Back to top

Image: Shutterstock

MGM Resorts' (MGM) BetMGM Expands Partnership With BetQL Network

Read MoreHide Full Article

MGM Resorts International (MGM - Free Report) and Entain Plc’s joint venture BetMGM will become the exclusive sportsbook of the BetQL Network — the sports betting content division of Internet radio business Audacy, Inc. . However, the financial terms of the deal have been kept under wraps.

The multi-year agreements will strengthen the current relationship between BetMGM and Audacy. Since June 2021, BetQL Network has expanded its footprint from two markets to 31. Audacy owns and operates 39 all-sports stations across the United States.

Matt Prevost, chief revenue officer of BetMGM, said, “We’re excited to further our strategic partnership with Audacy and to bring our market-leading sports betting and gaming entertainment content to millions of listeners nationwide across the entire BetQL Network platform.”

The sportsbook partnership will see BetMGM have category exclusivity of the BetQL Network’s programming, which includes “You Better You Bet,” starting in September, and “BetQL Daily,” “The Daily Tip” and “BetMGM Tonight.”

BetMGM Bets on Expansion

BetMGM is committed to expanding its presence. The company is now live in 23 markets, with New York, Illinois, Louisiana, and Puerto Rico coming online in the first quarter and Ontario launching in early April.

In the first quarter, 57% of its MGM Rewards enrollments came through BetMGM, compared with 39% for the full-year 2021. Given the positive momentum in markets and its unique and unparalleled online and offline offerings, the company remains optimistic about long-term growth.

In the long term, BetMGM’s EBITDA margins are expected to be 30-35%. MGM Resorts’ BetMGM announced that it has partnered with Gila River Hotels & Casinos and the Arizona Cardinals to boost its retail and online sports betting.

Coming to the price performance, shares of MGM Resorts have fallen 28.9% in the past year compared with the industry’s decline of 54.3%. MGM Resorts carries a Zacks Rank #3 (Hold).

Key Picks

Some better-ranked stocks in the Consumer Discretionary sector are Civeo Corporation (CVEO - Free Report) and Bluegreen Vacations Holding Corporation .

Civeo sports a Zacks Rank #1 (Strong Buy) at present. The company has a trailing four-quarter earnings surprise of 1,565.1%, on average. Shares of the company have surged 53.3% in the past year. You can see the complete list of today’s Zacks #1 Rank stocks here.

The Zacks Consensus Estimate for CVEO’s 2022 sales and earnings per share (EPS) suggests growth of 12.5% and 1,450%, respectively, from the year-ago period’s levels.

Bluegreen Vacations flaunts a Zacks Rank #1. BVH has a trailing four-quarter earnings surprise of 85.9%, on average. The stock has surged 57.8% in the past year.

The Zacks Consensus Estimate for BVH’s current financial year sales and EPS indicates growth of 11.2% and 35.1%, respectively, from the year-ago period’s reported levels.


Unique Zacks Analysis of Your Chosen Ticker


Pick one free report - opportunity may be withdrawn at any time


MGM Resorts International (MGM) - $25 value - yours FREE >>

Civeo Corporation (CVEO) - $25 value - yours FREE >>

Published in