Elon Musk's X is reportedly partnering with BetMGM
Elon Musk's X, the social media platform formerly known as Twitter, is reportedly in talks with BetMGM to integrate sports betting into its widely used website.
Fortune announced the news on Friday, noting that financial terms of the agreement have not been disclosed. Potential relationship between BetMGM and BetMGM
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 sportsbook in the United States, behind FanDuel and DraftKings (NASDAQ: DKNG ).
BetMGM is the exclusive sports betting partner of MGM Resorts online and at MGM land-based casinos nationwide. BetMGM is a leader in online casino games and poker along with sister brands Borgata Online, Party Casino and Party Poker, according to the New Jersey-based gaming company. ".
BetMGM has internet and retail sportsbooks in 13 states and Washington, D.C.
X Crucial Timing to Trade with BetMGM
News of the potential BetMGM/X partnership surfaced about two weeks before the Super Bowl. This is relevant because live events have become an integral part of X user's ability to engage, and arguably nothing gets social media users talking more than the NFL, at least when it comes to sports.
If the partnership is successful, it is unlikely to become a major source of revenue for privately held Company X. Still, it will make a contribution and may send a signal to other mainstream consumer-facing companies that it's OK to advertise on social media platforms.
The decline, estimated by estimates, comes as some left-leaning companies pull advertising - Long X's main source of revenue - from the platform over political differences with Musk. That's interesting because the Tesla founder said he's "voting overwhelmingly Democratic" until 2022. He is now a registered independent and considers himself a "political moderate."
A potential deal with BetMGM would fit in with Musk's plan to diversify X's revenue streams. So far, those efforts include subscription and licensing agreements, as well as charging a monthly fee for the famous blue tick.
The timing of BetMGM is also interesting
It remains to be seen how much of a boost X can bring to BetMGM. Still, there is clear potential and synergy between social media and sports betting, suggesting that this relationship may be promising.
For this purpose, the game company and
Rumor has it that some, if not all, of these activists may force Entain to sell its stake in BetMGM to MGM — a deal that would almost certainly make the casino operator happy.
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Source: www.casino.org
