BetMGM is expanding its reach through a deal with a leading social media platform.
The casino and sports betting operator has secured a strategic partnership with X, formerly Twitter, to become the platform’s exclusive live odds sports betting partner. The deal, the first-of-its-kind between a sportsbook and social media brand, will see BetMGM odds and branding integrated into X and also game links that take you to BetMGM’s app and website.
“X is the center of the sports world’s conversation 24 hours a day, seven days a week,” said BetMGM CEO Adam Greenblatt. “Being directly accessible within that forum is an unprecedented opportunity to expand our reach to a passionate and engaged audience. We look forward to adding intel and content that enhances the platform’s interaction around sports.”
BetMGM and X will begin their partnership by offering the latest odds on NFL markets with plans to expand the integration to other major professional sports leagues and college athletics.
As of November 2023, X has over 550 million monthly users, according to Exploding Topics.
Strong end to last year for BetMGM
BetMGM’s partnership with X follows encouraging financial results for the previous year.
The operator, co-owned by MGM Resorts and Entain, generated $1.96 billion in net revenue in 2023, a 36% increase year-over-year. BetMGM met its own revenue expectations with a previous guidance of between $1.8 billion and $2 billion in 2023.
Despite the net revenue growth, BetMGM projects an EBITDA loss of roughly $67 million in 2023. The operator has announced a target of around $500 million of EBITDA by 2026.
As of Q4 2023, BetMGM operates in 28 markets across North America including Ontario.