BETMGM LAUNCHES MOBILE SPORTS BETTING APP THROUGHOUT WASHINGTON, D.C.

Rhea-AI Summary

BetMGM has launched mobile sports betting operations across Washington, D.C., expanding beyond its previous two-block radius around Nationals Park. This follows the D.C. Council's approval of the FY2025 budget, opening the digital sports betting market. BetMGM will maintain exclusivity near Nationals Park, where it operates a sportsbook.

The expansion allows district-wide access to BetMGM's sports wagering experience, including rewards tied to MGM Resorts and Marriott Bonvoy. BetMGM continues to invest in the region, creating jobs and contributing tax dollars. The app is now available for download across the D.C. Metropolitan area, offering new customers a first bet offer of up to $1,500 in bonus bets.

BetMGM currently operates in 29 markets with mobile and retail offerings, emphasizing responsible gambling education through its GameSense program.

Positive

• Expansion of mobile sports betting operations across Washington, D.C.
• Continued exclusivity within two-block radius of Nationals Park
• Integration with MGM Rewards and Marriott Bonvoy for user benefits
• Economic impact through job creation and tax contributions
• First bet offer of up to $1,500 for new customers

Negative

• None.

Insights

Market Research Analyst

The launch of the BetMGM mobile sports betting app across Washington, D.C. is a significant development for both the company and the region. This expansion marks a strategic move to capture a larger market share in the rapidly growing online sports betting industry.

Market Dynamics: The D.C. Council's decision to open the digital sports betting market follows a trend seen across various U.S. states. With mobile sports betting becoming more accessible, BetMGM stands to attract a wider audience, which is essential for revenue growth. The current market conditions are favorable as more states are legalizing sports betting, driven by the potential to generate substantial tax revenue and economic benefits.

Economic Implications: BetMGM's expansion will likely contribute to local economic growth through job creation and increased tax contributions. The integration with MGM Rewards and Marriott Bonvoy provides a unique value proposition, potentially increasing customer loyalty and spending not just on betting, but also on hospitality and leisure services, enhancing overall revenue streams.

Customer Engagement: By offering rewards that can be redeemed at MGM Resorts and Marriott Bonvoy properties, BetMGM is leveraging customer loyalty programs to enhance user engagement. This strategy can lead to increased customer retention and higher lifetime value per user.

Legal Expert

The expansion of BetMGM's mobile sports betting app is reliant on the D.C. Council's approval to open the digital sports betting market. This regulatory change is a critical enabler for BetMGM's operational growth in the region.

Regulatory Landscape: The approval indicates a positive regulatory environment in Washington, D.C., which could signal future opportunities for similar expansions in other regions. However, it is important to note that the regulatory framework in sports betting can be complex and varies significantly by jurisdiction. This variability can pose risks and may affect the speed and ease of future expansions.

Exclusivity Clause: BetMGM's exclusivity within the two-block radius surrounding Nationals Park is a competitive advantage that can drive foot traffic to their physical location. This exclusivity can result in a higher customer acquisition rate within that zone, potentially translating to higher revenues from in-person betting activities.

Operator to continue community investment throughout the DMV  

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WASHINGTON, July 17, 2024 /PRNewswire/ -- BetMGM, a leading iGaming and sports betting operator, today launched mobile sports betting operations across Washington, D.C. Previously accessible within only a two-block radius of the sportsbook's location at Nationals Park, sports fans district-wide now have access to the BetMGM sports wagering experience along with rewards tied to both MGM Resorts and Marriott Bonvoy destinations.

The launch follows the D.C. Council's approval of its FY2025 budget that included a provision to open the digital sports betting market. BetMGM will retain exclusivity for the two-block radius surrounding Nationals Park where it operates the BetMGM Sportsbook as part of a multi-year partnership with the Washington Nationals.

"After three years of bringing unparalleled, omnichannel experiences to sports fans and supporting the D.C. metropolitan community through our partnership with the Washington Nationals, fans can now bet on their favorite teams with BetMGM across the District with our award-winning mobile app," said Adam Greenblatt, Chief Executive Officer, BetMGM.

