Tag: BetMGM

DraftKings and BetMGM secure market access in North Carolina

DraftKings and BetMGM have struck market access agreements in North Carolina ahead of the Tarheel State launching its legal sports betting market.

Both arrangements cover sports wagering in North Carolina. DraftKings will partner with stock-car racing series Nascar and BetMGM the Charlotte Motor Speedway in the state.

Under DraftKings’ deal with Nascar, the operator becomes the series’ exclusive daily fantasy sports partner in the US and Canada. DraftKings will also be an authorised gaming operator of NASCAR and secure additional sponsorship benefits across Nascar.

Subject to regulatory and licence approvals, North Carolina will become the 27th US state in which DraftKings is active. This comes after it also secured approval in Vermont last month.

“DraftKings and Nascar have collaborated closely with each other over the years, sharing a like-minded commitment to enhancing the fan experience,” DraftKings’ North America president, Matt Kalish, said. “We look forward to the next chapt..

Read more

Greenblatt: 2024 the year BetMGM unlocks Las Vegas

Speaking at Morgan Stanley's Global Consumer and Retail Conference, BetMGM's CEO says 2024 will be the year they unlock America's gaming capital.

BetMGM will “unlock” Las Vegas in 2024, according to CEO Adam Greenblatt.

Speaking at the Morgan Stanley Global Consumer and Retail Conference on Wednesday (6 December), Greenblatt says BetMGM will look to capitalise on the influx of sports events in Las Vegas.

Sports and Las Vegas licence to be key

The recent Formula One race in the city attracted 300,000 fans and was a record-breaking weekend for BetMGM. The operator took three times the number of bets than any other F1 race in its history.

“[20]24 is the year we unlock Las Vegas,” Greenblatt stated. “Why that’s important, is because recruiting a player in Vegas costs 27% of the cost of acquiring that player in the open market. They’re also more than 130% as valuable.

“The role of Vegas in player acquisition and retention is really important. Those players we acquire ..

Read more

BetMGM expects to reach $500m EBITDA by 2026

BetMGM aims to reach 25% market share in the US by 2026, as well as delivering $500.0m (£396.1m/€462.2m) in positive EBITDA.

BetMGM set the 2026 goal after revealing it expects to be at the higher end guidance for 2023. In the current financial year, revenue should be between $1.80bn and $2.00bn, according to CEO Adam Greenblatt.

At an investor presentation yesterday (4 December), Greenblatt detailed how BetMGM, a joint-venture by Entain and MGM Resorts International, was expecting to be self-funding from 2024 onwards.

The business sees next year as an investment period, having already proved profitability in 2023. While it expects to achieve a profitable H2 2023, BetMGM expects negative EBITDA for 2024 in what it bills as an “investment year”.

Investment plans

When pressed on how much cash was available to invest, Greenblatt and CFO Gary Deutsch would not disclose the exact amount. However, the pair said plenty of money is available to “compete and invest for growth at the hi..

Read more

How Adam Greenblatt is sharpening BetMGM’s competitive edge

Adam Greenblatt set BetMGM on a path to profitability and the business will be self-sustaining in the second half of 2023. How will he make sure the operator stays ahead in the US sports betting market as new competitors emerge?

July’s update on BetMGM’s first half performance confirmed the operator was on the path to profitability outlined by CEO Adam Greenblatt in June.

The business will be self-sustaining in the second half of the year. There will be no additional equity investment from joint venture partners MGM Resorts and Entain, beyond the $150m committed for 2023.

BetMGM CEO Greenblatt believes a new phase of competition could be imminent in the US

Greenblatt believes that BetMGM could operate as a separate business and stand on its own two feet if necessary.

“It could be a permanent state, absolutely,” he says of BetMGM as a self-sustaining entity. “[But] I think whether or not that is indeed a permanent state depends on how we want to ramp up and how quickly we want t..

Read more

BetMGM seals Sportradar NBA tracking data deal

BetMGM will have access to products and services supported by NBA optical tracking data under an expanded partnership with Sportradar.

BetMGM will use the products to expand its in-play betting markets and its prop and parlay offerings.

Sportradar’s partnership with the NBA gives it access to player tracking data from the start of the 2023-24 season. The new NBA campaign got underway yesterday (24 October). Sportradar also exclusively provides NBA data worldwide and distributes live coverage of the league to sports betting operators globally .

Sportradar chief commercial officer Eduard Blonk said the BetMGM deal will support “the return-on-investment of our partnership with the NBA”.

“We’re pleased our value-add products and services will unlock the potential of NBA optical tracking data for BetMGM,” he said.

The NBA’s agreement with Sportradar was initially announced in 2021. As part of the deal, the league secured an equity stake in the data provider.

Jarrod Schwarz, chief prod..

Read more

BetMGM signs Hollywood star Chris Rock to support UK launch

MGM Resorts International has signed Hollywood actor Chris Rock to support the launch of its BetMGM brand in the UK market.

As an ambassador, Rock will feature in a range of marketing campaigns to promote the UK roll-out of BetMGM.

The first such campaign is now live, with Rock sharing details of various special offers to market the launch. These include bonuses and prices boosts, as well as information about exclusive content available from BetMGM.

BetMGM has also rolled out a responsible gambling advert specific to the UK market. Both campaigns are active across live sport, TV, out of home, digital, radio and social.

“We are incredibly excited to launch BetMGM in the UK and give customers something new,” BetMGM UK director Sam Behar said. “This campaign leverages the heritage of MGM Resorts’ best-in-class Las Vegas entertainment to deliver a unique proposition to the UK market.

“Alongside standout promotions and our A-list ambassador Chris Rock, this campaign clearly demonstra..

