Post by Blitz on Mar 19, 2024 10:32:45 GMT -5
Business By The Books: MGM Close To Securing Sports Betting Tech
Written By Matthew Waters, Updated on March 18, 2024
www.legalsportsreport.com/171073/business-by-the-books-mgm-close-to-securing-sports-betting-tech/
MGM has two big focuses for its digital business and expects to check off acquiring sports betting technology soon.
That is according to CEO Bill Hornbuckle, who spoke at a JP Morgan investor forum Thursday. MGM is partnered with Entain in the US for BetMGM but uses sports betting tech supplier Kambi for its LeoVegas business.
“There’s two things missing in my mind: sports betting and sports betting technology, which we are hot on the track of and we openly plan on securing in the next couple of months,” he said.
Hornbuckle briefly mentioned the search for tech on the company’s fourth quarter call as well: “We are on the heels of buying sports technology. We want to obviously be in our own sports betting business with our own technology.”
Other key focus can be cross-sold from sports betting
Hornbuckle would like to see MGM shift from being a customer of a B2B live dealer business to operating one of its own.
“We think our brand, our namesake, and what we do is very relevant in that space, and we want to be in that business, broadcasting from Las Vegas and other markets.
“We currently do it with Evolution. Over time, we’d like to do it for ourselves.”
Improving the digital business is being done not just with the US and Europe in mind, but Latin America and specifically Brazil as well.
MGM following Entain story ‘closely’
While MGM has spoken about potentially buying Entain, Hornbuckle did not give similar signals Thursday.
“Look, we like the partnership we’re in, and the good news is, I think with [interim CEO] Stella [David], there’s been a bunch of transparency. Anyone who listened to her call the other day, recognizing the challenges in front of them, which is, you know, you gotta recognize problem to solve a problem,” he said about the earnings call where David said Entain was too slow to get BetMGM the updates it needed to compete at the top in the US.
“So we like that. There’s a new CEO coming. There’s a keen focus. … We obviously follow very closely with what’s happening to Entain, it’s kinda hard to miss. But for now we’re going to stay focused on driving the business that exists today, and ultimately the other side of BetMGM which is our LeoVegas business and the rest of world. And we’ll take it one day at a time.”
Written By Matthew Waters, Updated on March 18, 2024
www.legalsportsreport.com/171073/business-by-the-books-mgm-close-to-securing-sports-betting-tech/
MGM has two big focuses for its digital business and expects to check off acquiring sports betting technology soon.
That is according to CEO Bill Hornbuckle, who spoke at a JP Morgan investor forum Thursday. MGM is partnered with Entain in the US for BetMGM but uses sports betting tech supplier Kambi for its LeoVegas business.
“There’s two things missing in my mind: sports betting and sports betting technology, which we are hot on the track of and we openly plan on securing in the next couple of months,” he said.
Hornbuckle briefly mentioned the search for tech on the company’s fourth quarter call as well: “We are on the heels of buying sports technology. We want to obviously be in our own sports betting business with our own technology.”
Other key focus can be cross-sold from sports betting
Hornbuckle would like to see MGM shift from being a customer of a B2B live dealer business to operating one of its own.
“We think our brand, our namesake, and what we do is very relevant in that space, and we want to be in that business, broadcasting from Las Vegas and other markets.
“We currently do it with Evolution. Over time, we’d like to do it for ourselves.”
Improving the digital business is being done not just with the US and Europe in mind, but Latin America and specifically Brazil as well.
MGM following Entain story ‘closely’
While MGM has spoken about potentially buying Entain, Hornbuckle did not give similar signals Thursday.
“Look, we like the partnership we’re in, and the good news is, I think with [interim CEO] Stella [David], there’s been a bunch of transparency. Anyone who listened to her call the other day, recognizing the challenges in front of them, which is, you know, you gotta recognize problem to solve a problem,” he said about the earnings call where David said Entain was too slow to get BetMGM the updates it needed to compete at the top in the US.
“So we like that. There’s a new CEO coming. There’s a keen focus. … We obviously follow very closely with what’s happening to Entain, it’s kinda hard to miss. But for now we’re going to stay focused on driving the business that exists today, and ultimately the other side of BetMGM which is our LeoVegas business and the rest of world. And we’ll take it one day at a time.”