BetMGM Names Rhea Loney Chief Compliance Officer

Rhea-AI Summary

BetMGM announced the appointment of Rhea Loney as the new Chief Compliance Officer, enhancing its compliance and regulatory framework as it rapidly expands. Loney, with a strong background in compliance from her previous role at Penn Interactive, will oversee critical compliance areas including licensing, AML, and responsible gaming. Her experience includes launching several major sportsbook platforms across multiple states. The company aims to strengthen its position in the market through this strategic hire, ensuring adherence to regulatory requirements.

Positive

• Rhea Loney brings extensive industry knowledge and regulatory experience.
• Loney's previous success includes launching Barstool Sportsbook in 13 states.
• The appointment reflects BetMGM's commitment to enhancing compliance measures.

Negative

• None.

Loney Adds Extensive Compliance & Regulatory Experience as Company Continues Rapid Expansion

JERSEY CITY, N.J., Oct. 27, 2022 /PRNewswire/ -- BetMGM, a leading sports betting and digital gaming entertainment company, today announced that Rhea Loney will join its executive team as Chief Compliance Officer. Loney will oversee BetMGM's compliance department, including online and retail operational compliance, registration and licensing, AML and financial compliance, and responsible gaming.

"Rhea brings extensive industry knowledge and regulatory experience to BetMGM and is a phenomenal addition to our team as we continue to grow rapidly in a dynamic industry," said Adam Greenblatt, CEO, BetMGM.

Loney joins BetMGM from Penn Interactive, the online subsidiary of Penn Entertainment, Inc., where she served as VP of Compliance, Regulatory Affairs & Strategy. While at Penn, she helped build the compliance team, including licensing, regulatory affairs, operational compliance, risk & fraud, AML, and responsible gaming departments. Additionally, Loney oversaw the online launch of Barstool Sportsbook in 13 states, iCasino in 4 states and over 20 retail sportsbook launches. 

Upon her appointment, Loney said, "I'm thrilled to play a meaningful role in BetMGM's continued commitment to excellence in compliance. BetMGM is uniquely positioned in the market, and we will continue to be a leader and innovator in responsible gaming and compliance."

Prior to Penn Interactive, Loney served as an Assistant Attorney General with the Louisiana Department of Justice, Division of Gaming. While there, she represented and provided legal counsel to the Louisiana State Racing Commission from 2011 to 2019 and was first to administratively prosecute the Dermophin (Frog Juice) cases in the U.S.

Loney holds a J.D. from Tulane Law School, and a B.S. from Southeastern Louisiana University.

For more information on BetMGM, follow @BetMGM on Twitter.

About BetMGM

BetMGM is a market-leading sports betting and gaming entertainment company, pioneering the online gaming industry. Born out of a partnership between MGM Resorts International (NYSE: MGM) and Entain Plc (LSE: ENT), BetMGM has exclusive access to all of MGM's U.S. land-based and online sports betting, major tournament poker, and online gaming businesses. Utilizing Entain's US-licensed, state of the art technology, BetMGM offers sports betting and online gaming via market-leading brands including BetMGM, Borgata Casino, Party Casino and Party Poker. Founded in 2018, BetMGM is headquartered in New Jersey. For more information, visit http://www.betmgminc.com/.

Statements in this release that are not historical facts are "forward-looking" statements and "safe harbor statements" within the meaning of the Private Securities Litigation Reform Act of 1995 that involve risks and/or uncertainties, including BetMGM's ability to grow in new or existing jurisdictions. Management has based forward-looking statements on current expectations and assumptions and not on historical facts. Among the important factors that could cause actual results to differ materially from those indicated in such forward-looking statements include the effects of economic and market conditions in the jurisdictions in which BetMGM operates, competition with other iGaming and sports betting platforms, the timing and costs of expanding in new jurisdictions as well as obtaining and maintaining the required permits, licenses, financings, approvals and other contingencies in connection with growth in new or existing jurisdictions. In providing forward-looking statements, BetMGM is not undertaking any duty or obligation to update these statements publicly as a result of new information, future events or otherwise, except as required by law. If BetMGM updates one or more forward-looking statements, no inference should be drawn that it will make additional updates with respect to those other forward-looking statements.

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SOURCE BetMGM

FAQ

Who is Rhea Loney and what role has she taken at BetMGM?

Rhea Loney has been appointed as Chief Compliance Officer at BetMGM, overseeing its compliance department.

What experience does Rhea Loney have in the gaming industry?

Prior to joining BetMGM, Loney was VP of Compliance at Penn Interactive and oversaw multiple successful sportsbook launches.

When was Rhea Loney appointed as Chief Compliance Officer of BetMGM?

Rhea Loney's appointment was announced on October 27, 2022.

What responsibilities will Rhea Loney have at BetMGM?

Loney will manage compliance in online and retail operations, licensing, AML, and responsible gaming.

How does BetMGM plan to grow with Loney's appointment?

BetMGM aims to enhance its compliance framework to support its rapid expansion in the gaming industry.