MGM Resorts (MGM) Expands Sport Betting Options in Michigan

Zacks Equity Research
·2 min read

MGM Resorts International’s MGM BetMGM recently announced the launch of its sports betting and iGaming app in Michigan. Following the launch in Michigan, the company expanded its BetMGM's mobile sports betting to nine states.

On Jan 4, the company had launched its sports betting app in Iowa. Apart from this, the company launched its BetMGM mobile app across states like Nevada, New Jersey, Colorado, Indiana, Pennsylvania, Tennessee and West Virginia. Nonetheless, the recent move compliments the company’s intentions to continue expanding presence.

Available on both IOS and android platforms, the mobile application offers a wide range of casino games that includes slot tournaments, progressive jackpots (exclusive to Michigan), blackjack, roulette and video poker. It also provides features like pre-game customizations, live in-play, futures and parlay wagers.

Meanwhile, MGM Resorts utilizes various types of technology to maximize revenues and efficiency in operations. The company continues to adopt ways that drive bookings. MGM Resorts has an M life Rewards program for its customers at domestic resorts. M life provides access to rewards, privileges and members-only events. Case in point, the application enables BetMGM users to redeem their gameplay at MGM Resorts properties like MGM Grand Detroit as well as MGM Grand, Bellagio and ARIA in Las Vegas, Borgata in New Jersey and Beau Rivage in Mississippi.

In this regard, BetMGM CEO Adam Greenblatt, stated,” We're thrilled to complement our retail offering with the launch of the BetMGM mobile app in Michigan. Michigan sports fans can access our interactive sports betting platform and exclusive line of casino games directly from their phone. The Wolverine State now has new ways to engage with the teams they love, while earning rewards from their gameplay."

Price Performance

Shares of MGM Resorts have surged 109.8% in the past six months compared with the industry’s 53.6% rally. Notably, the company is benefitting from its increased focus on asset light strategy, non-gaming activities and digital initiatives. Also, sports betting and iGaming continue to be a major growth driver following the legalization of sports betting outside Nevada.

MGM Resorts, which shares space with Caesars Entertainment Corporation CZR, Red Rock Resorts, Inc. RRR and Penn National Gaming, Inc. PENN in the Zacks Gaming industry, carries a Zacks Rank #3 (Hold) at present. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

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Click to get this free report MGM Resorts International (MGM) : Free Stock Analysis Report Penn National Gaming, Inc. (PENN) : Free Stock Analysis Report Caesars Entertainment, Inc. (CZR) : Free Stock Analysis Report Red Rock Resorts, Inc. (RRR) : Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research