BetMGM will continue to be an official sports betting partner of the National Hockey League (NHL) after penning a multi-year extension.
The renewal, announced on Tuesday, will see BetMGM continue to use NHL imagery on its casino games and have “significant branding” visible on nationally televised broadcasts.
BetMGM signed the initial deal in 2018. In April 2022, BetMGM joined FanDuel in expanding its partnership with the NHL. This move was announced in the wake of Ontario launching its sports betting market, allowing BetMGM to expand into Canada for the first time.
BetMGM chief executive Adam Greenblatt is excited for the continuation of the partnership, saying: “Our partnership extension with the NHL enables us to enhance the BetMGM product and offer fans unforgettable entertainment built around the game they love.
“The NHL is more thrilling than ever – a symphony of athleticism, teamwork and skill on skates. We look forward to bringing our customers exceptional live experiences and new content.”
Jason Jayazeri, vice-president of the NHL’s business development arm, stated: “We are thrilled about our partnership extension with BetMGM.
“The evolution of our partnership with BetMGM will focus on building unique and compelling fan experiences.”
Sports a big part of Bet MGM’s plans
The renewal of its NHL deal is another indicator of BetMGM’s growing emphasis on utilising the world of sports to further its brand.
Greenblatt recently explained that 2024 would be the year BetMGM “unlocks” Las Vegas, using the recent Formula One race in the city as an indicator of how the operator will look to tap into the growing sports market. BetMGM took three times the number of bets than any other F1 race in its history.
Greenblatt pointed to the Super Bowl in Las Vegas in February as another opportunity for BetMGM to take advantage of elite sport coming to the region, as well as the Oakland Athletics’ upcoming move to the city.
BetMGM recently announced the New Jersey launch of NHL Gold Blitz, the first ever NHL-endorsed online slot game. The game is expected to launch in all other states where BetMGM holds an igaming licence.
BetMGM’s mixed performance
In its last earnings update, BetMGM announced it was expecting to deliver $500.0m (£396.1m/€462.2m) in positive EBITDA by 2026. Greenblatt also revealed the operator was aiming to reach 25% market share in the US.
Greenblatt says in the current financial year, revenue should be between $1.80bn and $2.00bn, the upper end of its 2023 guidance. BetMGM, a joint-venture by Entain and MGM Resorts International, is expecting to be self-funding from 2024 onwards.
Despite Greenblatt’s optimism, Goldman Sachs noted the stagnation that BetMGM is experiencing. In its Q3 update, Entain revealed BetMGM held an 18% market share in the US. That is level with Q2 and only marginally ahead of the 17% recorded in Q1.