Elon Musk’s X and BetMGM Announce Sports Betting Partnership

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Published: February 9, 2024, 04:43h. 

Last updated on: February 9, 2024, 04:43h.

After a late-January rumor, it has been confirmed that the social media platform X, created by entrepreneur Elon Musk and formerly known as Twitter, will be collaborating with BetMGM.

Musk Twitter
Elon Musk at the recent Met Gala in New York. His social media company X, formerly Twitter, is partnering with BetMGM. (Image: Wall Street Journal)

Financial terms were not disclosed, but this collaboration marks the first between a major social media website and a leading online sportsbook operator. BetMGM’s branding and odds will be integrated into X, with tweets now featuring links to the BetMGM sportsbook on various games.

X users in the United States will have access to BetMGM’s latest odds for professional football, with other major professional and college sports expected to be included in the coming weeks,” according to a statement issued by the firms. “The odds interface provides an easy clickthrough for each game to BetMGM’s app or website, creating a seamless user experience. The integration will continue to evolve and grow in its functionality over the coming months.”

It remains unclear if BetMGM’s gaming offerings will be accessible in states where sports betting is not permitted, or where BetMGM is not licensed. As of the end of 2023, BetMGM was available in 28 North American markets, including Ontario, Canada and Puerto Rico.

The Impact of the X Deal on BetMGM

BetMGM recently reported its 2023 financial results, revealing a 36% jump in revenue to $1.96 billion last year. Despite these positive results, the operator, a joint venture between MGM Resorts International (NYSE: MGM) and Entain Plc (OTC: GMVHF), still lags behind rivals DraftKings and FanDuel in the US market.

With that said, the relationship between BetMGM and X could potentially boost visibility and brand awareness for the operator. This is important as recent research supports the notion that DraftKings and FanDuel are among the most valuable gaming brands in the world, while BetMGM fails to make the rankings.

WIt’s likely that X will serve as an ideal platform for BetMGM to increase brand awareness. Data shows that 48% of X users seek entertainment, making it a fitting space for sports betting. Additionally, one-third of users use X to follow their favorite companies and brands, according to the Social Shepherd.

X to Feature Responsible Gaming Tools

As sports wagering continues to grow, so does the issue of problem betting. BetMGM and X are working to address these concerns by featuring GameSense on the social media website. This tool was licensed to MGM Resorts by the British Columbia Lottery Corporation.

“Through the integration within BetMGM’s mobile and desktop platforms, customers can receive the same GameSense experience they have grown to count on at MGM Resorts properties nationwide,” added the operator in the press release. “This complements BetMGM’s already existing responsible gambling tools which serve to provide customers with an entertaining and safe digital experience.”

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