Bally’s Betting Spree Includes Online Deal, Sinclair Partnership

Bally’s Corp. is acquiring closely held Bet.Works Corp. and signing a marketing agreement with Sinclair Broadcasting Group Inc., a pair of deals that could help turn a once-modest Rhode Island horse-track operator into a big player in sports betting.

The Providence-based company has agreed to pay $125 million -- half in cash and half in stock -- for Bet.Works, an online-betting technology firm. As part of the transaction, Bet.Works Chief Executive Officer David Wang will stay on as head of a new Bally’s Interactive division.

At the same time, Bally’s has agreed to put its name on 21 regional sports ...