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MGM Resorts' (MGM) BetMGM Brand Debuts in the United Kingdom
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MGM Resorts International’s (MGM - Free Report) iGaming and online sports betting brand, BetMGM debuts in the UK.
The BetMGM UK offering comes with new thrilling product features including large-scale and frequent jackpots, loyalty rewards, along with distinct and compelling sports promotions and exclusive slots. The new international product is currently available on desktop and mobile websites, with mobile applications scheduled before a national media launch in mid-September 2023.
The aforementioned online offerings leverage the technology and platform of LeoVegas, a Swedish mobile gaming company acquired by MGM Resorts in 2022. Furthermore, the product offerings utilize the brand’s as well as the company’s best-in-class heritage entertainment in Las Vegas to deliver a safe online gaming experience for the customers in the UK.
MGM Resorts is optimistic about the UK launch of BetMGM brand as it believes this to be a step closer toward the expansion of the brand in international markets.
Image Source: Zacks Investment Research
The stock gained 26.9% so far this year, outperforming the Zacks Gaming industry’s 17.7% growth.
Online Gaming – Growth Driver of MGM
Sports betting and iGaming continues to be a major growth driver of MGM Resorts. The company’s continuous focus on sports betting expansion has determined the increase in market share gains by BetMGM.
On Jul 17, 2023, Entain acquired Angstrom Sports, a specialist provider of next generation sports modelling, forecasting and data analytics. This is a positive step toward expanding the product portfolio as well as refining the pricing tools for BetMGM, ensuring to drive customer satisfaction and expand MGM’s margins.
Given the positive momentum in markets, coupled with its unique and unparalleled online and offline offerings, the company remains optimistic about the long-term growth of BetMGM with revenue expectations of $1.8-$2 billion in 2023. In the second quarter of 2023, BetMGM reported its first positive EBITDA and is on track to achieve the same in the second half of 2023.
The company is confident on account of the improved design and functionality of the BetMGM app launch (of a single wallet) and omnichannel growth prospects.
Zacks Rank
MGM Resorts currently carries a Zacks Rank #1 (Strong Buy).
RCL has a trailing four-quarter earnings surprise of 28.5%, on average. The stock has gained 151% in the past year. The Zacks Consensus Estimate for RCL’s 2023 sales and earnings per share (EPS) indicates a growth of 54.5% and 180.3%, respectively, from the year-ago period’s levels.
Live Nation presently sports a Zacks Rank of 1. LYV has a trailing four-quarter earnings surprise of 34.6%, on average. The stock has declined 10.3% in the past year.
The Zacks Consensus Estimate for LYV’s 2023 sales and EPS indicates a decline of 21% and 57.8%, respectively, from the year-ago period’s levels.
Strategic Education currently sports a Zacks Rank of 1. STRA has a trailing four-quarter earnings surprise of 12.1%, on average. Shares of the company have increased 2.3% in the past year.
The Zacks Consensus Estimate for STRA’s 2023 sales and EPS indicates a rise of 4.9% and 25.9%, respectively, from the year-ago period’s levels.
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MGM Resorts' (MGM) BetMGM Brand Debuts in the United Kingdom
MGM Resorts International’s (MGM - Free Report) iGaming and online sports betting brand, BetMGM debuts in the UK.
The BetMGM UK offering comes with new thrilling product features including large-scale and frequent jackpots, loyalty rewards, along with distinct and compelling sports promotions and exclusive slots. The new international product is currently available on desktop and mobile websites, with mobile applications scheduled before a national media launch in mid-September 2023.
The aforementioned online offerings leverage the technology and platform of LeoVegas, a Swedish mobile gaming company acquired by MGM Resorts in 2022. Furthermore, the product offerings utilize the brand’s as well as the company’s best-in-class heritage entertainment in Las Vegas to deliver a safe online gaming experience for the customers in the UK.
MGM Resorts is optimistic about the UK launch of BetMGM brand as it believes this to be a step closer toward the expansion of the brand in international markets.
Image Source: Zacks Investment Research
The stock gained 26.9% so far this year, outperforming the Zacks Gaming industry’s 17.7% growth.
Online Gaming – Growth Driver of MGM
Sports betting and iGaming continues to be a major growth driver of MGM Resorts. The company’s continuous focus on sports betting expansion has determined the increase in market share gains by BetMGM.
On Jul 17, 2023, Entain acquired Angstrom Sports, a specialist provider of next generation sports modelling, forecasting and data analytics. This is a positive step toward expanding the product portfolio as well as refining the pricing tools for BetMGM, ensuring to drive customer satisfaction and expand MGM’s margins.
Given the positive momentum in markets, coupled with its unique and unparalleled online and offline offerings, the company remains optimistic about the long-term growth of BetMGM with revenue expectations of $1.8-$2 billion in 2023. In the second quarter of 2023, BetMGM reported its first positive EBITDA and is on track to achieve the same in the second half of 2023.
The company is confident on account of the improved design and functionality of the BetMGM app launch (of a single wallet) and omnichannel growth prospects.
Zacks Rank
MGM Resorts currently carries a Zacks Rank #1 (Strong Buy).
Other Key Picks
Some other top-ranked stocks from the Consumer Discretionary sector are Royal Caribbean Cruises Ltd. (RCL - Free Report) , Live Nation Entertainment, Inc. (LYV - Free Report) and Strategic Education, Inc. (STRA - Free Report) .
Royal Caribbean presently sports a Zacks Rank of 1. You can see the complete list of today’s Zacks #1 Rank stocks here.
RCL has a trailing four-quarter earnings surprise of 28.5%, on average. The stock has gained 151% in the past year. The Zacks Consensus Estimate for RCL’s 2023 sales and earnings per share (EPS) indicates a growth of 54.5% and 180.3%, respectively, from the year-ago period’s levels.
Live Nation presently sports a Zacks Rank of 1. LYV has a trailing four-quarter earnings surprise of 34.6%, on average. The stock has declined 10.3% in the past year.
The Zacks Consensus Estimate for LYV’s 2023 sales and EPS indicates a decline of 21% and 57.8%, respectively, from the year-ago period’s levels.
Strategic Education currently sports a Zacks Rank of 1. STRA has a trailing four-quarter earnings surprise of 12.1%, on average. Shares of the company have increased 2.3% in the past year.
The Zacks Consensus Estimate for STRA’s 2023 sales and EPS indicates a rise of 4.9% and 25.9%, respectively, from the year-ago period’s levels.