BetMGM remains the official sports betting partner of the National Hockey League (NHL) after a multi-year extension.
The extension announced Tuesday will see BetMGM continue to use NHL imagery for its casino games and display “significant branding” on national television broadcasts.
BetMGM signed the first contract in 2018. In April 2022, BetMGM, along with FanDuel, expanded its partnership with the NHL. The move was announced as it launched the sports betting market in Ontario, allowing BetMGM to expand into Canada for the first time.
Adam Greenblatt, CEO of BetMGM, is pleased to continue the partnership, saying, “Our extension of our partnership with the NHL allows us to enhance the BetMGM product and bring fans unforgettable entertainment around the game they love .”
“The NHL is more exciting than ever – a symphony of athleticism, teamwork and skill on skates. We look forward to providing our customers with exceptional live experiences and new content.”
Jason Jayazeri, NHL Vice President of Business Development, said: “We are pleased to extend our partnership with BetMGM.
“The evolution of our partnership with BetMGM will focus on creating unique and compelling fan experiences.”
Sports is a big part of Bet MGM’s plans
The renewal of its NHL contract is further evidence of BetMGM’s increasing emphasis on using the world of sports to promote its brand.
Greenblatt recently stated that 2024 would be the year BetMGM “unlocks” Las Vegas, using the recent Formula 1 race in the city as an indicator of how the operator plans to tap into the growing sports market. BetMGM took three times as many bets as any other F1 race in its history.
Greenblatt noted that the Super Bowl in Las Vegas in February is another opportunity for BetMGM to capitalize on upcoming top-tier sports in the area, as well as the Oakland Athletics’ upcoming move to the city.
BetMGM recently announced the launch of NHL Gold Blitz in New Jersey, the first NHL-endorsed online slot game. The game is expected to launch in all other states where BetMGM has an igaming license.
BetMGM’s mixed performance
In its latest earnings update, BetMGM said it aims to generate positive EBITDA of $500.0m (£396.1m/€462.2m) by 2026. Greenblatt also revealed that the operator is targeting a 25% market share in the US.
Greenblatt said revenue for the current fiscal year is expected to be between $1.80 billion and $2.00 billion, the high end of his 2023 forecast. BetMGM, a joint venture between Entain and MGM Resorts International, expects the company to will be self-financed in 2024.
Despite Greenblatt’s optimism, Goldman Sachs noted the stagnation that BetMGM is experiencing. In its Q3 update, Entain revealed that BetMGM has an 18% market share in the US. This corresponds to the level of the second quarter and is only slightly higher than the 17% in the first quarter.