Musk's X Social Media Platform Signs Exclusive Partnership With BetMGM: 'Sports Never Sleep On X'
Portfolio Pulse from Chris Katje
X, formerly known as Twitter and acquired by Elon Musk, has announced an exclusive partnership with BetMGM, a joint venture of MGM Resorts International (NYSE:MGM) and Entain, to become its official live odds sports betting partner. This partnership, described as a first-of-its-kind between a sports betting company and a social media brand, will feature sports betting odds and links on X, starting with professional football contests ahead of Super Bowl LVIII. The collaboration aims to increase BetMGM's customer sign-ups and engagement on X, especially with the sports betting market becoming increasingly competitive.
February 09, 2024 | 4:00 pm
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NEGATIVE IMPACT
DraftKings Inc may face increased competition due to the BetMGM and X partnership, potentially impacting its market share and short-term stock performance.
As BetMGM gains a unique advantage through its partnership with X, DraftKings Inc could see a negative impact on its market share and stock price in the short term due to increased competition.
CONFIDENCE 75
IMPORTANCE 60
RELEVANCE 70
NEGATIVE IMPACT
Penn Entertainment, with its sports betting platform rebranding to ESPN Bet, may experience heightened competition from the BetMGM and X partnership, potentially affecting its short-term stock performance.
The strategic partnership between BetMGM and X could intensify competition for Penn Entertainment, potentially leading to a negative short-term impact on its stock as the market dynamics shift.
CONFIDENCE 75
IMPORTANCE 60
RELEVANCE 70
POSITIVE IMPACT
MGM Resorts International, part of the BetMGM joint venture, could see a positive short-term impact on its stock price due to the exclusive partnership with X for sports betting odds.
The partnership with X positions MGM through BetMGM in a unique spot in the competitive sports betting market, potentially attracting new customers and increasing engagement, which could positively influence MGM's stock price in the short term.
CONFIDENCE 85
IMPORTANCE 80
RELEVANCE 90