Bally’s Corporation has finalised its acquisition of US daily fantasy sports (DFS) operator Monkey Knife Fight.
Agreed in January, the all-stock acquisition makes Bally’s only the third sports betting operator in the US to have a fantasy sports segment.
The original agreement stated Monkey Knife Fight would receive immediately exercisable penny warrants to purchase approximately $50m in Bally’s common shares at closing.
The DFS brand would also receive contingent penny warrants to purchase up to approximately $20m in additional shares on the first and second anniversaries of the deal closing, for a possible total of up to $40m.
Monkey Knife Fight has approximately 200,000 registered users and 90,000 depositing players, with a presence in 37 US states, Washinton DC and also in Canada.
“We are pleased to have closed on our acquisition of Monkey Knife Fight, and are now focused on integrating this unique asset into our Bally’s Interactive division,” Bally’s president and chief executive George Papanier said.
“Entering the daily fantasy sports market is an integral component of our omni-channel approach and an important milestone for our company as we continue our long-term diversification strategy.
“We look forward to providing sports fans across the nation with a dynamic and engaging DFS platform that is commensurate with the premier offerings that define the Bally’s portfolio.”