Time Ohio becomes Bally Sports Great Lakes. The moves are to further align the regions with their true geographical roots and the new Bally’s partnership.
Also, two limited part-time channels in the south region – Fox Sports Carolinas and Fox Sports Tennessee – will be eliminated. The networks’ live games and original programming – primarily the NHL’s Nashville Predators and Carolina Hurricanes – will move to Bally Sports South and Bally Sports Southeast.
“It signifies a new, transformative chapter in the regional sports business and is representative of our cohesive partnership with Bally’s,” said Steve Rosenberg, president of local sports for Sinclair.
Bally’s, which plans to make increase its sports betting presence through the Bet.Works deal will now have exclusive access to fans of 42 NBA, Major League Baseball, and NHL teams whose games are currently broadcasted on Sinclair’s regional sports networks.
Bally’s and Sinclair officials’ plan is for viewers to eventually be able to wager on games with Bally’s directly from their televisions.
Sports betting is currently legal and regulated in 20 states and Washington D.C. Five additional states have approved sports betting, but the activity is awaiting regulation other legislative ratifications.
In exchange for the naming rights, Sinclair will acquire 14.9% of Bally’s common shares at 1 cent per share, known as a penny warrant. Sinclair will also receive warrants to purchase up to an additional 10% of Bally’s stock. The shares are contingent on the “achievement of various performance metrics,” which were not disclosed.
Upon rebranding, Sinclair’s regional sports networks include Bally Sports Arizona, Bally Sports Detroit, Bally Sports Florida, Bally Sports Great Lakes, Bally Sports Kansas City, Bally Sports Indiana, Bally Sports Midwest, Bally Sports New Orleans, Bally Sports North, Bally Sports Ohio, Bally Sports Oklahoma, Bally Sports San Diego, Bally Sports SoCal, Bally Sports South, Bally Sports Southeast, Bally Sports Southwest, Bally Sports Sun, Bally Sports West, and Bally Sports Wisconsin.
On Monday Bally’s said it was acquiring daily fantasy sports site Monkey Knife Fight (MKF) in an all-stock transaction that one analyst said could be worth as much as $90 million. The product is viewed as a customer acquisition vehicle for Bally’s sports betting business.
Howard Stutz is the executive editor of CDC Gaming. He can be reached at hstutz@cdcgaming.com. Follow @howardstutz on Twitter.
