NBA, MGM Resorts (NYSE:MGM) Announce Breakthrough Sports Betting Partnership
One day after MGM Resorts International (NYSE: MGM) announced it’s developing a $200-million sports betting and interactive gaming platform in a joint venture with GVC Holdings PLC, the company announced a partnership with the NBA.
MGM resorts and the NBA have signed a multiyear sports betting deal, giving MGM full rights to the use of NBA names, logos and proprietary data, according to the casino operator; MGM Resorts is now the NBA’s “official gaming partner,” according to a joint announcement. The deal includes real-time data sharing between MGM resorts and the NBA and will also include the creation of a special digital content series. The terms of the deal were not disclosed.
“As the landscape for sports betting in the U.S. continues to evolve at a rapid pace, MGM Resorts is a proven gaming leader for us to work with on this groundbreaking partnership,” NBA Commissioner Adam Silver said in a statement.
“Our collaboration will result in the best possible gaming and entertainment experience for consumers through the use of accurate, real-time NBA and WNBA data, and our collective efforts to maintain and enhance the integrity of our games.”
MGM Resorts Chairman and CEO Jim Murren said Tuesday’s deal will “revolutionize” sports betting.
“Integrating the NBA’s assets and having official NBA data showcased across the MGM Resorts platforms will provide us with a distinct advantage and instill more confidence in knowing that our data is directly from the NBA.”
Why It’s Important
The deal is a historic move and arguably the most notable partnership that has been formed since PAPSA was overturned in May. MGM is one of the most recognizable names in gaming, and by partnering with a respected brand, the NBA is now on its journey to normalize the acceptance of legalized sports betting within the U.S.
The deal between MGM Resorts and the NBA could lay the groundwork for the NFL to ultimately set up its own exclusive partnership with a gaming partner ahead of the upcoming season. The NFL has been coy on its stance on legalized sports betting, acting as a second mover to the NBA.
MGM shares were trading up 2.5 percent to $31.54 at the time of publication Tuesday afternoon.
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