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Michigan became the last state to switch to legalized online casino and sports gambling on Friday, and an ambitious company was there to take advantage of it. BetMGM, a joint venture between an American casino resort company MGM Resorts International (NYSE: MGM) and the United Kingdom Entain, launched its BetMGM app covering these two categories in the state that day.
The launch of BetMGM overlaps with BetMGM Sportsbook and Lounge, a sports betting facility located in the city’s MGM’S Grand Detroit complex. Anticipating that Michigan would allow such betting soon, the company opened the show last October.
Image source: Getty Images.
“The response to the opening of the BetMGM Sportsbook and Lounge at MGM Grand Detroit has been incredible,” said Adam Greenblatt, CEO of BetMGM. “We are delighted to complement our retail offering with the launch of the BetMGM mobile app in Michigan.”
With the opening of the state’s gambling market, residents will have a myriad of betting opportunities at their fingertips through the BetMGM app. Bets can be made on many games, and these can take forms such as pre-game, in-game, future and other bets. When it comes to casino games, BetMGM gives users the chance to lose all their money on offers such as slots, blackjack, and video poker.
While the Michigan launch is certainly good news for BetMGM (and, by extension, MGM Resorts), the relationship between the casino company and Entain could be precarious at this time. Earlier this week, MGM Resorts announced that it was ending its efforts to acquire Entain. He had previously tried to buy his UK partner in an all-stock deal valued at over $ 11 billion, but that offer was rejected.
MGM’s stock fell 0.4% on Friday, a slightly larger drop than the 0.3% suffered by the S&P 500 index.
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