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MGM Resorts International And GVC Holdings Commit To Second Round Of Investment In US Sports Betting And Online Gaming Platform BetMGM

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1-6 MGM Resorts International And GVC Holdings Commit To Second Round Of Investment In US Sports Betting And Online Gaming Platform BetMGM
1-6-1 MGM Resorts International And GVC Holdings Commit To Second Round Of Investment In US Sports Betting And Online Gaming Platform BetMGMReading Time: 5 minutes

 

ROAR Digital, LLC – the US sports betting and online gaming company operating as BetMGM and owned jointly by MGM Resorts International and GVC Holdings – announced that its shareholders have committed to a second round of investment, bringing the total to $450 million. This increase follows MGM Resorts’ and GVC’s total initial commitment of $200 million and underpins their commitment to BetMGM becoming a leading player in the rapidly growing US sports betting and iGaming markets. These two rounds of investment provide the Company with over $370 million of investable capital at present.

Since its launch in 2018, the Company has made significant progress and is on track to operate in 11 states by the end of 2020. In addition to the financial strength of both its shareholders, the Company benefits from MGM Resorts’ leading brand, iconic physical properties, and loyal customer base, along with GVC’s proprietary, globally-proven technology.

“We launched this business to combine the best of MGM Resorts and GVC, and establish BetMGM as a leading brand in the US sports betting and iGaming markets,” said Adam Greenblatt, CEO of ROAR Digital, LLC. “With broad market access secured, our long-term technology foundations now firmly established, and a high performing team in place, this further unequivocal support from our two shareholders will ensure we can achieve leading market positions in this exciting industry that is growing even faster than our initial expectations.”

Greenblatt concluded, “BetMGM is on track to generate over $130 million of net revenues this year predominantly from iGaming in New Jersey given the impact of COVID-19. With the return of sports and our growing operations across the US, we anticipate rapid growth in the coming year.”

The Company’s success will be built on its four core strategic tenets, each of which provide distinct competitive advantages:

1.  Market access:

The Company has already secured market access to 19 states1 which together reach approximately 50% of the US population. It has active operations in seven states with four more expected to launch by year end 2020.

With a best-in-class web, mobile, and desktop sportsbook platform as well as supporting MGM Resorts’ brick and mortar sportsbook destinations, BetMGM’s exclusive betting engine allows sports fans to place bets quickly, safely and easily in every channel. This superior experience, together with the Company’s demonstrated strength in player onboarding and management as well as GVC’s global sportsbook expertise, places BetMGM in a very strong position to achieve a leading share in the US sports betting market, estimated to achieve revenues of approximately $8.5 billion2 by 2025.

In iGaming, the Company has already achieved a leading market position in New Jersey with approximately 18% market share3 and gross gaming revenue growth of 210% in the second quarter of 2020 compared to the prior year quarter. The US iGaming market is estimated to achieve revenues of approximately $6.9 billion2 by 2025, and the Company believes that it can replicate this leading market position in other jurisdictions, as additional states legalize iGaming in the future.

2.  Customer reach:

The Company is uniquely positioned to access a wide range of customers through its partners, affiliates and its omni-channel approach.

MGM Resorts has an established portfolio of market-leading properties across the US, giving BetMGM access to market to millions of engaged and brand loyal customers. M life Rewards, MGM Resorts’ loyalty program, has over 34 million members, of which approximately 18% are located in states planned to be live on the BetMGM platform by the end of 2020.

The Company is integrating M life Rewards in support of an omni-channel strategy such that BetMGM customers will become M life Members to earn and enjoy Tier status, recognition and rewards based on their sports and iGaming wagers. Likewise, existing M life Rewards members will now have a new way to earn Tier Credits and status based on sports and iGaming wagers placed with BetMGM. This integration is expected to drive new customer acquisition, omni-channel activity, as well as ongoing customer loyalty and engagement for BetMGM.

In addition, the Company has exclusive partnerships with Yahoo Sports and Buffalo Wild Wings. Upon the imminent return of sports, the Company is looking forward to launching BetMGM to Yahoo’s 64 million monthly active users, including one of the largest fantasy sports player bases in the US.

3.  Product and technology:

BetMGM has exclusive access to GVC’s proven, highly flexible, and highly scalable in-house technology platform, which gives it world-class infrastructure, tools and content in both iGaming and sports betting.

