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MGM Resorts International (MGM - Free Report) and GVC Holdings’ joint venture Roar Digital’s sports betting brand — BetMGM — recently became the official betting partner of The Tennessee Titans, a professional American football team.
BetMGM's chief marketing officer Matt Prevost said “The Titans are an incredible organization and we're proud to have BetMGM as the team's first official sports betting partner. This is truly a partnership between two great brands and we're excited to introduce Titans fans to new ways to engage with their favorite football team.”
Being the official betting partner of The Tennessee Titans, BetMGM will get brand visibility across multiple Titans digital assets. Notably, BetMGM recently received a conditional license to provide online sports betting in Tennessee. Following the regulatory approval, the BetMGM app is likely go live in the state in November.
BetMGM is making every effort to expand its presence. In the beginning of September, BetMGM became the official betting partner of The Detroit Lions — a professional American football team.
Sports Betting Prospects Appear Bright
Sports betting is likely to be a major growth driver for gaming industry after its legalization outside Nevada. Sports betting has been legalized in Delaware, Mississippi, New Jersey, New Mexico, West Virginia, Pennsylvania, Rhode Island, Montana, Indiana, Tennessee, Illinois and New Hampshire. Moreover, Connecticut, Kentucky, Michigan, Massachusetts, Maryland, Minnesota, Missouri, Kansas, Louisiana, Oklahoma, South Carolina, California, Oregon, Arizona, Montana and Colorado. Other states are likely to follow suit in the coming months.
MGM Resorts continues to focus on sports betting expansion. Case in point, MGM Resorts and GVC Holdings announced second round of investment in BetMGM. Together, the parties brought the total investment to $450 million. In the first round, both the companies had invested $200 million. Ever since its launch in 2018, the company has done extremely well and is on track to operate in 11 states by the end of 2020.
BetMGM is likely to generate more than $130 million of revenues in 2020 primarily from iGaming in New Jersey on account of the COVID-19 impact. Due to increase in operations across the United States, the company anticipates sharp growth in the coming year. It also anticipates generating revenues of nearly $8.5 billion by 2025.
Experts extracted 7 stocks from the list of 220 Zacks Rank #1 Strong Buys that has beaten the market more than 2X over with a stunning average gain of +24.3% per year.
These 7 were selected because of their superior potential for immediate breakout.
Image: Bigstock
MGM Resorts (MGM) & Tennessee Titans Announce Partnership
MGM Resorts International (MGM - Free Report) and GVC Holdings’ joint venture Roar Digital’s sports betting brand — BetMGM — recently became the official betting partner of The Tennessee Titans, a professional American football team.
BetMGM's chief marketing officer Matt Prevost said “The Titans are an incredible organization and we're proud to have BetMGM as the team's first official sports betting partner. This is truly a partnership between two great brands and we're excited to introduce Titans fans to new ways to engage with their favorite football team.”
Being the official betting partner of The Tennessee Titans, BetMGM will get brand visibility across multiple Titans digital assets. Notably, BetMGM recently received a conditional license to provide online sports betting in Tennessee. Following the regulatory approval, the BetMGM app is likely go live in the state in November.
BetMGM is making every effort to expand its presence. In the beginning of September, BetMGM became the official betting partner of The Detroit Lions — a professional American football team.
Sports Betting Prospects Appear Bright
Sports betting is likely to be a major growth driver for gaming industry after its legalization outside Nevada. Sports betting has been legalized in Delaware, Mississippi, New Jersey, New Mexico, West Virginia, Pennsylvania, Rhode Island, Montana, Indiana, Tennessee, Illinois and New Hampshire. Moreover, Connecticut, Kentucky, Michigan, Massachusetts, Maryland, Minnesota, Missouri, Kansas, Louisiana, Oklahoma, South Carolina, California, Oregon, Arizona, Montana and Colorado. Other states are likely to follow suit in the coming months.
MGM Resorts continues to focus on sports betting expansion. Case in point, MGM Resorts and GVC Holdings announced second round of investment in BetMGM. Together, the parties brought the total investment to $450 million. In the first round, both the companies had invested $200 million. Ever since its launch in 2018, the company has done extremely well and is on track to operate in 11 states by the end of 2020.
BetMGM is likely to generate more than $130 million of revenues in 2020 primarily from iGaming in New Jersey on account of the COVID-19 impact. Due to increase in operations across the United States, the company anticipates sharp growth in the coming year. It also anticipates generating revenues of nearly $8.5 billion by 2025.
Shares of MGM Resorts have fallen 31.9% year to date compared with the industry’s decline of 19.5%. MGM Resorts, which shares space with Wynn Resorts, Limited (WYNN - Free Report) , Las Vegas Sands Corp. (LVS - Free Report) and Boyd Gaming Corporation (BYD - Free Report) , carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Just Released: Zacks’ 7 Best Stocks for Today
Experts extracted 7 stocks from the list of 220 Zacks Rank #1 Strong Buys that has beaten the market more than 2X over with a stunning average gain of +24.3% per year.
These 7 were selected because of their superior potential for immediate breakout.
See these time-sensitive tickers now >>