BetMGM's Newly Designed State-of-the-Art Sports Betting App Launches in Nevada

Rhea-AI Summary

BetMGM launches newly designed mobile sports betting app in Las Vegas, offering expanded prop and parlay wager options, live streaming, digital deposits and withdrawals, and rewards connectivity. The app also features Same-Game Parlay+ and integrates responsible gambling education. BetMGM operates in 28 markets with mobile and retail offerings.

Insights

Market Research Analyst

The launch of BetMGM's upgraded mobile sports betting app in Las Vegas represents a significant development in the digital sports betting industry. The enhancements, including expanded prop and parlay wager options, live streaming capabilities and digital deposits and withdrawals, are designed to improve user experience and engagement. This strategic move could potentially increase BetMGM's market share in Nevada, which is a key market given its status as a major sports and entertainment hub.

In terms of market trends, the integration of Entain's Angstrom Sports technology suggests a competitive edge through advanced in-game betting options. This technology could attract a tech-savvy customer base that values real-time engagement with sporting events. The Same-Game Parlay+ feature also caters to a growing demand for customizable betting experiences, allowing users to combine bets for higher odds, which could lead to increased average bet amounts and user retention.

Furthermore, the connectivity with the BetMGM Rewards program integrates sports betting with MGM Resorts' broader hospitality offerings. This synergy between online and physical experiences can enhance customer loyalty and cross-promotion opportunities. The loyalty program is likely to encourage repeat usage, as customers can earn points and tier credits with every bet, redeemable for perks across MGM Resorts' properties. This creates a comprehensive ecosystem that could drive sustained revenue growth, both for the app and the resorts.

Financial Analyst

The financial implications for BetMGM and its parent companies, MGM Resorts International and Entain, could be substantial following the app's launch. The app's new features are likely to drive user acquisition and retention, which are critical metrics for the success of any digital platform. By offering a more robust betting experience, BetMGM is positioning itself to capitalize on the high-volume betting activity associated with major sporting events in Las Vegas.

Investors should monitor the performance metrics post-launch, such as the app's adoption rate, average revenue per user (ARPU) and the impact on MGM Resorts' overall revenue. The introduction of innovative features like digital deposits and withdrawals streamlines the betting process, potentially leading to higher transaction volumes and increased monetization of the user base.

While the initial investment in technology and marketing for the app relaunch might affect short-term financials, the long-term benefits could include increased operational efficiency and a stronger competitive position. Additionally, the emphasis on responsible gambling with tools like GameSense may mitigate regulatory risks and foster a sustainable growth environment.

Legal Expert

The legal landscape of sports betting in the United States has been evolving rapidly and BetMGM's app launch in Nevada is indicative of the industry's adaptation to these changes. The emphasis on responsible gambling education and the integration of GameSense reflects a proactive approach to compliance and social responsibility. This is particularly important as regulators and legislators continue to scrutinize the industry's practices.

From a legal standpoint, the expansion of betting options and the ease of digital transactions must adhere to state and federal regulations. BetMGM's alignment with these legal requirements, including anti-money laundering (AML) protocols and know your customer (KYC) regulations, is crucial for maintaining its operating licenses and avoiding potential fines or sanctions.

Additionally, the cross-promotion of betting activities with rewards redeemable at physical resorts may raise questions about the legal boundaries of online-offline integration. BetMGM's approach must navigate these complexities while ensuring compliance across different jurisdictions, especially as it expands into new markets.

Advanced In-Game Betting, Expanded Prop Markets and Rewards Connectivity Headline New Ways to Play

LAS VEGAS, Feb. 5, 2024 /PRNewswire/ -- BetMGM's newly designed mobile sports betting app is now live in Las Vegas, the Sports and Entertainment Capital of the World. Powered by Entain, the newly designed BetMGM Nevada app offers sports fans significant enhancements to the mobile sports betting experience including an exponential increase in prop and parlay wager options, live streaming capabilities, digital deposits and withdrawals.

"As the world's biggest sporting event arrives in Las Vegas this week, it is the ideal moment to introduce Nevada to our premier mobile sports betting app," said BetMGM CEO Adam Greenblatt. "Nevada attracts people from around the world and is home to an incredibly knowledgeable sports fan base. It is vital to provide them with a superior product, and we are thrilled to do that with this launch."

The enhanced app complements MGM Resorts' best-in-class retail sportsbooks at nine destinations along the Las Vegas Strip including Bellagio, ARIA, The Cosmopolitan of Las Vegas, MGM Grand, Mandalay Bay, Park MGM, Luxor, New York-New York and Excalibur.

