Michigan was the youngest state to flip the switch for legalized online casino and sports games on Friday, and an ambitious company was right there to take advantage of it. BetMGM, a joint venture of the US Casino Resort Company MGM Resorts International (NYSE: MGM) and the UK Receivelaunched its BetMGM app that day, which covers these two categories in the state.
BetMGM’s starting piggyback on BetMGM Sportsbook and Lounge, a sports betting facility located at the MGM Grand Detroit Resort in town. Expecting Michigan to allow such bets to happen soon, the company opened the lounge last October.
“The response to MGM Grand Detroit’s opening of BetMGM Sportsbook and Lounge has been incredible,” said Adam Greenblatt, CEO of BetMGM. “We are excited to add the new BetMGM mobile app to our retail offering Michigan.”
With the opening of the state gambling market, residents have countless betting options at their fingertips via the BetMGM app. Bets can be placed on many games and these can take forms such as pre-game, in-play, futures and other types of bets. When it comes to casino games, BetMGM offers users the option of losing all of their money on offers such as slots, blackjack and video poker.
While the Michigan launch is certainly good news for BetMGM (and, by extension, MGM Resorts), the casino company’s relationship with Entain could be difficult right now. Earlier this week, MGM Resorts announced that it would end its acquisition of Entain. The company had previously attempted to buy its UK partner in an all-stock deal valued at over $ 11 billion. However, this offer was refused.
On Friday, MGM stock fell 0.4%, a slightly steeper decline than the 0.3% of the S&P 500 Index.