Musk’s X, formerly Twitter, could work with BetMGM
Published on: January 26, 2024 at 06:23 pm.
Last updated on: January 26, 2024 at 06:24 h.
Elon Musk’s X – the social media platform formerly known as Twitter – is reportedly in discussions with BetMGM to integrate sports betting into the widely used site.
luck The news was announced earlier Friday, noting that financial terms of the agreement had not been disclosed. The potential BetMGM/X relationship is expected to include a social media site featuring BetMGM odds and direct links to the operator’s online sports betting.
BetMGM, which turns six in July, is a 50/50 joint venture between MGM Resorts International (NYSE: MGM) and UK-based Entain Plc (OTC: GMVHF). It is the third-largest online sports betting operator in the United States after FanDuel and DraftKings (NASDAQ: DKNG).
BetMGM is the exceptionSports betting partner used for MGM Resorts nationwideboth online and at MGM‘s Physical casinos. Pete MJM is also a pioneer in Online casino and poker games, Along with sister brands Borgata Online, Party Casino and Party Poker,” according to the New Jersey-based gaming company.
BetMGM has online and retail sportsbooks in 13 states and Washington, D.C.
Pivotal timing for X trade, BetMGM
News of a potential BetMGM/X partnership broke about two weeks before the Super Bowl. This is relevant because live events have become a staple of X’s ways of user engagement, and there’s arguably nothing like the NFL to get social media users talking, at least when it comes to sports.
If the partnership comes to fruition, it likely won’t be a major revenue driver for privately held X, but it will be a contributor and perhaps a signal to other mainstream consumer-facing companies that it’s OK to advertise on the social media platform.
It is estimated that Company This decline is the result of some left-leaning companies pulling advertising – Long X’s main source of revenue – from the platform due to political disagreements with Musk. This is interesting because the Tesla founder said he voted “overwhelmingly Democratic” before 2022. He is now a registered independent and considers himself a “political moderate.”
The potential agreement with BetMGM is consistent with Musk’s plans to diversify
Interesting timing for BetMGM as well
It remains to be seen how much impact X will have on BetMGM, but there is clear potential and synergy between social media and sports betting, suggesting there may be promise in this relationship.
To that end, news of a deal between the gaming company and X emerged just weeks after former Entain CEO Jette Nygaard-Andersen was forced to resign and with activist investors rallying around that company.
It is widely rumored that some, if not all, of these activists may push Entain to sell its stake in BetMGM to MGM – a deal that is sure to please the casino operator.
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