Yahoo Finance MGM Resorts (MGM) BetMGM Boosts Online Offerings in Puerto Rico
MGM Resorts International’s MGM BetMGM recently announced collaboration with Casino del Mar (at La Concha Resort) to launch its mobile sports betting app in Puerto Rico. This marks the company’s second market for online gaming footprint expansion outside the United States.
The mobile application offers a user-friendly sports betting experience featuring customizable pre-game, in-play, futures and parlay wagers. MGM Resorts stated that the application will also be made available for the desktop version.
The integration of BetMGM with the company’s loyalty program allows customers to redeem their gameplay for experiences at MGM Resorts properties nationwide. This includes properties at Bellagio, ARIA and MGM Grand (in Las Vegas), Beau Rivage (in Mississippi), Borgata in (New Jersey) and MGM Grand Detroit.
The company is optimistic with respect to the app launch and anticipates the initiative to drive growth in the upcoming periods. Attributes such as user-friendly technology tools, integration of GameSense program and elevated entertainment experience are likely to add to the positives.
Focus on BetMGM Bodes Well
BetMGM continues to gain market share. In the first quarter of 2023, the company launched BetMGM Ohio and Massachusetts, bringing its total active markets to 26. As of March 2023, BetMGM achieved a market share of 28% in the iGaming and 17% in the U.S. sports betting space.
During the first quarter, net gaming revenues from BetMGM came in at $476 million, up 76% from 2022 levels. Attributes such as robust player economics and a successful bonus optimization strategy added to the positives.
Considering the positive market momentum and its unique and unparalleled online and offline offerings, the company is optimistic about long-term growth, with revenue expectations of $1.8-$2 billion in 2023. The company is confident about the improved design and functionality of the BetMGM app launch (of a single wallet) and omnichannel growth prospects.
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So far this year, shares of MGM Resorts have gained 24% compared with the industry’s 28% rise.
Zacks Rank & Key Picks
MGM Resorts currently has a Zacks Rank #3 (Hold).
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