Please ensure Javascript is enabled for purposes of website accessibility

MGM Resorts Launches Online Sports and Casino Gambling Services in Michigan

By Eric Volkman - Jan 22, 2021 at 8:11PM

You’re reading a free article with opinions that may differ from The Motley Fool’s Premium Investing Services. Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. Learn More

It's doing so with a partner that recently spurned its advances.

Michigan became the latest state to flip the switch on legalized online casino and sports gambling on Friday, and one ambitious company was right there to take advantage. BetMGM, a joint venture between U.S. casino resort company MGM Resorts International (MGM 4.72%) and the U.K.'s Entain, launched its BetMGM app covering those two categories in the state on that day.

BetMGM's launch piggybacks on BetMGM Sportsbook and Lounge, an athletic wagering facility located in MGM'S Grand Detroit resort in the city. Anticipating that Michigan would soon permit such wagering, the company opened the Lounge last October.

Man with fisftul of cash in a stadium.

Image source: Getty Images.

"Reaction to the opening of MGM Grand Detroit's BetMGM Sportsbook and Lounge has been incredible," BetMGM's CEO Adam Greenblatt said. "We're thrilled to complement our retail offering with the launch of the BetMGM mobile app in Michigan."

With the opening of the state's gambling market, residents will have myriad betting opportunities at their fingertips through BetMGM's app. Wagers can be made on many games, and these can take such forms as pre-game, in-play, future, and other types of bets. As for the casino games, BetMGM gives users the chance to lose all their money on such offerings as slots, blackjack, and video poker.

While the Michigan launch is certainly good news for BetMGM (and, by extension, MGM Resorts), the relationship between the casino company and Entain might be rocky just now. Earlier this week, MGM Resorts announced it was ending its effort to acquire Entain. It previously tried to buy its British partner in an all-stock deal valued at over $11 billion, but that offer was rejected.

On Friday, MGM's stock fell by 0.4%, a slightly steeper drop than the 0.3% experienced by the S&P 500 index.

Invest Smarter with The Motley Fool

Join Over 1 Million Premium Members Receiving…

  • New Stock Picks Each Month
  • Detailed Analysis of Companies
  • Model Portfolios
  • Live Streaming During Market Hours
  • And Much More
Get Started Now

Stocks Mentioned

MGM Resorts International Stock Quote
MGM Resorts International
$36.15 (4.72%) $1.63

*Average returns of all recommendations since inception. Cost basis and return based on previous market day close.

Related Articles

Motley Fool Returns

Motley Fool Stock Advisor

Market-beating stocks from our award-winning service.

Stock Advisor Returns
S&P 500 Returns

Calculated by average return of all stock recommendations since inception of the Stock Advisor service in February of 2002. Returns as of 05/16/2022.

Discounted offers are only available to new members. Stock Advisor list price is $199 per year.

Premium Investing Services

Invest better with The Motley Fool. Get stock recommendations, portfolio guidance, and more from The Motley Fool's premium services.