MGM Resorts' BetMGM Unveils Online Casino in West Virginia
MGM Resorts International MGM and GVC Holdings’ joint venture Roar Digital’s sports betting brand — BetMGM — announced the launch of BetMGM Casino in West Virginia. The casino will launch 30 games.
BetMGM Casino, which can be downloaded on both iOS and Android features an extensive game line-up that comprises the popular jackpot slot title 'MGM Grand Millions' that uses Las Vegas icons for its reel symbols. BetMGM Casino is also available in New Jersey. This will also be available in Pennsylvania and Michigan in the upcoming months, subject to regulatory approvals.
Adam Greenblatt, CEO of BetMGM, said, “With the largest slate of casino games in the state, we're confident that our superior offering will quickly become the online gaming destination of choice for players.”
Recently, BetMGM and the leading sports betting network — VSiN — announced a partnership to launch the sports betting show Betting Across America. Per the multi-year partnership, VSiN will broadcast the new show, Betting Across America, live from BetMGM sportsbooks and studios across the United States. This will also provide sports betting data and analytics.
Sports Betting: Major Growth Driver
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 anticipates sharp growth in the coming year. It also expects to generate revenues of nearly $8.5 billion by 2025.
Shares of MGM Resorts have fallen 31.4% year to date compared with the industry’s decline of 17.3%. 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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