MGM Resorts' (MGM) BetMGM Mobile App Debuts in Massachusetts
BetMGM, a joint venture company between MGM Resorts International MGM and Entain Plc, recently debuted in Massachusetts with the launch of its mobile app. The platform provides customers access to a wide range of online betting options and benefits connected to MGM Resorts' premier destinations across the nation.
The BetMGM application is a user-friendly sports betting platform that provides sports fans the ability to customize pre-game, live in-play, futures and parlay wagers. The app is integrated with various MGM Rewards and allows users to redeem their gameplay at MGM Resorts properties throughout the country.
Regarding the debut, Adam Greenblatt, BetMGM CEO said, “The debut of sports betting in Massachusetts has delivered an incredible amount of excitement and activity to our retail Sportsbook at MGM Springfield. We're proud to expand our best-in-class wagering experience statewide during one of sports' biggest months of action.”
Shares of the company slipped 1.16% on Mar 10 but increased 25.4% in the past six months, outperforming the Zacks Gaming industry’s growth of 16.7%. The company is benefiting from pent-up consumer demand, high domestic casino spending and robust demand for sports betting. Sports betting and iGaming continue to be major growth drivers for the company.
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MGM is witnessing high business growth from the operations of BetMGM. In 2022, BetMGM launched in seven new markets and generated net revenues from operations of $1.4 billion, surpassing its estimate of $1.3 million. For 2023, the net revenues from BetMGM’s operations are expected to be within $1.8-$2 billion.
Impressively, BetMGM was named an Official Sports Betting Partner of the Boston Red Sox. Its responsible gambling education remains a key growth strategy. The GameSense program complements BetMGM's existing responsible gambling tools, which serve to provide customers with an entertaining and safe digital experience.
Apart from this, it is gaining from increased visitation in the Las Vegas market, asset-light strategy, and customer loyalty program bode well. Massachusetts-based MGM Springfield’s BetMGM Sportsbook & Lounge, which opened in January 2023, is home to 18 sports betting kiosks, conveniently located throughout the gaming area.
Zacks Rank & Key Picks
MGM Resorts currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Here are some better-ranked stocks that investors may consider in the Zacks Consumer Discretionary sector.
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The Zacks Consensus Estimate for RL’s fiscal 2024 sales and EPS suggests growth of 5.5% and 14%, respectively, from the year-ago levels.
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The Zacks Consensus Estimate for IHG’s 2023 sales and EPS suggests growth of 9.8% and 18.4%, respectively, from the year-ago period’s reported levels.
Sony Group Corporation SONY currently has a Zacks Rank #2. SONY has a trailing four-quarter earnings surprise of 22.2% on average. Shares of the company have gained 17.6% in the past six months.
The Zacks Consensus Estimate for SONY’s fiscal 2024 sales and EPS suggests growth of 10.3% and 8%, respectively.
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