MGM Resorts’ (MGM) BetMGM Mobile App Debuts in Massachusetts – March 13, 2023
a joint venture between BetMGM MGM Resorts International (MGM – Free Report) and Entain Plc, which recently debuted in Massachusetts with the launch of its mobile app. The platform gives customers access to a wide range of online betting options and benefits associated with MGM Resorts’ leading destinations across the country.
The BetMGM app is a user-friendly sports betting platform that allows sports fans to customize pre-game, live in-game, futures and parlay bets. The app is integrated with various MGM Rewards and allows users to redeem their gameplay at MGM Resorts properties across the country.
Commenting on the debut, BetMGM CEO Adam Greenblatt said: “The debut of sports betting in Massachusetts has brought an incredible amount of excitement and activity to our retail sportsbooks at MGM Springfield. We are proud to be expanding our best-in-class betting experience across the country during one of the biggest sales months in sports.”
The company’s shares fell 1.16% on March 10, but have risen 25.4% over the past six months, beating the Zacks Gaming industry’s 16.7% gain. The company is benefiting from subdued consumer demand, high domestic casino spending and strong demand for sports betting. Sports betting and iGaming remain the company’s main growth drivers.
MGM is witnessing high business growth due to the activities of BetMGM. In 2022, BetMGM launched in seven new markets and generated $1.4 billion in net revenue from operations, beating estimates of $1.3 million. In 2023, BetMGM’s net operating income is expected to be between $1.8-2 billion.
Impressively, BetMGM has become the official sports betting partner of the Boston Red Sox. Responsible gambling education remains a key growth strategy. The GameSense program complements BetMGM’s existing responsible gambling tools, which are designed to provide customers with a fun and safe digital experience.
Additionally, the Las Vegas market’s increased footfall, asset-light strategy and customer loyalty program bode well. Massachusetts-based MGM Springfield BetMGM Sportsbook & Lounge opened in January 2023 and features 18 sports betting kiosks conveniently located throughout the gaming area.
Zacks Rank and Key Picks
MGM Resorts currently has a Zacks Rank #3 (Hold). You can see a full list of today’s Zacks #1 Rank (Strong Buy) stocks here.
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