BetMGM has a partnership with the social media platform

BetMGM, a joint venture between Entain and MGM Resorts, called the move a “first-of-its-kind partnership” that will see BetMGM’s odds and branding integrated into the social media platform in the United States.

The visible odds initially only refer to professional American football, but the most important professional and college sports are likely to follow in the next few weeks.

Adam Greenblatt, CEO of BetMGM, said: “X is at the center of the conversation in the sports world 24 hours a day, seven days a week. Direct accessibility within this forum is an unprecedented opportunity to expand our reach to a passionate and engaged audience.

Linda Yaccarino, CEO of We bring sports fans even closer to the action on X so they can cheer on their favorite teams and bet on them now.”

Deal completed in time for the Super Bowl

The partnership, which has been floating around since last week, was finalized in time for the Super Bowl, with Sunday’s game at Allegiant Stadium in Las Vegas expected to draw record betting numbers.

The American Gaming Association (AGA) predicts Americans will spend $23.1 billion (£18.4 billion/21.5 billion) on this weekend’s Super Bowl, played between the Kansas City Chiefs and the San Francisco 49ers billion euros).

After surveying 2,204 adults to predict betting activity, the AGA estimates there will be $16 billion more bets on this year’s Super Bowl than the last. A record 67.8 million people are expected to place a bet, also up 35% from last year.

Of particular interest to BetMGM is where players will bet: 28.7 million, or 11% of all bettors, are expected to do so through a licensed online sportsbook.

iGamingBusiness’

With a reported user base of over 500 million, as well as a large number of engaged users in the sports space,

betmgm wants to harness the power of x’s social media platform

With X linked directly to BetMGM’s app and website, an even deeper integration could give the partnership even more potential. Whether BetMGM can ever gain exclusive access to X for advertising remains to be seen, although this will largely depend on the money on offer.

The deal is somewhat similar to ESPN Bet, the product of Penn’s $1.5 billion partnership with Disney-owned ESPN, the largest sports media brand in the United States. While ESPN Bet uses sports, BetMGM uses social media instead.

One area that could be particularly interesting would be if X allows bettors to place bets on BetMGM via the X app. If BetMGM can find a way to fully leverage the social aspect of X, the deal’s potential could prove game-changing.

BetMGM hits top end of revenue forecast

This week, BetMGM announced that it generated nearly $2 billion in revenue for 2023, hitting the high end of its guidance range.

Revenue for the 12 months ended December 31, 2023 was $1.96 billion. In line with its business update in December, BetMGM says the company remains on track to achieve positive EBITDA of $500 million by 2026. This is despite the fact that negative EBITDA of $67 million is expected for 2023.

Continued growth has largely been driven by expansion in North America, with BetMGM now operating in 28 markets in the region thanks to new launches in Ohio, Massachusetts and Kentucky, as well as an online expansion into Puerto Rico.

In terms of market share, BetMGM says it has a 14% share of sports betting and igaming in the US and hopes the X deal will help increase that. The operator also says it has 22% of the market in Ontario, Canada.