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Sinclair Broadcast Renames Sports Channel After Barry’s Casino

Post learned that Sinclair Broadcast Group and casino operator Barry’s Corporation are working together to make big bets on sports gambling.

The two companies have just signed a deal for Sinclair to change the name of its 21 sports network to Barry Sports, sources said.

Barry’s, which owns the Barry’s Atlantic City Hotel & Casino, will pay Sinclair $ 85 million over 10 years for naming rights and will have exclusive access to fans of 42 major teams, including Arizona Diamondbacks, Detroit Tigers and Tampa Bay. will do so. According to Raise and Kansas City Royals, sources.

According to sources, the goal is to allow viewers to ultimately bet on games using Bally’s online gaming tools directly from the TV.

Sinclair’s channel is now named after Fox Sports because it was purchased last year to clarify that Disney purchased 21st Century Fox.

The broadcaster also has the right to acquire a 15% stake in Barry’s, which is listed on NASDAQ, and an additional 15% stake if certain financial targets are met, sources said.

Apart from this, Bally’s has acquired sports betting software company Bet.Works for about $ 100 million and is trying to drive traffic to its site through Sinclair.

Casino companies managed by Soo Kim’s Standard General Hedge Fund can launch new online gaming tools in states where sports betting is legal, such as Nevada, Louisiana, Colorado and New Jersey.

Barry’s, recently renamed from Twin River Worldwide Holdings, now has casinos in 10 states, including Nevada, Mississippi, Missouri, Rhode Island, Colorado, New Jersey, and Louisiana.

The partnership acquired Barry’s new sports betting site plug-in while a Louisiana sports fan, who just approved sports betting this month, was watching a basketball game in New Orleans Pelican. This means that you can use the website to encourage you to place a bet. According to sources.

MBL, NBA, and NHL need to approve whether Barry’s can sponsor a broadcast to promote sports betting tools, sources said.

Sinclair also owns a minority stake in New York’s YES Network, which broadcasts the Yankees and Brooklyn Nets games, but the deal falls short of YES, sources said.

This deal is the latest big bet in the fast-growing sports betting market. In August, billionaire Barry Diller said he had forked more than $ 1 billion to acquire a 12% stake in MGM Resort and was attracted to the fast-growing online gaming business of hotel and casino chains. ..

For Sinclair, sports betting partnerships can help raise views when investment in local sports networks is declining. Sinclair purchased Fox Channel from Disney for $ 9.6 billion in August 2019, but earlier this month reduced its value to $ 4.23 billion, or almost halved.

When the pandemic broke out and the number of games aired on television dropped dramatically, cable networks and streaming services were already paying less for their right to air games. Meanwhile, Dish Networks, Hulu, and YouTube have all removed Fox Sports Channel from their lineup.

Sinclair Broadcast Renames Sports Channel After Barry’s Casino

Source link Sinclair Broadcast Renames Sports Channel After Barry’s Casino

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