Read more

BetMGM ups the ante for the 2023-24 NFL season

One week on, the 2023-24 National Football League (NFL) season is in the books and Matt Prevost, BetMGM's chief revenue officer says BetMGM is looking to make it a big year.

During the off season, BetMGM made numerous changes to its sports betting experience, fuelled by the popularity of the NFL and a general aim to consistently improve its offering.

“The BetMGM app is taking a giant leap forward this season with new capabilities and streamlined user experience,” says Prevost. “One new feature is Same Game Parlay+.

“We have seen incredible activity and demand from our customers in same game parlays. So the ability to add new functionality to this popular feature and now offer the ability to combine several same game parlays for exponentially higher odds is something we expect fans to really take advantage of this season.”

BetMGM’s Survivor Pool

BetMGM is also bringing local flair to its sportsbook in legal markets. The sportsbook is offering “exclusive odds boosts for our tea..

Read more

LeoVegas breaks ground with BetMGM UK

The news that BetMGM would be launching in the UK gave its gambling market a much-needed shake. But it was the fact that LeoVegas, not Entain, would be MGM’s launch partner that really set the conversation alight. Gustaf Hagman, CEO of LeoVegas, believes his company is more than ready to take on the challenge.

To say the journey to the launch of BetMGM UK has been complex would be an understatement.

To the uninitiated, an established US-facing brand – a joint venture of two industry giants – has managed to implant itself into the UK market.

But peeling back the layers reveals a different story. BetMGM’s US offering is a joint venture shared between MGM and Entain. But the launch of BetMGM UK doesn’t include Entain at all.

Instead LeoVegas, which was acquired by MGM Resorts last year for $604m, will power BetMGM’s new UK platform. This means that BetMGM UK will be competing directly against Entain’s UK brands, which include the likes of Ladbrokes, Coral and Gala.

Despite the enormi..

Read more

BetMGM rolls out revamped sports betting app as NFL season kicks off

BetMGM, the joint venture between MGM Resorts International and Entain, has launched an updated version of its sports betting app to coincide with the start of the new NFL season.

The 2023-24 NFL campaign kicked off yesterday (7 September), with the Detroit Lions seeing off the Kansas City Chiefs 21-20. The revamped BetMGM app went live ahead of the game, with users having access to a number of new features.

These include a free-to-enter Survivor Pool, where customers pick a team to win each week of the season. Once a team is selected, they cannot be picked again. The last player standing will win the $100,000 (£80,085/€93,352) jackpot.

Players can also access a Same-Game Parlay+ feature, allowing BetMGM sports betting app users to connect two different same-game parlays into a single bet.

Users travelling across different states where online sports betting is legal can access their BetMGM account. In addition, customers will have access to a range of special offers such as a 50% l..

Read more

BetMGM clinches Kentucky market access agreement

BetMGM and Revolutionary Racing Kentucky (RRKY) have partnered for a new market access agreement.

The agreement will see BetMGM offer its online and retail sports betting platform to Kentucky’s market, once sports betting becomes legalised in the state.

Retail sports betting will go live on 7 September, followed by online betting on 28 September.

Read the full story on iGB North America

Read more

BetMGM close to profitability as MGM hits record revenue in Q2

Land-based and online gaming operator MGM Resorts International reported all-time record revenue in Q2, as the company’s online business BetMGM announced its first EBITDA positive quarter.

MGM recorded $1.95bn in revenue in Q2, up 43.4% from the same quarter the previous year. The operator put the increase down primarily to the removal of Covid-19 related entry restrictions in Macau.

MGM CEO and president Bill Hornbuckle also chose to highlight the progress made by its online joint venture with Entain, BetMGM.

“BetMGM reported that it achieved its first positive EBITDA quarter and remains on track to achieve its next milestone of second half profitability,” he said.

However, despite this, the online gaming platform still recorded a $22.5m loss during the quarter. This represents a 68.4% fall in losses compared to the $71.2m reported in the same quarter the previous year.

MGM reports steady profits in Q2

On this total, the business announced it achieved an operating income of $37..

Read more

Adam Greenblatt outlines BetMGM’s path to profitability

The US sports betting and igaming market is maturing and at BetMGM Adam Greenblatt believes product is the battleground where the leaders will be decided for the market’s next phase.

Adam Greenblatt has led BetMGM, the joint venture between Entain and MGM Resorts since its formation in 2018. It is on track to achieve profitability in the second half of the year.

BetMGM is live in 20 states, as well as Washington DC and Puerto Rico and Ontario in Canada. Since 2018, it could be seen as the only business to consistently keep pace with DraftKings and FanDuel.

It didn’t have the database of the legacy daily fantasy giants. But thanks to the MGM Resorts connection (and without M&A along the way), it’s established as a top tier brand in the US.

Other brands with designs on a top tier position such as Caesars, Bally’s, Penn National and 888, have undergone significant change. They’ve acquired to grow, onboarded new tech or sought out new partners.

This may help each business close the..

Read more

Want To Keep Up To date with our latest news and information? Please enter your email address below to be added to our mailing list

Bookielink.com is operated by Intraseculink Ltd, Registration Number: HE356617, 176 Athalassas Avenue, Office 401, 2025, Strovolos, Nicosia, Cyprus. BLUEINIC B.V. with Registration number 140279 and registered address at Abraham Mendez Chumaceiro , Boulevard 50, is licensed under Antillephone N.V. ,holder of Gaming License #8048/JAZ of the Central Government of the Netherlands Antilles. BLUEINIC B.V. is licensed and regulated in virtue of license number #8048/JAZ2016-030 granted by the Government of Curaçao to BLUEINIC B.V. The license was issued on ‎08-06-2016.

Bookielink.com © 2024 All rights reserved.