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MGM Resorts' (MGM) BetMGM Partners With PFL, Boosts Presence
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MGM Resorts International’s (MGM - Free Report) BetMGM recently reached an agreement with The Professional Fighters League (PFL), which is not only the fastest growing but also the most innovative league in the world. Per the agreement, BetMGM is “US Authorized Gaming Operator of the PFL.”
PFL fans will now be able to place bets on BetMGM starting with PFL 4 airing on Jun 10 in primetime on ESPN networks and streaming platforms. Per the partnership, BetMGM can use PFL logos.
Matt Prevost, chief revenue officer, BetMGM, stated, “The upcoming PFL slate is phenomenal, and we look forward to offering fans exciting opportunities to get in on the action with unique PFL promotions on BetMGM.”
BetMGM continues to expand its presence. In March 2021, BetMGM reached a multi-year sports betting deal with Audacy, previously trading as Entercom Communications. Per the partnership, BetMGM became the preferred sports betting partner of Audacy across all sports broadcast stations, digital platforms, BetQL app and BetQL Audio Network.
Image Source: Zacks Investment Research
Ever since its launch in 2018, the company has done extremely well and is now operating in 12 states. Notably, BetMGM continues to gain market share. Meanwhile, BetMGM’s operations contributed $163 million to net revenues during the first quarter. Markedly, its results are encouraging compared with the total net revenues of $178 million in 2020.
Given the positive momentum in markets coupled with its unique and unparalleled online and offline offerings, the company remains optimistic about its long-term growth with revenue expectations of more than $1 billion in 2022. Over the long term, BetMGM’s EBITDA margins are expected in the range of 30% to 35%. Also, it expects long-term U.S. market share between 20% and 25%. Notably, shares of the company have surged 44.3% in the past six months compared with the industry’s rally of 19.7%.
Bitcoin, Like the Internet Itself, Could Change Everything
Blockchain and cryptocurrency has sparked one of the most exciting discussion topics of a generation. Some call it the “Internet of Money” and predict it could change the way money works forever. If true, it could do to banks what Netflix did to Blockbuster and Amazon did to Sears. Experts agree we’re still in the early stages of this technology, and as it grows, it will create several investing opportunities.
Zacks’ has just revealed 3 companies that can help investors capitalize on the explosive profit potential of Bitcoin and the other cryptocurrencies with significantly less volatility than buying them directly.
Image: Bigstock
MGM Resorts' (MGM) BetMGM Partners With PFL, Boosts Presence
MGM Resorts International’s (MGM - Free Report) BetMGM recently reached an agreement with The Professional Fighters League (PFL), which is not only the fastest growing but also the most innovative league in the world. Per the agreement, BetMGM is “US Authorized Gaming Operator of the PFL.”
PFL fans will now be able to place bets on BetMGM starting with PFL 4 airing on Jun 10 in primetime on ESPN networks and streaming platforms. Per the partnership, BetMGM can use PFL logos.
Matt Prevost, chief revenue officer, BetMGM, stated, “The upcoming PFL slate is phenomenal, and we look forward to offering fans exciting opportunities to get in on the action with unique PFL promotions on BetMGM.”
BetMGM continues to expand its presence. In March 2021, BetMGM reached a multi-year sports betting deal with Audacy, previously trading as Entercom Communications. Per the partnership, BetMGM became the preferred sports betting partner of Audacy across all sports broadcast stations, digital platforms, BetQL app and BetQL Audio Network.
Ever since its launch in 2018, the company has done extremely well and is now operating in 12 states. Notably, BetMGM continues to gain market share. Meanwhile, BetMGM’s operations contributed $163 million to net revenues during the first quarter. Markedly, its results are encouraging compared with the total net revenues of $178 million in 2020.
Given the positive momentum in markets coupled with its unique and unparalleled online and offline offerings, the company remains optimistic about its long-term growth with revenue expectations of more than $1 billion in 2022. Over the long term, BetMGM’s EBITDA margins are expected in the range of 30% to 35%. Also, it expects long-term U.S. market share between 20% and 25%. Notably, shares of the company have surged 44.3% in the past six months compared with the industry’s rally of 19.7%.
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.
Bitcoin, Like the Internet Itself, Could Change Everything
Blockchain and cryptocurrency has sparked one of the most exciting discussion topics of a generation. Some call it the “Internet of Money” and predict it could change the way money works forever. If true, it could do to banks what Netflix did to Blockbuster and Amazon did to Sears. Experts agree we’re still in the early stages of this technology, and as it grows, it will create several investing opportunities.
Zacks’ has just revealed 3 companies that can help investors capitalize on the explosive profit potential of Bitcoin and the other cryptocurrencies with significantly less volatility than buying them directly.
See 3 crypto-related stocks now >>