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BetMGM Announces Exclusive Partnership with Elon Musk’s X

betmgm_announces_partnership_with_elon_musksXBetMGM, the famous international sports betting and iGaming operator, has announced the establishment of a strategic partnership with X, the huge social network formerly known as Twitter before it was acquired by billionaire Elon Musk.

The agreement will see BetMGM become the exclusive live odds and sports betting partner for X. This is the very first partnership of this kind between a large sports betting and online casino operator and a global social media brand. The odds provided by BetMGM and the operator’s branding will be integrated into X, with each game linking back to the BetMGM mobile application or to its website.

This deal has immense potential for BetMGM because a massive number of sports fans discuss the games of their favorite teams on X. Moreover, news about teams and top athletes are frequently first announced on X, making it a very popular place for sports enthusiasts.

An Unprecedented Opportunity

Adam Greenblatt, the Chief Executive Officer of BetMGM, described X as “the center of the sports world’s conversation 24 hours a day, seven days a week” and admitted that having the operator’s website and application directly accessible from the social media platform is “an unprecedented opportunity to expand” the company’s reach.

Linda Yaccarino, the Chief Executive Officer of X, said that “sports never sleep” on the social media platform and added that the strategic partnership with BetMGM places fans “practically in the front row” at their favorite competitions.

The partnership is mainly aimed at users in the United States who can take advantage of BetMGM’s latest betting odds on professional football, while the other major professional and college sports will follow in the coming weeks. The odds interface gives users a quick way to get into the application or website operated by BetMGM, but the integration between the two platforms will further evolve in the coming months with the addition of new features and functionality.

A Major Player in the Industry

BetMGM was founded in 2018 and it is headquartered in New Jersey. The company was formed as a result of the partnership between MGM Resorts International, the well-known casino operator and entertainment company, and Entain, one the biggest sports betting companies in the world. B

BetMGM has exclusive access to all of MGM’s land-based and online sports betting operations in the United States, along with major poker tournaments and online gaming businesses. The company offers sports betting and online gaming through various prominent brands including BetMGM, Borgata Casino, Party Casino and Party Poker.

Source: “BetMGM and X Sign Exclusive Sports Betting Partnership“. BetMGM. February 9, 2024.

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Entain Seen Adding Sandler to Board, Push for BetMGM Sale Could Be on Table

Entain Plc (OTC: GMVHF) is reportedly considering adding Eminence Capital founder Ricky Sandler to its board of directors — a move that could potentially open the door to a full or partial sale of the operator’s 50% interest in BetMGM.

Sandler Entain
Eminence Capital CEO and CIO Ricky Sandler. Entain could add him to the board of directors. (Image: Institutional Investor)

Citing unidentified sources with knowledge of the matter, The Sunday Times reported that Entain could add Sandler to its board before the end of this month. The rumor surfaced less than a week after the Coral owner announced the immediate resignation of CEO Jette Nygaard-Andersen — an executive of whom Sandler was openly critical.

In June, he bashed the $750 million purchase of STS Holding, noting the issuance of new stock to fund the deal signaled Entain’s lack of understanding of basic finance, or naivety among investors. As of the end of the second quarter, Eminence Capital owned 2.1% of Entain’s freely floating shares.

Assuming Entain does appoint Sandler to the board, it could be viewed as a move to appease activist investors Dendur Capital and Sached Heam Capital. Those two hedge funds recently took stakes in the gaming company, noting they wanted Sandler appointed to the board, adding that Entain should include him in the process of filling other board vacancies.

Interesting Timing for Entain to Appoint Sandler to Board

In addition to speculation of Sandler joining Entain’s board on the heels of Jette Nygaard-Andersen’s resignation, the rumor appeared just three days after Keith Meister’s Corvex Management announced it took a 4.4% stake in the gaming company.

That’s potentially noteworthy because Corvex is a major investor in MGM Resorts International (NYSE: MGM) — Entain’s 50/50 partner in BetMGM. Additionally, Meister is a member of the casino operator’s board.

Previously, Sandler has floated the idea of Entain selling all or part of its BetMGM stake to raise capital and renew its focus on markets in which it’s firmly established, including Australia, Europe and the UK. MGM has made no secret of its desire to control all of BetMGM and it would likely be open to negotiating a buyout of Entain, which would be more cost-effective than purchasing the Ladbrokes owner outright.

Entain will not appoint Meister to its board because of his membership on the BetMGM and MGM boards, according to The Sunday Times.

Could Be Good Time for Entain to Mull BetMGM Sale

It remains to be seen if Sandler gains an Entain board seat and what type of change he and his fellow activist investors augur for, but a case can be made that now is an opportune time for the gaming company to consider divesting some or all of its BetMGM position.

The internet casino and online sportsbook operator is increasingly profitable and is targeting $500 million in earnings before interest, taxes, depreciation, and amortization (EBITDA) by 2026.

Conversely, BetMGM is nearing self-funding status, meaning Entain wouldn’t be on the hook for more capital contributions to the online gaming entity. That could make it attractive for Entain to retain its interest in the business unless a potential MGM offer for that stake is highly compelling.

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