BetMGM has announced the renewal of its partnership with the National Hockey League (NHL), ensuring that the sports betting and online gaming company will continue to feature NHL imagery in its casino games and maintain a strong branding presence during nationally televised broadcasts.
The original agreement was inked in 2018, and in April 2022, BetMGM expanded its partnership with the NHL alongside FanDuel, capitalizing on the launch of Ontario’s sports betting market to establish a foothold in Canada.
BetMGM’s CEO, Adam Greenblatt, expressed his enthusiasm for the partnership’s continuation, highlighting the opportunity to enhance the BetMGM product and offer fans a remarkable entertainment experience centered around their beloved sport.
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Greenblatt emphasized the excitement of NHL games, describing them as a thrilling blend of athleticism, teamwork, and skill on skates, promising exceptional live experiences and fresh content for their customers.
Jason Jayazeri, Vice-President of the NHL’s business development arm, also expressed excitement about the extended partnership, emphasizing their commitment to creating unique and captivating fan experiences.
The renewed partnership underscores BetMGM’s strategic focus on leveraging the world of sports to bolster its brand presence. Greenblatt recently revealed plans to “unlock” Las Vegas in 2024, drawing inspiration from the tremendous success of BetMGM during the recent Formula One race held in the city, where they garnered three times the number of bets compared to any previous F1 event.
The upcoming Super Bowl in Las Vegas and the relocation of the Oakland Athletics to the city present additional opportunities for BetMGM to capitalize on the sports market.
BetMGM also unveiled NHL Gold Blitz, the first-ever NHL-endorsed online slot game, in New Jersey, with plans to launch it in other states where they hold an igaming license.
Despite their ambitious plans, BetMGM faces challenges in achieving their targets.
In their last earnings update, the company aimed to achieve $500 million in positive EBITDA by 2026 and a 25% market share in the US. Greenblatt anticipates revenues between $1.80 billion and $2.00 billion for the current financial year, signaling confidence in their 2023 guidance.
BetMGM, a joint venture between Entain and MGM Resorts International, aspires to become self-funding from 2024 onward.
However, Goldman Sachs noted stagnation in BetMGM’s market share, which remained at 18% in Q3, barely surpassing Q1’s 17%, raising questions about their growth trajectory despite their CEO’s optimism.