What happened Shares of Sinclair Broadcast Group (NASDAQ: SBGI) spiked Thursday after the company recently announced that it had entered into a long-term sports betting and online gambling partnership with Bally's Corporation (NYSE: BALY). The communication stock jumped by as much as 19.5% during today's trading and was up by 6.1% as of 1:01 p.m. EST. So what Sinclair said in a press release yesterday that it's teaming up with Bally's to "... create unrivaled sports gamification content on a national scale, positioning Bally's as the premier omni-channel gaming company with physical casinos and online sports betting and iGaming solutions united under a single brand." Image source: Getty Images. Bally's will integrate its content into the 190 television stations that Sinclair owns and operates across 88 markets. The deal will help Bally's capture more market share in the U.S. sports betting and online gaming market while allowing Sinclair to receive warrants and options for a minority stake in Bally's. Sinclair investors were clearly excited to hear that the company could gain a minority stake in Bally's, and pushed Sinclair's stock higher on the news. No what The partnership will span 10 years under the deal and the companies said that the partnership will create unrivaled sports gamification and content on a national scale. The size and scope of the integration between the two companies is large, and investors should remember to be patient as they wait to see how the partnership affects Sinclair's top and bottom lines. 10 stocks we like better than Sinclair Broadcast GroupWhen investing geniuses David and Tom Gardner have a stock tip, it can pay to listen. After all, the newsletter they have run for over a decade, Motley Fool Stock Advisor, has tripled the market.* David and Tom just revealed what they believe are the ten best stocks for investors to buy right now... and Sinclair Broadcast Group wasn't one of them! That's right -- they think these 10 stocks are even better buys. See the 10 stocks *Stock Advisor returns as of October 20, 2020 Chris Neiger has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.Source