MGM Resorts' BetMGM, VSiN Allies to Launch Sports Betting Show
MGM Resorts International MGM and GVC Holdings’ joint venture — Roar Digital’s sports betting brand, BetMGM, and the leading sports betting network, VSiN, recently 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.
Brian Musburger, VSiN founder and CEO said “The mission of VSiN has always been to deliver the most credible information and odds on sporting events and to allow sports bettors to make more informed wagering decisions.”
Notably, sports fans and betting fanatics can access Betting Across America and also VSiN's lineup of dedicated sports betting programming on SiriusXM (Channel 204), Comcast Xfinity, SlingTV, fubo TV, RSN's across the United States and Canada, and at VSiN.com.
Sports and iGaming Betting: Major Growth Drivers
MGM Resorts continues to focus on sports betting expansion. Case in point, MGM Resorts and GVC Holdings — announced second round of investment in BetMGM, bringing 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 achieve revenues of nearly $8.5 billion by 2025.
The company has secured market access to 19 states. It currently has operations in seven states and expects to launch in four more states by the end of 2020. In iGaming, the company holds nearly 18% market share in New Jersey. It also has gross gaming revenue growth of 210% year over year in second-quarter 2020. The US iGaming market is estimated to achieve revenues of nearly $6.9 billion by 2025.
Shares of MGM Resorts have fallen 33.6% year to date, compared with the industry’s decline of 18.1%. 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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