MGM Resorts International’s ( MGM Quick Quote MGM - Free Report) BetMGM recently announced the launch of its sports betting and iGaming platform in Ontario, Canada. This highlights the operator’s presence in the first international market. Following the announcement, shares of the company gained 1.5% during trading hours on Apr 4.
Available on both IOS and Android platforms, the mobile application offers a wide range of casino games that include slot tournaments, progressive jackpots, blackjack and roulette. It also provides features such as pre-game customizations, live in-play, futures and parlay wagers. MGM Resorts stated that the application would also be available for the desktop version.
The company emphasized integrating the GameSense program within BetMGM's mobile and desktop platforms. The initiative will provide its customers with gaming tools to help them play responsibly. Regarding the launch, BetMGM CEO Adam Greenblatt stated, "Today marks a significant milestone for BetMGM and a momentous occasion for sports fans and online players in Ontario. We're confident that customers in Canada will enjoy the unique, interactive and world-class experience that only BetMGM can provide." Focus on BetMGM Bodes Well
Ever since its launch in 2018, the company has done extremely well and is now operating in 23 states. During the fourth quarter of 2021, the company stated that the BetMGM’s market share in the U.S. sports betting and igaming space is in line with its long-term target of 20-25%.
To drive growth, the company continues to invest in additional markets. MGM Resorts and Entain anticipate investing approximately $450 million in 2022. MGM Resorts’ BetMGM partnered with Gila River Hotels & Casinos and the Arizona Cardinals to expand its retail and online sports betting. Also, the company collaborated with Orix to build a world-class integrated resort in Japan. Considering the positive momentum in markets coupled with its unique and unparalleled online and offline offerings, the company is optimistic about long-term growth with revenue expectations of more than $1.3 billion in 2022. MGM expects to achieve positive EBITDA in 2023. Image Source: Zacks Investment Research
In the past year, shares of MGM Resorts have gained 2.3% against the
industry’s 39.8% decline. 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 Consumer Discretionary sector are Funko, Inc. ( FNKO Quick Quote FNKO - Free Report) , Boyd Gaming Corporation ( BYD Quick Quote BYD - Free Report) and Bluegreen Vacations Holding Corporation ( BVH Quick Quote BVH - Free Report) . Funko sports a Zacks Rank #1 at present. FNKO has a trailing four-quarter earnings surprise of 96.2%, on average. Shares of the company have declined 18.8% in the past year. The Zacks Consensus Estimate for Funko’s current financial year sales and EPS (earnings per share) suggests growth of 22.6% and 26.8%, respectively, from the year-ago period’s reported levels. Boyd Gaming presently carries a Zacks Rank #2 (Buy). BYD has a trailing four-quarter earnings surprise of 48.8%, on average. Shares of the company have gained 5.9% in the past year. The Zacks Consensus Estimate for BYD’s current financial year sales and EPS indicates growth of 2.3% and 2.9%, respectively, from the year-ago period’s reported levels. Bluegreen Vacations presently carries a Zacks Rank #2. BVH has a trailing four-quarter earnings surprise of 425.1%, on average. The stock has increased 31.8% in the past year. The Zacks Consensus Estimate for BVH’s current financial year sales and EPS indicates growth of 8.3% and 20.8%, respectively, from the year-ago period’s reported levels.