- Home 5 Spread Sports Betting Best Online Mgm Resorts Sports Betting App. Best Online Mgm Resorts Sports Betting App. By Elizabethtown in Oak Hill,+West Virginia.
- BetMGM: Sports Betting Mobile App - 5.0 / 5 Stars BetMGM’s mobile app is user-friendly but not especially high-tech or different from the desktop website. It’s easy to navigate to sports, promotions and the betslip, but some markets, like player props, are a little more difficult to find.
Meanwhile, MGM Resorts has turned its focus to online gambling. It solidified its partnership with Entain with a second round of investment in sports betting app BetMGM in July. The app went live.
The Alliance of American Football might be dead, but MGM Resorts doesn’t want to see its sports bettingtechnology buried alongside it.
As part of its Chapter 7 bankruptcy proceedings, the defunct league would agree to surrender its intellectual property to MGM. The AAF spent millions of dollars developing a proprietary in-play betting app that never materialized, partially with funding from gambling partner MGM.
Now MGM wants its money back, and the tech it invested in too.
MGM moves to acquire AAF sports betting assets
The two companies have agreed to settle at least a portion of the claim in lieu of squabbling in court. Under the proposed agreement, MGM would pay $125,000 for the AAF sports betting assets and reduce its total claim from $7 million to $5 million.
Trustee Randolph Osherow submitted the settlement agreement to the court Wednesday. The agreement must be approved by a bankruptcy judge before it goes into effect and likely will require a waiting period for competing claims.
MGM invested a total of $7 million in the AAF dating back to September 2018, protecting itself with a secured lien against its assets. The league relied on such third-party funding to finance its operations and develop its technology, and the two parties began negotiating a deal as soon as the AAF entered bankruptcy in April.
The filing also mentions MGM’s plans to further develop the platform, as its “value will likely dissipate” over time otherwise.
What is the AAF intellectual property?
We hardly saw any sports from the AAF, let alone any legal sports betting.
The league did offer a glimpse of real-time player tracking via its official app, but the technology had insufficient time to mature into a betting option. Plans to add biometric data into that stream never came to fruition, nor did the predictive game for fans without access to legal wagering.
The end goal was to integrate betting and broadcasts within a single platform, relying on MGM’s license for access to state markets. Just as the league itself hoped to disrupt the established sports landscape, AAF stakeholders hoped their betting product would transform sports gambling.
Perhaps time would have revealed a polished and dynamic product, but the sneak peek underwhelmed.
The filing notes that the parties are aware of competing claims to the IP, possibly from former investor Tom Dundon. At the time of his funding in February, some suspected that his primary target was the league’s gambling technology.
Mgm Betting Log In
Dundon recently filed his own claim as a creditor, seeking to recover his $70 million investment.
Did MGM make a good deal?
Whatever that technology actually looks like right now, MGM is on course to obtain it for an effective cost of $2.125 million.
The company currently offers online sports betting in both Nevada and New Jersey, having forged a major alliance with GVCto expand elsewhere. MGM’s family of partners most notably includes league-level deals with the NBA, MLB, and NHL.
Mgm Sports Betting Online
The AAF technology might find some use as a complement to the existing MGM Sportsbook platform. Still, it’s not clear which components are finished, or which would even be useful for betting.
Back in February, MGM executive Scott Butera told USA Today that the product was “not fully functional, but it’s almost there.” He briefly explained the concept of the app for gambling purposes:
“What it will do, which is very important to us from a sports betting standpoint, is it will allow almost immediate transmission of data and what’s going on in an event to your mobile device, which will allow us to have play-by-play gambling, which is non-existent today.”
He’s right — there is nothing quite like this in the US sports betting market today.
Where’s the value, though?
Development aside, practical questions regarding the real-world use of the tech still linger. Is this as transformative as investors hope?
Probably not, at least for the foreseeable future.
Mgm Resorts Sports Betting Apps
On-field tracking generally requires wearable devices, for starters, an intrusion that players’ associations do not support. Biometrics are likely off the table entirely amid overarching personal health and data privacy issues.
A niche market for next-play betting
Some industry analysts, including Chris Grove of Eilers & Krejcik, acknowledge the value of fast data with a few caveats.
“We think next-play betting is likely to remain a niche activity,” Grove said, “even given advances in technology. Where data-rich leagues like the AAF are likely to see more activity is in forms of betting that draw heavily on data, but have a longer action window.”
It’s similarly unclear whether other leagues would throw their weight behind such technology. While opening up to sports betting in a general sense, some commissioners remain concerned about losing engagement to in-game betting.
There’s nothing proprietary about betting on a single play, but latency and demand continue to act as barriers to such granular forms of betting in fast-paced sports. Time will tell whether or not AAF managed to create a workable solution for MGM before it fell apart.
MGM Resorts International’s MGM BetMGM recently launched its sports betting app in Iowa. The following announcement was made in tandem with Diamond Joe Casino, a high-energy casino in Dubuque's historic downtown district. The move reflects the company’s intentions to continue expanding presence.
Iowa has joined states like Nevada, New Jersey, Colorado, Indiana, Pennsylvania, Tennessee and West Virginia, in which BetMGM's mobile app is available. BetMGM CEO Adam Greenblatt said “Our connection with MGM Resorts enables BetMGM users in the Hawkeye State to earn rewards, from hotel suites to dinners at award-winning restaurants, all while engaging in the excitement of our cutting-edge sports betting experience.”
Sports betting has been growing rapidly worldwide in recent years on the back of legalization of gambling in the United States by the Supreme Court in 2018 and MGM Resorts has been sparing no effort to tap this opportunity.
Sports Betting: A Hot Spot
According to the American Gaming Association, about $150 billion is wagered illegally on sports through the likes of bookies and offshore sites every year. Data Bridge Market Research projects global sports betting market to witness a CAGR of 9.99% in the forecast period of 2020 to 2027. Growth in the gambling market is likely to be driven by increase in smartphone adoption and improving Internet infrastructure globally.
MGM Resorts continues to focus on sports betting expansion. Case in point, MGM Resorts and GVC Holdings announced second round of investment in BetMGM. Together, the parties brought the total investment to $450 million. In the first round, both the companies had invested $200 million. Ever since its launch in 2018, the company has done extremely well and is on track to operate in 11 states by the end of 2020.
© Provided by Zacks.comShares of MGM Resorts have surged 77.7% in the past six months compared with the industry’s rally of 38.2%. MGM Resorts, which shares space with Wynn Resorts, Limited WYNN, Las Vegas Sands Corp. LVS and Boyd Gaming Corporation BYD, carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
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