BetMGM Extends NHL Partnership for Multi-Year Deal

BetMGM and NHL Announce Multi-Year Extension to Partnership

BetMGM has exciting news for sports enthusiasts as it extends its partnership with the National Hockey League (NHL) for multiple years. The renewal of this partnership, announced recently, signifies the commitment of both parties to offer fans an enhanced gaming experience. BetMGM initially joined forces with the NHL back in 2018 and further solidified their collaboration in April 2022.

The key highlights of this extended partnership include BetMGM's continued use of NHL imagery within its casino games and more prominent branding during nationally televised broadcasts of NHL events. This strategic alliance has been beneficial for both parties, especially with the recent expansion of sports betting in Canada, following Ontario's market launch in April 2022.

Adam Greenblatt, BetMGM's CEO, expressed his enthusiasm, stating, "Our partnership extension with the NHL enables us to enhance the BetMGM product and offer fans unforgettable entertainment built around the game they love." He emphasized the thrilling nature of the NHL and the unique experiences they aim to provide to customers.

Jason Jayazeri, Vice President of NHL's business development arm, added, "We are thrilled about our partnership extension with BetMGM. The evolution of our partnership with BetMGM will focus on building unique and compelling fan experiences."

BetMGM's renewed commitment to the NHL is a testament to its growing focus on leveraging sports to expand its brand presence. In the coming years, BetMGM plans to "unlock" Las Vegas, tapping into the growing sports market. Their successful Formula One race experience in the city serves as a promising indicator of things to come.

BetMGM is also gearing up for the upcoming Super Bowl in Las Vegas and the relocation of the Oakland Athletics to the city, further solidifying its position in the sports betting landscape. Additionally, BetMGM recently announced the launch of NHL Gold Blitz, the first NHL-endorsed online slot game, in New Jersey, with plans to expand to other states.

While BetMGM remains optimistic about its future growth and expects to reach $500 million in positive EBITDA by 2026, recent data suggests some stagnation in its market share. Goldman Sachs reported that BetMGM held an 18% market share in the US, only slightly ahead of previous quarters. Nonetheless, BetMGM continues to make strategic moves to maintain its standing in the competitive sports betting market.