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Looking ahead to the biggest event of the year for the sports betting sector, Morgan Stanley recalled that the Super Bowl continues to be one of the key periods outside the start of the NFL season to attract clients and more casual bettors. Analyst Esteban Grambling believes this year could be a boom year, as the Taylor Swift effect is estimated to increase viewership by approximately 10% and expand participation in the sports and/or betting audience, as is already evident in the one-time bets outside the US and with the volume of prop bets increasing this year. year. Based on the expectation of an explosion in sports betting, sportsbooks have been offering competitive odds this year on the Super Bowl based on “overrounds,” or the difference in implied holding rates from previous or other years. important events. In particular, BetRivers (RSI) and bet Wynn (WYNN) have been aggressive with overrounds on the moneyline bet closer to 100% (balance for bookmakers). Meanwhile, DraftKings (NASDAQ:DKNG) and FanDuel (FLOOD) were slightly more customer-friendly than their peers in terms of point distribution.
Just before Super Bowl LVIII, BetMGM announced a strategic partnership with social media site X. The partnership is described as the first of its kind between a leading social media brand and a sports betting operator. The initiative will integrate BetMGM odds and branding into X, with each game linked to the BetMGM website and app. All real bets will be placed directly from BetMGM platforms in states where sports betting is legal. X users in the United States can already explore the latest Betmgm bets in professional football, and each of the main professional and university sports are expected to continue in the coming weeks. BetMGM expects the integration to continue to evolve and grow in functionality over the coming months.
“X is the 24/7 center of conversation in the sports world,” said BetMGM CEO Adam Greenblatt. “Being directly accessible within that forum is an unprecedented opportunity to expand our reach to a passionate and engaged audience. We look forward to adding information and content that enhances the platform's engagement around sports,” he added.
In a recent update, BetMGM reported that it generated revenue of $1.96 billion in FY23, up 36% from a year ago and within the company's guidance range. BetMGM ended the fiscal year with a 14% U.S. market share, up from 19% a year ago. BetMGM will be in the spotlight on Super Bowl Sunday, with a high-profile commercial featuring Tom Brady running and the app expected to set betting records.
BetMGM is owned by MGM Resorts International (New York Stock Exchange:MGM) and Entain (OTCPK:GMVHF).
