In 2021 Monkey Knife Fight (MKF) was the fasted growing legal sports betting platform in North America, but by the end of 2022, MKF’s revenue dropped by 36% YoY.
As reported, Bally's has officially decided to move on from MKF.
"Simply put, our North America Interactive results in 2022 were unacceptable," said new CEO Robeson Reeves. With Bally’s rethinking their position on betting sites, MKF was on the chopping block and decided to close the platform after unsuccessfully looking for a new buyer.
We’re gonna miss you ??
— Monkey Knife Fight (@mkf) February 28, 2023
Drop your favorite MKF memory in the comments ???? pic.twitter.com/HwVl3qslZh
MKF was a daily fantasy sports company that included esports and NASCAR, along with the usual sports. In 2021, Bally’s purchased the company for $90 million in stock.
Just two years later, Bally’s North American Interactive Division — which included BallyBet, Bally’s online casino — and MKF lost $428 million. With that news, Reeves is expecting to cut the division’s workforce by 15%.
Not ready to give up yet
Despite the overall losses, BallyBet doesn’t appear to be in trouble. Although, the BallyBet sportsbook lags well behind FanDuel and DraftKings in every state they operate in.
In Indiana, Bally’s had a $115,000 handle vs. FanDuel’s $142 million, and just .11% of Virginia’s market while FD has 41%.
"We are in for the long haul," Reeves said about the sports betting business. "We believe in having a global business."
