Michigan became the last state to change the legalized online casino and sports gambling on Friday, and an ambitious company was there to take advantage. BetMGM, a joint venture between the American casino resort company MGM Resorts International (NYSE: MGM) and the UK Entain, launched its BetMGM application covering these two categories in the state that day.
The launch of BetMGM is associated with BetMGM Sportsbook and Lounge, a sports betting facility located at the MGM’S Grand Detroit resort in the city. Anticipating that Michigan would soon allow such bets, the company opened the Lounge last October.
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“The reaction to the opening of the MGM Grand Detroit’s BetMGM Sportsbook and Lounge was incredible,” said BetMGM CEO Adam Greenblatt. “We are excited 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 placed on many games, and can take forms such as pre-game, in-game, future and other types of bets. As for casino games, BetMGM gives users the chance to lose all their money on offers like slot machines, 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 may be complicated now. Earlier this week, MGM Resorts announced that it was ending its efforts to acquire Entain. She previously tried to buy her British partner in a stock deal valued at more than $ 11 billion, but the offer was rejected.
On Friday, MGM’s shares fell 0.4%, down slightly more than the 0.3% experienced by S&P 500 index.