Published on: September 17, 2024, 12:22h.
Last updated on: September 17, 2024, 12:22h.
BetMGM has secured a long-term partnership with Gannett, publisher of USA Today, making the gaming company the official online sportsbook operator of USA Today Sports.
The financial details of the deal have not been disclosed. BetMGM’s data and odds will now be featured on the USA Today network, which includes over 300 online news sites across 200 markets in 43 states where sports betting is legal.
The agreement includes the integration of BetMGM sports betting odds into stories, sharing betting odds, moneylines, spreads, and over/unders for games, along with a BetMGM “Bet Now” feature. BetMGM Sportsbook and BetMGM Casino will also be listed as partners on the footers of all USA Today Network publications,” as per a statement.
This partnership with Gannett expands BetMGM’s media reach. Earlier in the year, the gaming company became the official odds provider for the Associated Press and also joined forces with social media platform X (formerly Twitter).
BetMGM, Gannett Collaboration Benefits Football Season
The agreement between BetMGM and Gannett comes at a strategic time, just after the second week of the 2024 NFL season. This timing allows both companies to leverage the partnership during the peak of sports betting in the US.
The announcement coincides with BetMGM’s momentum in the early stages of the football season. In a recent report, Jefferies analyst James Wheatcroft noted an increase of 54% in BetMGM’s handle during Week One of the NFL campaign in New York, with a corresponding 24% revenue jump.
While the impact of Gannett on BetMGM’s market share remains to be seen, there is optimism that the collaboration will be beneficial for both entities.
“We believe BetMGM complements our existing portfolio of partners and will enable us to drive further audience growth and engagement,” stated Gannett CEO Michael Reed. “We anticipate this collaboration will immediately lead to an increase in the overall monetization of our content platform.”
NFL Betting Surpasses Expectations
Before the start of the season, the American Gaming Association (AGA) projected $35 billion in NFL bets to be placed with regulated sportsbook operators. However, just two weeks into the season, one analyst has already revised that forecast upwards.
In a recent client note, Macquarie analyst Chad Beynon predicted North American operators would generate $37 billion in NFL bets this season, marking a 34% year-over-year growth.
“Based on our proprietary hold model, we calculate NFL market hold of 16% for the week of Sept 9–15, above our long-term average of 9%. We estimate total sports betting market hold of 12% for the week of Sept 9–15, assuming NFL hold of 16% and 9% hold for other sports,” observed Beynon. “New York reported sports betting hold of 7% for the week of Sept 2-8, below the long-term average of 9% and directionally in line with our estimate of 8%. Handle grew 14% YoY vs the same week last year.”