MGM Stock – MGM Resorts’ (MGM) BetMGM Partners With PFL, Boosts Presence
MGM Resorts International’s MGM BetMGM recently reached an agreement with The Professional Fighters League (PFL), which is not only the fastest growing but also the most innovative league in the world. Per the agreement, BetMGM is “US Authorized Gaming Operator of the PFL.”
PFL fans will now be able to place bets on BetMGM starting with PFL 4 airing on Jun 10 in primetime on ESPN networks and streaming platforms. Per the partnership, BetMGM can use PFL logos.
Matt Prevost, chief revenue officer, BetMGM, stated, “The upcoming PFL slate is phenomenal, and we look forward to offering fans exciting opportunities to get in on the action with unique PFL promotions on BetMGM.”
BetMGM continues to expand its presence. In March 2021, BetMGM reached a multi-year sports betting deal with Audacy, previously trading as Entercom Communications. Per the partnership, BetMGM became the preferred sports betting partner of Audacy across all sports broadcast stations, digital platforms, BetQL app and BetQL Audio Network.
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Ever since its launch in 2018, the company has done extremely well and is now operating in 12 states. Notably, BetMGM continues to gain market share. Meanwhile, BetMGM’s operations contributed $163 million to net revenues during the first quarter. Markedly, its results are encouraging compared with the total net revenues of $178 million in 2020.
Given the positive momentum in markets coupled with its unique and unparalleled online and offline offerings, the company remains optimistic about its long-term growth with revenue expectations of more than $1 billion in 2022. Over the long term, BetMGM’s EBITDA margins are expected in the range of 30% to 35%. Also, it expects long-term U.S. market share between 20% and 25%. Notably, shares of the company have surged 44.3% in the past six months compared with the industry’s rally of 19.7%.
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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