Access to proprietary and vertically integrated technology is a key strategic advantage in delivering a leading sports and gaming proposition to customers. Core benefits include speed of development, reducing time to market on innovative new features, platform stability and flexibility, and ease of use.  The technology platform has been fully optimized ahead of the return of US sports, with the Company enjoying support from a team of over 2,000 IT specialists, including a dedicated team servicing the BetMGM product.

The Company also benefits from the maturity and rich features of GVC’s sports product, including an immersive in-play betting experience across an exhaustive range of sports as well as a range of industry leading bet management features such as Bet Rewards, Odds Boosts, Build-A-Bet, Edit-My-Bet and Auto Cash Out features. Combined with state-of-the-art engagement capabilities, best-in-class frictionless customer experience, as well as powerful omni-channel journeys and cross sell capabilities this gives BetMGM significant technological and experiential advantages. Internally developed, exclusive iGaming content has been key to BetMGM’s success in New Jersey. The current strength of product and technology, combined with the pace of improvement and innovation, strongly supports the Company’s leadership ambitions.

4.  People: 

In addition to being able to draw on the outstanding talent within both MGM Resorts and GVC, the Company has built an industry-leading team across a range of functions, including marketing, technology, product development, and customer engagement and retention.

The team has been hand-picked and combines deep industry experience from around the globe with US specialists in areas where local expertise is vital such as VIP, product UI/UX and customer research.

The US-based trading leadership team has a track-record of building trading operations and winning market share from incumbent players in the sports betting market. The approach and techniques further support the Company’s growth agenda.

“Sports betting and iGaming are fundamental to what MGM Resorts does best,” said Bill Hornbuckle, Acting CEO & President of MGM Resorts. “Our investment in ROAR is a demonstration of our continued excitement about the unique benefit of offering unforgettable, premier entertainment experiences to millions of our loyal guests directly through BetMGM. We believe this competitive advantage places BetMGM at the forefront of the most dynamic growth opportunity in all of US gaming and will ultimately deliver meaningful long-term value for our shareholders.”

“These are exciting times for BetMGM, as it continues to expand its iGaming business while also offering customers an outstanding sports betting experience as live sports returns to the US,” said Kenny Alexander, CEO of GVC. “We see enormous potential for the US market and are delighted to have such a strong foothold in it through our partnership with MGM Resorts. Our stake in BetMGM is, by some distance, the most important and exciting investment that GVC has ever made. We are absolutely committed to ensuring that the Company has the funding and technical resources needed to achieve long-term market leadership, whilst delivering significant value for shareholders.”

 

SOURCE MGM Resorts International


Source: Latest News on European Gaming Media Network
This is a Syndicated News piece. Photo credits or photo sources can be found on the source article: MGM Resorts International And GVC Holdings Commit To Second Round Of Investment In US Sports Betting And Online Gaming Platform BetMGM

George Miller (Gyorgy Molnar) started his career in content marketing and has started working as an Editor/Content Manager for our company in 2016. George has acquired many experiences when it comes to interviews and newsworthy content becoming Head of Content in 2017. He is responsible for the news being shared on multiple websites that are part of the European Gaming Media Network.

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RTSmunity strengthen their position on the european market with forBET partnership

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forbet RTSmunity strengthen their position on the european market with forBET partnership
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RTSmunity, esports odds and trading provider, continue their expansion on european betting market with new partnership. The new cooperation with polish sportsbook operator forBET comes in a time where many major sports are facing problems, and esports are working as a stable stream of revenue. Customers of forBET will now be able to experience the top esports offer, improved in every measurable aspect – number of markets, uptime, odds.

The partnership between RTSmunity and forBET confirms the strategy that RTSmunity outlined earlier this year, which is continuous expansion on the european market, combined with new partnerships in the US and LatAm region. With many sportsbook operators looking to esports in a new new perspective, forBET demonstrated ability to be fast and agile company, by quickly enhancing their esports betting offer through RTSmunity odds feed.

Pavol Krasnovský, CEO of RTSmunity, said: We are very happy to start a new partnership with forBET. They have been able to succeed in very competitive betting market in Poland, and bringing their esports offer to the top level is the obvious step forward. We are very confident in our solution, and we have demonstrated that we are able to make esports a growing stream of revenue for sportsbook operators.

Petr Pacinek, General Director of forBET, said: The cooperation we have just started is a clear signal of the way we have chosen – continuous improvement of our offer, in order to support growth of our market share. Esports betting is still a developing industry, but already very competitive, and you can’t succeed without having the best offer. That’s why we have chosen RTSmunity to be our new partner, and we count on them to bring us to the top.


