New Jersey has risen to the top in the number one position for most profitable sports betting market in the U.S. With that news comes another jolt for the economy down by the shore in Atlantic City, as FanDuel has announced a new partnership with Bally Casino in Atlantic City.
The partnership with Fanduel was not the only recent headline involving Bally’s. The company also announced that Twin River Worldwide Holdings will change its name to Bally’s Corp. On November 9th, Bally’s Corp will begin publicly trading on the New York Stock Exchange under the symbol BALY.
The trading kick off will coincide with their new sportsbook at the brick and Mortar facility on the famed Atlantic City boardwalk, a location previously owned by Caesars Entertainment.
A source involved in the new partnership said that Twin River Worldwide already has a partnership with Twin River in Colorado. The sportsbook will now offer online sports betting in New Jersey under the new agreement. Patrons will be able to place bets in person at the Boardwalk location in early 2021 as the sale of Bally’s to Twin River still has to be finalized before sports betting will be available in person.
FanDuel’s Second Deal In New Jersey
Matt King, the CEO of DraftKings, weighed in on the new partnership in Atlantic City. He said, “We are excited to expand our retail footprint in the state to include Atlantic City. We are excited to get started and be a key piece in Twin River Worldwide Holdings transformation of the iconic Bally’s Atlantic City Hotel and Casino.”
Twin River made the announcement that a purchase was in the works for Bally’s which was previously owned by Caesars Entertainment. The deal also granted Twin River permission to rebrand all of their Bally holdings in the U.S.
Sources said the properties will get fresh new looks and there will be massive kick off campaigns to drum up interest in the new brands.
“DraftKings and Twin River, have a huge campaign planned for early 2021, to relaunch the Bally property in Atlantic City, and the Twin River property in Colorado.”
Sports analysts J.B. Duncan, said, “Bally’s and Twin River already has a very impressive sports betting and gaming presence in the West. This Atlantic City Bally’s deal will be very encouraging for their footprint in the Eastern part of the country.”
Sportsbooks In Nine New Jersey Locations
Once the temporary FanDuel sportsbook opens on the Atlantic City Boardwalk, there will be nine brick and mortar sports betting platforms in the state as New Jersey continues to dominate the sports betting market. Duncan said that Nevada had been the leader in all aspects of gambling for decades upon decades, but New Jersey has stolen their thunder.
Soo Kim the CEO of Twin River said his team is excited to be involved in a partnership with such an iconic brand.
Kim said, “The Bally’s brand embodies a rich history in American gaming and entertainment, aligning perfectly with our current and future growth strategy. The brand is ripe with untapped innovation potential to help us launch future entertainment services. We thank Caesars Entertainment for entrusting us with one of the industry’s most iconic names.”
This has been banner few years for Twin River. They have assembled a team of brilliant minds from aspects of the gaming and tech industries, to assist them with development and business acquisitions.
Twin River owns and/or operates 14 casinos across the United States. They also have a racetrack and several off track betting (OTB) sites across ten different states. Twin River is an extremely competitive entity in the sports betting industry that will continue to grow and expand in the coming years.