Elon Musk’s X Reportedly Partnering with BetMGM

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Posted on: January 26, 2024, 06:23h. 

Last updated on: January 29, 2024, 11:51h.

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Elon Musk’s X — nan societal media level formerly known arsenic Twitter — is reportedly successful discussions pinch BetMGM to merge sports betting into its wide utilized site.

TwitterX (formerly Twitter) proprietor Elon Musk. The societal media tract could beryllium entering a business pinch BetMGM. (Image: Reuters)

Fortune collapsed nan news earlier Friday, noting financial position of nan statement haven’t been revealed. A imaginable BetMGM/X narration would beryllium expected to see nan societal media tract featuring BetMGM likelihood and nonstop links to nan operator’s online sportsbook.

BetMGM, which turns six years aged successful July, is a 50/50 associated venture betwixt MGM Resorts International (NYSE: MGM) and UK-based Entain Plc (OTC: GMVHF). It’s nan third-largest online sportsbook usability successful nan U.S. down FanDuel and DraftKings (NASDAQ: DKNG).

BetMGM is nan exclusive sports betting partner to MGM Resorts nationwide, some online and successful MGM’s physical casinos. BetMGM is besides a leader in online casino gaming and poker, along pinch sister brands Borgata Online, Party Casino and Party Poker,” according to nan New Jersey-based gaming company.

BetMGM has net and unit sportsbooks successful 13 states and Washington, D.C.

Pivotal Timing for X, BetMGM Deal

News of nan imaginable BetMGM/X business emerged astir 2 weeks earlier nan Super Bowl. That’s pertinent because unrecorded events person go a staple of X’s avenues for personification engagement, and there’s arguably thing rather for illustration nan NFL to get societal media users talking, astatine slightest erstwhile it comes to sports.

Should nan business travel to fruition, it apt won’t beryllium a awesome gross driver for privately held X. Still, it would beryllium a contributor and perchance awesome to different mainstream, consumer-facing companies that it’s alright to advertise connected nan societal media platform.

It’s estimated that X posted conscionable $2.5 cardinal successful income past year, a much than 50% diminution from 2021 — its past twelvemonth arsenic a nationalist company. That driblet results from immoderate left-leaning companies pulling advertisements – agelong X’s superior root of gross — from nan level owed to governmental disagreements pinch Musk. That’s absorbing because nan Tesla laminitis said he voted “overwhelmingly for Democrats” earlier 2022. He’s now a registered independent and views himself arsenic “politically moderate.”

The imaginable statement pinch BetMGM jibes pinch Musk’s plans to diversify X’s gross streams. To date, those efforts person included subscriptions and licensing deals, on pinch charging a monthly interest for nan famed bluish checkmark.

Interesting Timing for BetMGM, Too

It remains to beryllium seen conscionable really overmuch of a needle-mover X could beryllium for BetMGM. Still, there’s clear imaginable and synergies betwixt societal media and sports betting, indicating location could beryllium committedness successful this relationship.

To that end, news of a woody betwixt nan gaming institution and X emerged conscionable weeks aft erstwhile Entain CEO Jette Nygaard-Andersen was forced retired and arsenic activist investors circle that company.

It’s wide rumored that some, if not all, of those activists could push Entain to waste its liking successful BetMGM to MGM — a transaction that would almost assuredly beryllium to nan delight of nan casino operator.

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