MGM Resorts' BetMGM & Genius Sports Unveil Parlay Builder
MGM Resorts International MGM and GVC Holdings’ joint venture Roar Digital’s sports betting brand — BetMGM — recently extended its partnership with Betgenius, a subsidiary of Genius Sports, to launch a same-game-parlay product for US sports, Parlay Builder.
Powered by Betgenius’ BetBuilder service, Parlay Builder will provide players unmatched bet selections across NFL, NBA and all major soccer leagues — with MLB and NHL to be added soon.
BetMGM players can now immediately build, customize and bet selections within the same game from a choice of over 400 bet-types, which include team and player props.
Matt Prevost, CMO at BetMGM, said “Parlay Builder gives our pre-game betting offering another dimension; it's engaging, easy-to-use and extensive, therefore appealing to serious and recreational bettors alike. We've witnessed the success of BetBuilder in Europe and anticipate a similar trajectory in the U.S.”
Sports Betting: A Key Catalyst
Sports betting is likely to be a major growth driver for gaming industry after its legalization outside Nevada. Sports betting has been legalized in Delaware, Mississippi, New Jersey, New Mexico, West Virginia, Pennsylvania, Rhode Island, Montana, Indiana, Tennessee, Illinois and New Hampshire. Moreover, Connecticut, Kentucky, Michigan, Massachusetts, Maryland, Minnesota, Missouri, Kansas, Louisiana, Oklahoma, South Carolina, California, Oregon, Arizona, Montana and Colorado. Other states are likely to follow suit in the coming months.
MGM Resorts continues to focus on sports betting expansion. Case in point, MGM Resorts and GVC Holdings announced second round of investment in BetMGM. Together, the parties brought the total investment to $450 million. In the first round, both the companies had invested $200 million. Ever since its launch in 2018, the company has done extremely well and is on track to operate in 11 states by the end of 2020.
BetMGM is likely to generate more than $130 million of revenues in 2020 primarily from iGaming in New Jersey on account of the COVID-19 impact. Due to increase in operations across the United States, the company expects sharp growth in the coming year. It also anticipates generating revenues of nearly $8.5 billion by 2025.
Shares of MGM Resorts have fallen 36.9% year to date compared with the industry’s decline of 21.4%. MGM Resorts, which shares space with Wynn Resorts, Limited WYNN, Las Vegas Sands Corp. LVS and Boyd Gaming Corporation BYD, carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
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Las Vegas Sands Corp. (LVS): Free Stock Analysis Report
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