MGM Resorts International through its global casino wing, BetMGM, has been working together with Inspired Entertainment in the recent past to boost customer confidence in their respective brands. The people of New Jersey will be the first lot of casinos to benefit from this collaboration that has had their interests on the minds of these casino operators for months.
Like has been the case in the recent past, other jurisdictions will wait to see how the new offering works for NJ before they too can make a commitment. The space reserved for gambling in NJ is held in high regard and the market is definitely going to impress.
In a recent announcement from the management of the two gambling stakeholders, the casino world has been introduced to a new product known as V-Play Plug & Play. This is a complete and all inclusive casino product that will be available to mobile and general internet casino bettors. At the time of launching the product to the market, the partners revealed that they will be rolling out Borgata Casino, Party Casino and BetMGM all operating in the state of New Jersey.
For Inspired Entertainment, this move speaks volumes on the tradition they have upheld during the many years they have been in business. As a platform and title developer, many casinos definitely look up to them for content that will attract and retain customers. It is for this reason that inspired maintains an extensive database of technology tools, hardware resources, gaming content and casino services in various regulated markets around the world.
New Jersey as a gambling destination has been receiving the top casino tools since it was licensed in 2018. The great performance and stiff competition among the key gambling players in the market makes the Garden State a vibrant landing space for new resources.
Inspired Entertainment is well known for offerings in land-based as well as online sports betting channels. V-Play Plug & Play will grant access for NJ players to an unlimited portfolio of virtual sports. Depending on the actual sport that you enjoy watching or playing, this new initiative has a wide range to choose from; NFLA, basketball, football, horse racing, soccer, marbles and motor racing.
Commenting on the launch that has just taken place, the Vice President of Gaming at BetMGM, Matthew Sunderland, commended Inspired for their record of providing innovative products to the gambling sector. According to Sunderland, it is this best-in-class content that makes the team at BetMGM thrilled to be working with the platform developer.
BetMGM has also been serving the gambling markets with exciting titles and part of this success can be traced back directly to Inspired. Sunderland is quick to make a commitment to their customers on the offerings they should expect from them in the future. They will not only be offering the popular sporting odds but also a gradually accumulating title list from Inspired.
What we cover
How did BetMGM become the gambling force it is today?
BetMGM is among the top performing and long serving casino operators in the New Jersey area. When many casino operators were focused on Las Vegas to copy their style of running casino operations and replicate in other jurisdictions, BetMGM was among those that took gambling to the online space. This was probably born out of a desire to remain relevant after Entain PLC and MGM Resorts collaborated on developing a gambling powerhouse.
Having been born out of a partnership between two companies that each had a string of gambling outlets, it was automatic that the newly formed entity had access to more betting platforms than most operators.
The reported revenue of BetMGM is a good way to analyze the performance of this betting services provider versus other market players. In the first 3 months of 2021 for instance, BetMGM Casino managed to make a profit of $163 million. Although the performance of 2020 for the period was $178 million, the management was excited that the company could still run even at a time when the entire world was fighting Covid-19.
With most world economies now working on ways to go about their business amidst the pandemic and most people realizing that it is possible to actually work from home, the management of BetMGM is optimistic about the company’s future performance. The target revenue for 2022 has been set at a minimum of $1 billion.
Performance of BetMGM shares
As far as the performance of stocks, BetMGM shares have experienced a growth of 31.8% since the year began in 2021. This is quite impressive for a single player because the overall industry for 2021 was reported to be 9.4%. By extension, BetMGM has been riding on the wave of expansion that saw the legalization and launch of sports betting, digital access, rewards & bonuses as well as assets growth strategies for players.
There are ongoing plans for BetMGM to penetrate Macau and the central management is optimistic of success. No wonder the company has been confidently spending on getting the market ready for business. In the last 30 days of trading the performance of BetMGM stocks has improved and this is in line with what trading experts had been projecting for the company.
Final thoughts
There is silent war being waged within casino and general gambling circles. The developers are keen on creating products that the providers will love because they will in turn pull customer traffic to their websites. This opens up a new debate that some players in the casino space choose to ignore; is it more profitable to hire an in-house development team as opposed to outsourcing the service to a third party? Some casino services providers have gone the way of inbuilt teams with great testimony. On the other hand, working with multiple providers exposes a service team to the latest technology and industry best-practices. Well, it is indeed a heavy matter that only the stakeholders can talk about. If we were to be practical, we might all agree that what works for one is not necessarily going to work for another.
