How Will X Benefit BetMGM Sportsbook In Breakthrough Partnership?

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Written By Jeffrey Schreiber | Last Updated
X BetMGM Partnership

In a landmark collaboration, the well-established BetMGM sportsbook is joining forces with X, the social network previously known as Twitter. The X BetMGM partnership is an integral deal between one of the leading online sportsbook operators and a top-tier social media platform. BetMGM will enjoy a heightened presence on X through integrated “xeets,” originally known as “tweets,” featuring direct links to the sportsbook’s betting opportunities.

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Enhanced Betting Experience Through Social Integration

Users of X across the United States are set to experience direct access to BetMGM’s competitive betting odds, starting with professional football and soon to include major collegiate sports, like the anticipated March Madness tournament. BetMGM and X confirmed this sentiment via a joint statement.

It detailed how the odds interface will allow for a smooth transition to BetMGM’s digital platforms. That will refine the overall user experience and make it easier for bettors to place bets smoothly. This partnership will expand and deepen over time.

However, BetMGM hasn’t given too many details on how it will navigate the regulatory landscape. BetMGM is unavailable to a majority of Americans due to state law. At the close of 2023, BetMGM was operational in 28 North American jurisdictions, extending to Ontario, Canada, and Puerto Rico.

Potential Upsurge for BetMGM Following X Deal

The recently publicized financial outcomes for BetMGM in 2023 indicate a significant 36% surge in revenue, reaching a milestone of $1.96 billion, aligned with the upper spectrum of prior forecasts. Moreover, the latter half of the year saw the company achieve a positive EBITDA.

The burgeoning partnership with X will escalate BetMGM’s visibility and brand recognition. Recent studies, which place competitors like DraftKings and FanDuel at the forefront of gaming brand value, show why this is necessary. BetMGM is on the cusp of crossing that threshold, which is why X’s partnership with the operator is so crucial.

X has proven itself to be a hub of entertainment for nearly half its user base, making it an optimal platform for BetMGM to enrich its brand recognition. It’s also noted that a third of X’s users engage with the platform to connect with their top companies and brands, as per insights from the Social Shepherd.

BetMGM CEO Adam Greenblatt expressed his optimism, stating, “X is the epicenter of sports dialogue around the clock. This direct access within such a dynamic environment is an unparalleled chance to broaden our influence among an enthusiastic and involved demographic.”

Echoing this sentiment, X CEO Linda Yaccarino remarked, “Sports are perennial on X, and our strategic alliance with BetMGM brings fans to the virtual front row. We’re delivering an immersive experience for X’s sports enthusiasts, bringing them closer to the thrill of the game and now, the excitement of live betting.”

Musk’s Vision and Challenges for X

Elon Musk, who currently holds the title of the world’s wealthiest individual, has been candid about the steep price of his $44 billion acquisition of Twitter, which he rebranded as X.

In the quest to redefine what a “free speech” platform entails, X saw a recalibration of its worth to $19 billion, a sharp decline from its valuation at the time of purchase. This adjustment comes amid a steep drop in advertising revenue, partly due to concerns surrounding hate speech and misinformation on the platform.

Musk has introduced a novel approach to X’s operational model, moving towards a nominal fee-based system aimed at mitigating bot activity. He proposes a dual structure where reading content on X remains free, but content creation carries a minimal annual fee.

Oiloted in the Philippines and New Zealand last fall, charging users $1 per year for posting privileges is being considered as a way of reducing bot activity. X partners with BetMGM is a crucial test for the sports betting space in 2024.