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MGM Resorts (MGM) Ties Up With Philadelphia 76ers for Sports Betting

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MGM Resorts International’s (MGM - Free Report) BetMGM is now the official sports betting partner of National Basketball Association (NBA) outfit, Philadelphia 76ers. BetMGM has recently launched its sports betting app in Pennsylvania.

Matt Prevost, chief revenue officer, BetMGM, said, "We're honored to be an Official Sports Betting Partner of the 76ers. Our recent launch in Pennsylvania has been incredibly successful and this partnership is an exciting opportunity for BetMGM to offer 76ers fans unique ways to engage with their favorite basketball team."

Following the partnership, BetMGM will provide in-game experience. Moroever, MGM Resorts' Borgata Hotel Casino & Spa in Atlantic City will be designated as an "Official Away Game Host of the Philadelphia 76ers.”

 

Sports Betting Partnership to Drive Growth

The company is focusing on sports betting partnership to drive growth. 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 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 43.3% in the past three months compared with the industry’s rally of 27.4%. 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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