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Why MGM Resorts Stock Jumped 7.6% Today

By Travis Hoium - Mar 11, 2021 at 4:00PM

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BetMGM continues to add partnerships to its portfolio.

What happened 

Shares of MGM Resorts International (MGM 2.08%) jumped as much as 7.6% in trading today after the company announced another partnership through its BetMGM app. Shares settled slightly throughout the day and were up 4.4% at 3:35 p.m. EDT. 

So what

MGM announced a partnership with the Buffalo Wild Wings restaurant chain that will expand its visibility at a popular game-watching location. Fans betting on the BetMGM app from within Buffalo Wild Wings restaurants will be offered special promotions and custom bet types in Colorado, New Jersey, Indiana, Iowa, Tennessee, and West Virginia. The companies hope to expand the partnership to more locations.

Two people betting on a game while drinking beer.

Image source: Getty Images.

On top of the betting specials, Buffalo Wild Wings has launched an in-bar channel called OT Odds Powered by BetMGM that will bring betting odds and fantasy sports info into the bar. The hope is that this will make Buffalo Wild Wings an extended sportsbook for MGM Resorts across the country. 

Now what

Online gambling companies have been trying to build their customer base quickly to gain scale before others do. MGM has been doing this by adding highly visible partnerships with sports leagues and places like Buffalo Wild Wings, so this continues to fortify the company's market-leading position. 

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