Elon Musk’s X, Formerly Twitter, Could Collaborate with BetMGM

Elon Musk’s X (formerly Twitter) is reportedly in discussions with BetMGM to integrate sports betting into the widely used site. This news arrived just two weeks before the Super Bowl, which is significant since live events have become a major part of X’s user engagement. This move is pivotal because it coincides with Musk’s plans to diversify X’s revenue streams. This is also of interest to BetMGM, as it emerged just weeks after former Entain CEO Jette Nygaard-Andersen was forced out and as activist investors circle the company. If the deal comes to fruition, it won’t be a major revenue driver for privately held X, but it would possibly signal to other mainstream companies that it’s okay to advertise on the social media platform. BetMGM, a joint venture between MGM Resorts International and UK-based Entain Plc, is already the third-largest online sportsbook operator in the US. BetMGM has internet and retail sportsbooks in 13 states and Washington, DC, and it expects to enhance its market presence if this partnership moves forward. It’s largely rumored that some, if not all, of those activists could persuade Entain to sell its stake in BetMGM to MGM — a transaction that would almost assuredly be to the delight of the casino operator. This partnership represents the increasing synergy between social media and sports betting.

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