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BetMGM expands its US presence with North Carolina deal

BetMGM, one of the leading online sports betting and gaming operators in the US, has secured market access in North Carolina through a partnership with the Eastern Band of Cherokee Indians (EBCI). The deal will allow BetMGM to offer online sports betting to customers in the state, pending regulatory approval.

BetMGM and EBCI announce strategic partnership

BetMGM and EBCI announced their strategic partnership on Monday, January 8, 2024. The agreement grants BetMGM the exclusive right to operate online sports betting under the EBCI’s gaming licenses in North Carolina. BetMGM will also provide its online gaming platform, marketing, and customer service to the EBCI.

Richard Sneed, the principal chief of the EBCI, said in a press release: “We are excited to partner with BetMGM, a leader in the online sports betting and gaming industry. This partnership will not only enhance our existing gaming offerings, but also provide new revenue streams and opportunities for our tribe and our community.”

Adam Greenblatt, the CEO of BetMGM, said in the same press release: “We are honored to work with the Eastern Band of Cherokee Indians and bring our best-in-class online sports betting experience to North Carolina. We look forward to launching BetMGM in the Tar Heel State and offering fans engaging and innovative ways to bet on their favorite sports and teams.”

BetMGM expands its US presence with North Carolina deal

BetMGM continues to grow its US footprint

The partnership with the EBCI is the latest move by BetMGM to expand its presence in the US online sports betting and gaming market. BetMGM, which is a joint venture between MGM Resorts International and Entain plc, currently operates in 15 states and the District of Columbia, reaching over 40% of the US population.

BetMGM offers a variety of online sports betting and gaming products, including live and pre-match sports betting, online casino, online poker, and online bingo. BetMGM also leverages the iconic brands and loyalty programs of its parent companies, such as MGM Resorts’ M life Rewards and Entain’s PartyCasino and PartyPoker.

According to the latest financial results, BetMGM generated over $1 billion in net gaming revenue in 2023, representing a 28% market share in the US online sports betting and gaming market. BetMGM also expects to launch in at least six more states in 2024, including Arizona, Connecticut, Louisiana, Maryland, New York, and Wyoming.

North Carolina prepares to regulate online sports betting

North Carolina is one of the few states that has not yet legalized and regulated online sports betting. The state only allows retail sports betting at two tribal casinos operated by the EBCI: Harrah’s Cherokee Casino Resort and Harrah’s Cherokee Valley River Casino & Hotel.

However, the state legislature is considering a bill that would authorize online sports betting in North Carolina. The bill, SB 688, was introduced in April 2023 and passed the Senate in August 2023. The bill is currently pending in the House, where it faces some opposition from lawmakers who are concerned about the social and economic impacts of online gambling.

If the bill becomes law, it would allow up to 12 online sports betting operators to enter the state, subject to a 10% tax on gross gaming revenue and a $500,000 licensing fee. The bill would also create a North Carolina Gaming Commission to oversee and regulate the online sports betting industry.

The bill’s sponsors, Senators Jim Perry and Paul Lowe, have argued that online sports betting would generate new revenue for the state and create jobs. They have also pointed out that North Carolinians are already betting on sports online through illegal and unregulated websites, and that legalizing and regulating online sports betting would protect consumers and ensure fair play.

According to a study by Eilers & Krejcik Gaming, a research firm, online sports betting could generate up to $367 million in annual revenue and $36.7 million in annual tax revenue for North Carolina by 2026.

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