Market Overview

MGM Resorts Creates Sports Betting, Interactive Gaming Platform

MGM Resorts Creates Sports Betting, Interactive Gaming Platform

Just in time for the first pro football season with legalized sports betting, MGM Resorts International (NYSE: MGM) is raising its stakes in the world of digital play.

What Happened

The casino operator announced a joint venture Monday with GVC Holdings PLC to develop a sports betting and interactive gaming platform in the U.S. With $100 million committed by each partner, the new company will leverage GVC’s proprietary, integrated, multichannel technology to remotely engage 90 million players in 15 states, according to the statement. 

Separately, MGM said it partnered with Boyd Gaming Corporation (NYSE: BYD) to provide online and mobile gaming platforms, including sports betting, in U.S. jurisdictions where either entity operates casino resorts and online licenses are available.

Why It’s Important

For MGM, the GVC joint venture broadens the community of paying gamers and enables constant engagement with nearly 30 million rewards members, which ensures the chips never stop falling. The company expects its early jump on sports betting will position MGM as the market leader.

The Boyd agreement empowers MGM to expand its digital gaming presence throughout 15 states and grow new revenue streams.

“As states continue to legalize interactive gaming, both MGM Resorts, through its newly formed joint venture, and Boyd Gaming will be poised to offer products in mobile and online sports betting, real money casino gaming and poker products where legally applicable,” the announcement said. 

What’s Next

The MGM-GVC joint venture plans to establish a headquarters in a major U.S. tech hub, create a leadership team of members from both companies and found a four-person board with equal representation from both parties.

Related Links:

Las Vegas Strip Revenue Up 6.3% In May

Will Legal Sports Betting Force The NCAA To Pay Its Athletes?

Posted-In: casinos gambling sports bettingNews Sports General Best of Benzinga


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