Bally's Corporation and Gamesys Group plc are exploring a combination that would entitle Gamesys shareholders to receive 1,850 pence ($25.37) per share.

As a potential rationale for the move, the two companies believe online gaming and sports betting in the US present significant opportunities for synergy between the two companies.

A statement read: "Bally's and Gamesys believe having a combination of both proven, developed technology and land-based platforms across key US states, with global brands, existing customer bases and complementary product offerings will be key to taking advantage of these growth opportunities."

Additional factors referenced were that Bally's long-term growth strategy would be accelerated, while Gamesys' existing platform would benefit from Bally's "fast-growing" land-based and online platform.

The statement continued: "Bally's would benefit from Gamesys' proven technology platform, expertise and highly respected and experienced management team. These offerings, integrated with Bally's online sports betting platform via the pending Bet.Works acquisition and the transformational media partnership with Sinclair Broadcast Group, would place the combined group in a strong position to capitalise on the quickly developing US online market."

Bally's has made waves in the M&A department since rebranding from Twin River Worldwide Holdings. It recently completed its acquisition of Monkey Knight Fight, although it missed out on the acquisition of Allied Esports Entertainment.

Gamesys itself merged with JPJ Group in September 2019, when JPJ acquired Gamesys for £490m, taking the Gamesys name.