MGM Resorts International’s MGM BetMGM recently launched its sports betting app in Iowa. The following announcement was made in tandem with Diamond Joe Casino, a high-energy casino in Dubuque's historic downtown district. The move reflects the company’s intentions to continue expanding presence.
Iowa has joined states like Nevada, New Jersey, Colorado, Indiana, Pennsylvania, Tennessee and West Virginia, in which BetMGM's mobile app is available. BetMGM CEO Adam Greenblatt said “Our connection with MGM Resorts enables BetMGM users in the Hawkeye State to earn rewards, from hotel suites to dinners at award-winning restaurants, all while engaging in the excitement of our cutting-edge sports betting experience.”
Sports betting has been growing rapidly worldwide in recent years on the back of legalization of gambling in the United States by the Supreme Court in 2018 and MGM Resorts has been sparing no effort to tap this opportunity.
Sports Betting: A Hot Spot
According to the American Gaming Association, about $150 billion is wagered illegally on sports through the likes of bookies and offshore sites every year. Data Bridge Market Research projects global sports betting market to witness a CAGR of 9.99% in the forecast period of 2020 to 2027. Growth in the gambling market is likely to be driven by increase in smartphone adoption and improving Internet infrastructure globally.
MGM Resorts continues to focus on sports betting expansion. Case in point, MGM Resorts and GVC Holdings announced second round of investment in BetMGM. Together, the parties brought the total investment to $450 million. In the first round, both the companies had invested $200 million. Ever since its launch in 2018, the company has done extremely well and is on track to operate in 11 states by the end of 2020.
Shares of MGM Resorts have surged 77.7% in the past six months compared with the industry’s rally of 38.2%. MGM Resorts, which shares space with Wynn Resorts, Limited WYNN, Las Vegas Sands Corp. LVS and Boyd Gaming Corporation BYD, carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
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