Tag Archives: MGM Resorts

  1. Home
  2. MGM Resorts
BetMGM named as an official sports betting partner of the Boston Red Sox
March 7, 2023

BetMGM named as an official sports betting partner of the Boston Red Sox

Bookiecity

BetMGM has been named as the official sports betting partner of MLB team the Boston Red Sox.

This announcement precedes the launch of mobile sports betting in Massachusetts. It marks the first sports betting partnership for the Red Sox, as well as BetMGM’s first tie to a Massachusetts sports team.

“The Red Sox are one of baseball’s most beloved organizations and we’re thrilled to bring BetMGM to their passionate fans,” said Matt Prevost, chief revenue officer at BetMGM. “We look forward to working together to elevate the gameday experience in Boston.”

As part of the deal, BetMGM promotional material will appear at Fenway Park. Fenway Park’s left field wall, coined “Green Monster”, will display BetMGM signage.

Branded content will also be distributed across both BetMGM and the Boston Red Sox’s social media accounts.

BetMGM will also have a suite at the stadium. The operator plans to execute VIP fan experiences in the suite, including batting practice access, ceremonial first pitc..

Continue Reading

BetMGM to limit presence in New York until tax rates change
May 12, 2022

BetMGM to limit presence in New York until tax rates change

Bookiecity

BetMGM chief financial officer Gary Deutsch said the business would continue to adopt a “conservative” approach in New York until the state’s “irrational” tax environment changes.

During its latest investor day, BetMGM reiterated its net revenue guidance for 2022 of $1.3bn (£1.06bn/€1.25bn), up from $850m in 2021. Executives also said BetMGM’s earnings before interest, tax, depreciation and amortisation (EBITDA) for the year should be similar to 2021, when the business reported an EBITDA loss of $430m.

However, chief financial officer Gary Deutsch noted that there was a change in the portions of this $1.3bn produced by different states.

“Within this guidance, the revenue mix is different than previously expected,” he said. “We expected lower New York revenue and higher revenue in our other online sports and igaming states.”

Deutsch then went on to outline why BetMGM had taken few steps to establish a foothold in New York. During April, the operator reported $5.0m in revenue from $1..

Continue Reading