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MGM Resorts' (MGM) BetMGM Partners With Borussia Dortmund
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MGM Resorts International’s (MGM - Free Report) BetMGM recently partnered with Bundesliga giant Borussia Dortmund. Following the partnership, BetMGM has become the first U.S. betting company to partner with a German soccer club.
The deal will also include social media promotions, cross marketing opportunities and a BetMGM customer sweepstakes with “special Dortmund prizes.” Moreover, Bet MGM customers will have exclusive signup offers for Dortmund fans.
Matt Prevost, chief revenue officer, BetMGM said "As interest in Bundesliga within the U.S. continues to skyrocket, BetMGM customers can engage with one of Germany's most prestigious clubs and watch every Bundesliga game through the BetMGM app."
Shares of the MGM Resorts have surged 66% in the past six months, compared with the industry’s rally of 47.7%.
BetMGM Continues to Expand Footprint
Sports betting and iGaming continues to be a major growth driver following the legalization of sports betting outside Nevada. The company continues to focus on sports betting expansion. 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, BetMGM market share was 17% in its retail and online markets. The company 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, BetMGM market share in Colorado and Tennessee were 31% and 34%, respectively. Moreover, the company and its new partner, Entain, anticipate 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 Boyd Gaming Corporation (BYD - Free Report) , has a Zacks Rank #4 (Sell).
In addition to the stocks discussed above, would you like to know about our 10 best buy-and-hold tickers for the entirety of 2021?
Last year's 2020 Zacks Top 10 Stocks portfolio returned gains as high as +386.8%. Now a brand-new portfolio has been handpicked from over 4,000 companies covered by the Zacks Rank. Don’t miss your chance to get in on these long-term buys.
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MGM Resorts' (MGM) BetMGM Partners With Borussia Dortmund
MGM Resorts International’s (MGM - Free Report) BetMGM recently partnered with Bundesliga giant Borussia Dortmund. Following the partnership, BetMGM has become the first U.S. betting company to partner with a German soccer club.
The deal will also include social media promotions, cross marketing opportunities and a BetMGM customer sweepstakes with “special Dortmund prizes.” Moreover, Bet MGM customers will have exclusive signup offers for Dortmund fans.
Matt Prevost, chief revenue officer, BetMGM said "As interest in Bundesliga within the U.S. continues to skyrocket, BetMGM customers can engage with one of Germany's most prestigious clubs and watch every Bundesliga game through the BetMGM app."
Shares of the MGM Resorts have surged 66% in the past six months, compared with the industry’s rally of 47.7%.
BetMGM Continues to Expand Footprint
Sports betting and iGaming continues to be a major growth driver following the legalization of sports betting outside Nevada. The company continues to focus on sports betting expansion. 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, BetMGM market share was 17% in its retail and online markets. The company 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, BetMGM market share in Colorado and Tennessee were 31% and 34%, respectively. Moreover, the company and its new partner, Entain, anticipate 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 Boyd Gaming Corporation (BYD - Free Report) , has a Zacks Rank #4 (Sell).
You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Zacks Top 10 Stocks for 2021
In addition to the stocks discussed above, would you like to know about our 10 best buy-and-hold tickers for the entirety of 2021?
Last year's 2020 Zacks Top 10 Stocks portfolio returned gains as high as +386.8%. Now a brand-new portfolio has been handpicked from over 4,000 companies covered by the Zacks Rank. Don’t miss your chance to get in on these long-term buys.
Access Zacks Top 10 Stocks for 2021 today >>