Source: Latest News on European Gaming Media Network
This is a Syndicated News piece. Photo credits or photo sources can be found on the source article: RTSmunity strengthen their position on the european market with forBET partnership

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Promising new partnership between Endorphina and Universal Soft for the LatAm Market

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endorphina-universal-soft Promising new partnership between Endorphina and Universal Soft for the LatAm Market
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The trendy slots provider Endorphina does not plan to stop with the incoming of partnerships this summer. We’ve just heard the news that Endorphina has kicked off a new partnership with Universal Soft, one of the most prestigious and well-known companies operating in the Latin American market and is focused mainly on horse racing and betting.

This partnership strikes itself to be promising for both parties. For Endorphina, this is their second partnership with a notable company within the LatAm market, so Endorphina will greatly expand to reach more players in this region. Universal Soft can also look forward to providing their clients with a diversify portfolio of colourful and trendy new games.

Henry Daniel Tapia Fernández, CEO of Universal Soft shares about the partnership:
“We are delighted to have partnered with Endorphina. A team full of professionals with a portfolio of high quality and reliable games. Endorphina’s games are becoming essential for every online platform and We are confident their games and gamification tools will exceed our customer’s needs in Latin America.”

Sales Manager at Endorphina, Zdenek Llosa, also shares:
“This marks itself as another great step for Endorphina’s expansion within the Latin American region, and we cannot be happier to have reached an agreement with Universal Soft. Their retail experience and strong understanding of the local market will be essential for our distribution and we are looking forward to having our latest releases like Chance Machine 100, The Rise of AI, Cash Tank and player’s preference Football Superstar to be soon available in their platform.”


Source: Latest News on European Gaming Media Network
This is a Syndicated News piece. Photo credits or photo sources can be found on the source article: Promising new partnership between Endorphina and Universal Soft for the LatAm Market

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Optimove Announces General Availability of Self-Optimizing Journeys

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optimove Optimove Announces General Availability of Self-Optimizing Journeys
optimove-1 Optimove Announces General Availability of Self-Optimizing JourneysReading Time: 2 minutes

 

Optimove, the Science-First Relationship Marketing Hub, announced the general availability of its Self-Optimizing Journeys, an AI-powered solution that autonomously determines the next-best-action for each individual customer.

With Self-Optimizing Journeys, marketers no longer face the burdensome task of determining which communications to prioritize or which sequence of communications result in the best customer journey. Self-Optimizing Journeys identify all the campaigns each customer is eligible for and evaluate all journey possibilities, response probabilities, and potential impact on customer lifetime value, to determine and serve the next-best-action for each customer.

“Self-Optimizing Journeys represent the first time marketers can stop worrying about manually plotting and prioritizing customer journeys to focus on what they do best—crafting personalized messages for each customer interaction,” said Shai Frank, VP Product at Optimove. “With today’s announcement, Optimove ensures individualized journeys that autonomously adapt based on each customer’s characteristics and behaviors, effectively allowing customers to ‘plot their own journey’.”

Optimove’s Self-Optimizing Journeys had been released to over 80 companies as a Beta since Q4, 2019. The following are results from the Self-Optimizing Journeys Beta:

  • 37.4x higher uplift per customer, compared to manually prioritized campaigns
  • 46% increase in total uplift, compared to manually prioritized campaigns
  • 55% of Beta users showed high adoption rates and orchestrated over 30% of their campaigns with Self-Optimizing Journeys
  • 450,454 weekly average autonomous decisions made

“Optimove’s Self-Optimizing Journeys help us make sure that our users always receive relevant and engaging campaigns,” said Yoav Banai, VP Customer Engagement at Deezer, the global online music streaming service. “Since implementing it, we’ve seen higher engagement levels and better overall performance for our campaigns. At the same time, our team has been able to save time on campaign execution.”

Marketers can either select a subset of their campaigns, or all of them to be orchestrated by the Self-Optimizing Journey algorithm. 88% of companies who took part of the Beta, orchestrated over 50% of their campaigns with Self-Optimizing Journeys, whilst the rest were manually prioritized.

For demonstrations and additional information on Optimove’s Self-Optimizing Journeys click here.


Source: Latest News on European Gaming Media Network
This is a Syndicated News piece. Photo credits or photo sources can be found on the source article: Optimove Announces General Availability of Self-Optimizing Journeys

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