Dragonplay, which was launched in 2010, currently ranks among the ten top grossing developers in the social casino genre with 700,000 daily users.
The company was owned by venture capital firms Accel Partners, Founder Collective and Entrée Capital.
In the fiscal year to end-March, Dragonplay generated an EBITDA of more than $10m.
Bally will make an upfront payment of $51m and up to a further $49m subject to Dragonplay meeting certain financial performance targets.
Accel backed the company in April 2012 by participating in its $14m in a Series A round.
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