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MGM Resorts' (MGM) BetMGM Boosts Online Offerings in Wyoming

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MGM Resorts International’s (MGM - Free Report) BetMGM continues to expand its sports betting and iGaming platform to new states. The company recently announced the launch of its digital sports betting platform in Wyoming. The news surfaced after the Wyoming Gaming Commission unanimously approved online sports betting licenses in the region (on Sep 1) ahead of the upcoming 2021-22 NFL season.

Available on both IOS and android platforms, the mobile application offers a user-friendly sports betting experience featuring customizable pre-game, in-play, futures and parlay wagers. MGM Resorts stated that the application will be made available for the desktop version as well.

The integration of BetMGM with the company’s M life Rewards program allows customers to redeem their gameplay for experiences at MGM Resorts properties nationwide. This includes properties at Bellagio and MGM Grand in Las Vegas, Borgata in New Jersey, MGM National Harbor in Maryland, Beau Rivage in Mississippi and MGM Grand Detroit.

With respect to the launch, BetMGM CEO Adam Greenblatt, stated, "Wyoming is an important state for us as we continue to expand BetMGM's footprint in the West. We're confident that its sports fans will enjoy the BetMGM experience."

Focus on BetMGM Bodes Well

Ever since its launch in 2018, the company has done extremely well and is now operating in 14 states. BetMGM continues to be a leader in iGaming space, with its market share reaching 30% as of second-quarter 2021.

In the second quarter, 15% of BetMGM's fresh players were from MGM and 31% of MGM M life sign-ups came from BetMGM. Its operations contributed $194 million to net revenues in the second quarter, up 19% sequentially. The operation results are encouraging compared with total net revenues of $178 million in 2020.

Given the positive momentum in markets coupled with its unique and unparalleled online and off-line offerings, the company is optimistic about 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 30-35%.

Zacks Investment Research
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So far this year, shares of MGM Resorts have gained 33.9% compared with the industry’s 4.9% growth.

Zacks Rank & Key Picks

MGM Resorts currently has a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Some better-ranked stocks in the same space include Boyd Gaming Corporation (BYD - Free Report) , Red Rock Resorts, Inc. (RRR - Free Report) and Golden Entertainment, Inc. (GDEN - Free Report) , each sporting a Zacks Rank #1.

Boyd Gaming has a three-five year earnings per share growth rate of 40.8%.

Red Rock has a trailing four-quarter earnings surprise of 228%, on average.

Golden Entertainment’s 2021 earnings are expected to surge 226.4%.