X plans to roll out a new sports betting feature after inking a deal with the digital gambling platform BetMGM, Fortune reported.
BetMGM is the online sports betting subsidiary owned by MGM Resorts International, the Las Vegas-based hospitality company behind a roughly $15 billion portfolio of luxury hotels including Bellagio, Mandalay Bay, MGM Grand, and Park MGM.
BetMGM, a competitor of gambling platforms like DraftKings and FanDuel, debuted in 2018 following a deal between MGM and UK gambling operator GVC Holdings.
Valued at approximately $15 billion, MGM Resorts formed a crucial partnership with UK gambling operator GVC Holdings in July 2018. This collaboration laid the foundation for BetMGM, designed to capture the rapidly growing US sports betting and online gaming market.
While specific financial terms of the collaboration remain undisclosed, the partnership between BetMGM and X marks a significant step toward integrating sports betting seamlessly into the social media landscape.
The primary objective is to introduce a feature on the X platform that will display real-time betting odds and provide a direct link to BetMGM, offering users the convenience of placing bets without leaving the social media environment.
The timing of this collaboration is particularly noteworthy as the NFL Super Bowl is just two weeks away. X, with its strength in live events, is poised to capitalize on the sports betting integration, enhancing the overall user experience.
The platform’s history includes a record-breaking 28.4 million tweets during the 2015 Super Bowl broadcast, showcasing its potential to engage a massive audience during major sporting events.
While the financial terms of the latest deal were not disclosed, Fortune reported X's new feature will display sports gambling statistics directly on the site, along with a link to test your luck on BetMGM.
Representatives for X and BetMGM did not immediately respond to requests for comment from Business Insider.
The deal comes about two weeks before Super Bowl LVIII, which CNN reported is expected to draw in a record 50.4 million US adults betting on the game. These bets will largely take the form of proposition wagers or "prop bets" related to in-game happenings unrelated to the game's outcome.
The Super Bowl is a massive traffic draw for X — so much so that the site briefly crashed during Rihanna's halftime show last year.
The two teams duking it out at this year's game will be determined on Sunday after the final two playoff games: Last year's champs, the Kansas City Chiefs, will face off against the Baltimore Ravens for one slot, while the winner of a face-off between the Detroit Lions and the San Francisco 49ers will take the second ticket.
Source: GMB
