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MGM Resorts' (MGM) BetMGM Strengthens Online Poker Presence

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MGM Resorts International’s (MGM - Free Report) BetMGM recently launched BetMGM Poker in Michigan. Notably, the company has already launched BetMGM's online sports betting and casino offerings in Michigan in January this year.

Michigan has become the second state to offer BetMGM Poker following New Jersey. Ray Stefanelli, director of Poker, BetMGM said, “The demand for online poker in Michigan was made clear by players across the state. BetMGM Poker is proud to offer them a seat at our tables and we're confident that BetMGM Michigan customers will enjoy an engaging, reliable and fun poker experience.”

Poker lovers in Michigan can download BetMGM Poker mobile app and can join poker rooms with players statewide. BetMGM Poker is integrated with features like an ever-rotating number of poker variants, signature poker tournaments and cash-games of all buy-in levels.

In the past six months, shares of the company have surged 84.2%, compared with the industry’s rally of 55.9%.

 

Increased BetMGM Focus Bodes Well

MGM Resorts continues to focus on online betting expansion. Earlier, BetMGM and GVC Holdings — announced second round of investment. This brings the total investment to $450 million. In the first round, both the companies have invested $200 million. Ever since its launch in 2018, the company has done extremely well and is now operating in 12 states. BetMGM is likely to operate in 20 states by 2021 and will have access of nearly 40% of the United Sates.

Notably, BetMGM continues to gain market share. In fourth-quarter 2020, the company’s market share was 17% in its retail and online markets. It registered 138,000 new customers between December and January. BetMGM delivered robust results in two of its newest markets, Colorado and Tennessee. In fourth-quarter 2020, the company’s market share in Colorado and Tennessee were 31% and 34%, respectively. Moreover, BetMGM and its new partner, Entain, anticipates new revenues related with BetMGM to increase well over 100% in 2021.

MGM Resorts, which shares space with Wynn Resorts, Limited (WYNN - Free Report) , Las Vegas Sands Corp. (LVS - Free Report) and Melco Resorts & Entertainment Limited (MLCO - Free Report) , has a Zacks Rank #4 (Sell).

You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

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