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MGM Resorts (MGM) Launches Sports Betting App in Pennsylvania

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MGM Resorts International (MGM - Free Report) continues to expand its sports betting presence. MGM Resorts and GVC Holdings’ joint venture Roar Digital’s sports betting brand — BetMGM — recently announced the launch of its sports betting app in Pennsylvania. Following the news, the company’s shares have gained 1.8%.

Adam Greenblatt, BetMGM CEO said “Pennsylvania is known for its legendary sports fans and we look forward to sharing the excitement of BetMGM with them.”

Moreover, BetMGM customers in Pennsylvania can redeem their gameplay for world-class experiences at MGM Resorts properties countrywide as BetMGM has been integrated with MGM Resorts' M life Rewards program.

Pennsylvania has joined Colorado, Indiana, Nevada, New Jersey, Tennessee and West Virginia, where BetMGM's mobile app is available statewide. Recently, BetMGM became the first gaming partner of The Pittsburgh Steelers. Per the agreement, BetMGM will be the official sports betting partner of the Pittsburgh Steelers following the launch of its online sports betting product later this year. Following the deal, BetMGM can use Steelers marks and logos in communications across marketing, product, social media and digital properties.

Sports Betting to Drive Growth

Sports betting is likely to be a major growth driver for gaming industry after its legalization outside Nevada. 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.

Shares of MGM Resorts have surged 46.5% in the past three months compared with the industry’s rally of 24.7%. 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.

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