As mobile sports betting operations are now live in Washington D.C., Maryland and Virginia, BetMGM continues to generate significant economic impact for the region by creating local jobs and contributing tax dollars. BetMGM has invested in the growth and development of the District with its contributions to community-centric programming such as the National Cherry Blossom Festival, the Capitol Riverfront Friday Night Concert Series, Turkeypalooza presented by BetMGM, and the MGM Resorts Supplier Diversity Mentorship Program.

BetMGM's integration with MGM Rewards and Marriott Bonvoy provides users the opportunity to redeem gameplay for experiences at MGM Resorts and Marriott Bonvoy properties nationwide. These destinations include MGM National Harbor in Maryland, Borgata in New Jersey, and Bellagio and MGM Grand in Las Vegas.

Melonie Johnson, MGM National Harbor President & COO, said, "This is a full-circle moment as our resort continues to strengthen its reputation as the DMV's premier entertainment destination. With BetMGM's launch of mobile sports betting in D.C., customers across the entire region can now enjoy the full MGM Rewards experience. This includes our world-class hotel rooms, restaurants, and our state-of-the art BetMGM Sportsbook & Lounge."

New customers can download the BetMGM app on both iOS and Android and receive a first bet offer of up to $1,500 paid back in bonus bets (offer not available in NV, PR and ON. Bonus bets are non-withdrawable and expire in seven days). Existing users can check the promotions tab in their app for available offers.

BetMGM currently operates in 29 markets with mobile and retail offerings. The BetMGM app is now available for download across the D.C. Metropolitan area and is accessible on both iOS and Android, as well as via desktop at www.betmgm.com. 

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 rely 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.

Disclaimer
Gambling problem? Call 1-800-GAMBLER (Available in the US). Call 877-8-HOPENY or text HOPENY (467369) (NY). Call 1-800-327-5050 (MA). 21+ only. Please Gamble Responsibly. Call 1-800-NEXT-STEP (AZ), 1-800-BETS-OFF (IA),1-800-981-0023 (PR) or visit www.1800gambler.net (WV). See BetMGM.com for Terms. In partnership with Kansas Crossing Casino and Hotel.

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, Party Poker, and Wheel of Fortune. Founded in 2018, BetMGM is headquartered in New Jersey. For more information, visit http://www.betmgminc.com/.

About MGM National Harbor
Located in an unrivaled setting, MGM National Harbor offers stunning panoramic views of the eastern shore of the Potomac River in Maryland. The $1.4 billion LEED^® Gold Certified resort sits a short distance from Washington, D.C. to the north and historic sites, including George Washington's Mount Vernon estate across the river in Virginia. The 24-story, 308-room resort features premier amenities and experiences for locals as well as visitors from around the world including a dynamic two-level casino with over 160,000 square feet of space that includes slots, table games and poker; a world-class spa and salon; an entertainment theater with flexible seating for up to 3,000; high- end branded retail; 50,000 square feet of meeting space; and restaurants from renowned local, national and international chefs. MGM National Harbor is owned by MGM Resorts International (NYSE: MGM). For more information, visit mgmnationalharbor.com or follow on Facebook and Twitter.

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, which involve substantial risks and/or uncertainties, including those described in the MGM Resorts International 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 the launch of mobile sports betting across Washington D.C, BetMGM's continued integration with MGM Rewards and Marriott Bonvoy, and available promotions. 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: the significant competition within the gaming and entertainment industry; 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; and BetMGM's ability to obtain the required licenses, permits and other approvals necessary to grow in existing and new 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

When did BetMGM launch mobile sports betting in Washington, D.C.?

BetMGM launched mobile sports betting operations across Washington, D.C. on July 17, 2024.

What prompted BetMGM's expansion in Washington, D.C.?

The expansion followed the D.C. Council's approval of its FY2025 budget, which included a provision to open the digital sports betting market.

What special offer does BetMGM have for new customers in Washington, D.C.?

New customers can receive a first bet offer of up to $1,500 paid back in bonus bets, which expire in seven days and are non-withdrawable.

How many markets does BetMGM operate in as of July 2024?

As of July 2024, BetMGM operates in 29 markets with mobile and retail offerings.

What responsible gambling program does BetMGM use?

BetMGM uses GameSense, an industry-leading responsible gambling program developed and licensed by the British Columbia Lottery