One of the biggest casino companies in the United States has just signed a major partnership deal. According to multiple reports, Yahoo Sports and MGM Resorts have agreed to a sports betting collaboration. It’s extremely exciting news for both companies.
Today, we’ll be looking at the details of this new deal. We’ll also look at the US sports betting industry’s expansion. Let’s get into it!
MGM Resorts Recently Sold Las Vegas Strip Properties
MGM Resorts has recently been looking for new ways to generate revenue. Months ago, officials announced that they were interested in selling some of the company’s major Las Vegas properties. Then, earlier this month, MGM Resorts announced that it had sold The Bellagio and Circus Circus.
The latter was sold to Phil Ruffin, owner of Treasure Island. Ruffin purchased this property for an astounding $825 million. It’s unclear exactly what plans the executive has for this popular venue. Hopefully, he renovates and expands this hotel-casino.
MGM also made history by selling The Bellagio to the Blackstone Group. It cost Blackstone $4.2 billion, the largest of any casino-resort sale in Las Vegas history. Blackstone will soon begin leasing the property back to MGM Resorts for $245 per year.
Back in May of 2018, the US Supreme Court struck down PASPA. Now, every state in the country can set laws on sports betting. Nearly 20 states have outright legalized this form of wagering. MGM Resorts International quickly began working on ways to capitalize on the emerging US sports gambling industry.
Officials revealed their new online sports betting platform, called BetMGM, earlier this year. This week, Yahoo Sport and MGM Resorts signed a new deal to help promote this platform.
Yahoo Sports and MGM Resorts Officially Partner Up
Yahoo Sports’ app has a massive user base. It looks like MGM Resorts is looking to capitalize on the company’s existing status. This week, these companies officially agreed to a sports betting collaboration.
Next month, these two companies will begin offering traditional online sports betting and daily fantasy sports options through Yahoo using MGM’s Roar Digital platform. During the multi-year deal, the Yahoo Sports app will begin offering sports wagers, with all transactions taking place through BetMGM.
Jim Murren, CEO of MGM Resorts International, commented on this new partnership to the media this week.
“This partnership marks an important moment for BetMGM in the growing U.S. sports betting sector,” he said. “Integrating Yahoo’s leading fantasy sports operations and content with BetMGM’s world-class sports betting and interactive platform uniquely positions us to drive market share and large-scale adoption among sports fans.”
Commissioners of the NBA and NHL have both voiced their approval of this new deal. Hope is that the Yahoo Sports and MGM Resorts partnership helps to provide players with the best possible experience.
Several States Will Soon Launch Sports Betting Platforms
As we mentioned earlier, almost 20 states have officially passed bills to legalize sports gambling. 13 of these states have their sports betting operations up and running. An additional six are currently working to launch these platforms.
Montana is expected to have its online and land-based sports betting platforms operating very soon. Sports betting was made legal here back in May yet it’s taken lawmakers time to prepare for this industry’s launch.
Tennessee should also have its sports gambling operations made available soon. This state legalized sports betting in May, as well. Hope is that sportsbooks start operating within the next month or two.
In time, it’s likely that almost every state in the country will legalize sports betting.
Yahoo Sports and MGM Resorts will soon begin offering sports betting odds and DFS games. Make sure to stay tuned for more news on this situation over the next few months!