Allied Esports Entertainment has revealed that Bally’s has submitted a proposal to acquire the business for $100m in cash, stock or both, in a deal that would terminate the deal agreed in January to sell Allied’s poker business.
Allied had previously agreed to sell its poker-related business, including the World Poker Tour, for $78.3m to Element Partners. Under the Bally’s deal, Allied would terminate the Element deal.
Allied said that its board of directors will “evaluate Bally’s proposal in due course”.
“There can be no assurance that the Company will enter into a definitive agreement with Bally’s or consummate any transaction with Bally’s,” it said.
Currently, the Allied board continues to recommend Element’s offer.
It added that it continues to communicate with Element over potential updates to the currently agreed acquisition.
If Allied shareholders vote for the deal, the Element deal would close on 31 March.
Bally’s has made a series of recent acquisitions.
In November 2020 it agreed to acquire sportsbook technology platform Bet.Works. It then struck a deal for daily fantasy business Monkey Knife Fight in January this year.
Last month, it agreed to acquire free-to-play games provider SportCaller.