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BetMGM Partners With Buffalo Wild Wings: Could The Move Help With Market Share?
There is a growing number of companies competing in the online sports betting and iGaming market. BetMGM is one of the top players and could be making a move to grow its market share going forward. What Happened: Buffalo Wild Wings announced a partnership with BetMGM on Thursday. The BetMGM app will use geolocation technology to offer custom promotions and bet types for guests in Buffalo Wild Wings in select markets. BetMGM is a 50/50 joint venture owned by MGM Resorts International (NYSE: MGM) and Entain PLC. OT Odds Powered by BetMGM is a channel that will air on select screens inside the restaurants. The channel will feature live in-game odds, fantasy sports and sports betting advice. “Fans wagering on sports inside Buffalo Wild Wings can now win bigger on select bets thanks to our innovative partnership with BetMGM,” said Buffalo Wild Wings Chief Marketing Officer Rita Patel. Customers in states with legalized betting will be able to place curated bets and get boosts including a Blazin’ Bets exclusive parlay offering in the restaurants. The states mentioned in the press release were Colorado, New Jersey, Indiana, Iowa, Tennessee and West Virginia. Related Link: 7 Stocks To Watch Ahead Of Michigan Online Sports Betting Legislation Why It’s Important: In 2019, BetMGM and Buffalo Wild Wings began a partnership. The deal was originally centered on free-to-play games. Over 500,000 users have participated in the free-to-play games. MGM Resorts reported quarterly earnings on Feb. 10 and highlighted the growth of its BetMGM brand. “BetMGM gained significant market share throughout 2020 while successfully launching in seven states. We expect to be in 20 markets by the end of the year (2021) and are very pleased with the January launches in Iowa, Michigan and Virginia,” the company said. Financials for the joint venture were not given in the quarterly earnings. The company did say BetMGM saw market share gains in the U.S. sports betting and iGaming markets. In Michigan, BetMGM ranked fourth in market share for the first month of January. The company had $22.8 million placed in bets and a 19.8% market share. The partnership with Buffalo Wild Wings and the potential crossover of loyal sports fans could help BetMGM gain in market share and betting volume as it pushes in existing and new states. MGM Price Action: Shares of MGM Resorts are up 5% to $39.41 on Thursday. See more from BenzingaClick here for options trades from BenzingaSports Betting Operator DraftKings Posts Q4 Beat, Raises 2021 Guidance After More State Launches: What Investors Should Know© 2021 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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