Highlights of the BetMGM app's new features now accessible for Nevada users include:

• Expanded Pre-Game & In-Game Options: Entain's integration of Angstrom Sports technology will allow the BetMGM app to provide an exponentially larger number of markets for the 'Big Four' U.S. sports. Players will enjoy a wide portfolio of pre-game and in-game wagering options with more attractive odds on team, individual player and play-by-play bets.

• Digital Deposits & Withdrawals: BetMGM Nevada users now enjoy new deposit options, digitally accessing their wallet for fast and convenient deposits and withdrawals from the app.

• BetMGM Rewards: The new Nevada app now is connected to BetMGM Rewards delivering the perks of a world-class loyalty program to the sports betting world. With every wager placed in Nevada, BetMGM app users now earn BetMGM Rewards Points and MGM Rewards Tier Credits unlocking VIP benefits to MGM Resorts' 20+ premier destination resorts ranging from Bellagio, ARIA, MGM Grand and Mandalay Bay in Las Vegas to Borgata in Atlantic City, Beau Rivage in Mississippi, and MGM National Harbor in Maryland, among many others.

• Same-Game Parlay+: The enhanced app features Same-Game Parlay+, a new way to combine favorite same-game parlays to create one super parlay. Players now can connect two different same-game parlays into a single bet with ease for dramatically increased odds.

BetMGM currently operates in 28 markets with mobile and retail offerings.

As BetMGM continues to expand to new markets, responsible gambling education remains a key focus. BetMGM is proud to provide resources to help customers play responsibly including GameSense, an industry leading program, developed and licensed to MGM Resorts by the British Columbia Lottery Corporation. Through the integration within BetMGM's mobile and desktop platforms, customers can receive the same GameSense experience they have grown to count on at MGM Resorts properties nationwide. This complements BetMGM's already existing responsible gambling tools which serve to provide customers with an entertaining and safe digital experience.

For more information, follow @BetMGM on X (formerly 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 U.S.-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 https://sports.betmgm.com/en/blog/.

Forward-Looking Statements

Statements in this release that are not historical facts are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, as amended, which involve substantial risks and/or uncertainties, including those described in MGM Resorts International's public filings with the Securities and Exchange Commission. Forward-looking statements can be identified by the use of forward-looking terminology such as "believes," "expects," "could," "may," "will," "should," "seeks," "likely," "intends," "plans," "pro forma," "projects," "estimates" or "anticipates" or the negative of these words and phrases or similar words or phrases that are predictions of or indicate future events or trends and that do not relate solely to historical matters. BetMGM has based forward-looking statements on management's current expectations, assumptions and projections about future events and trends. Examples of these statements include, but are not limited to, BetMGM's expectations regarding launch of the new BetMGM app in Nevada and new enhancements available in the app such as expanded pre-game and in-game options, digital deposits and withdrawals, BetMGM rewards integration, and same-game parlay+. These forward-looking statements are not guarantees of future performance, conditions or results, and involve a number of known and unknown risks, uncertainties, assumptions and other important factors, that could cause actual results or outcomes to differ materially from those discussed in the forward-looking statements. Included among the important factors that could cause actual results to differ materially from those indicated in such forward-looking statements are: risks related to the effects of economic conditions and market conditions in the markets in which BetMGM operates, the significant competition within the gaming and entertainment industry; risks that launch of the app does not occur or does not occur in the manner described herein; BetMGM's ability to execute on its business plan; changes in applicable laws or regulations, particularly with respect to iGaming and online sports betting; BetMGM's ability to manage growth and access the capital needed to support its growth plans; BetMGM's ability to obtain the required licenses, permits and other approvals necessary to grow in existing and new jurisdictions, and additional risks and uncertainties described in MGM Resorts International's Form 10-K, Form 10-Q and Form 8-K reports (including all amendments to those reports). In providing forward-looking statements, neither MGM Resorts International nor BetMGM is 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 MGM Resorts International or 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

What are the new features of the BetMGM Nevada app?

The new features include expanded pre-game and in-game options, digital deposits and withdrawals, BetMGM Rewards connectivity, and Same-Game Parlay+.

How many markets does BetMGM currently operate in?

BetMGM operates in 28 markets with mobile and retail offerings.

What responsible gambling education resources does BetMGM provide?

BetMGM provides resources such as GameSense, an industry-leading program, and responsible gambling tools to help customers play responsibly.

What is the ticker symbol for BetMGM?

The ticker symbol for BetMGM is GMVHY.