BetMGM Seeks to Build Sports Betting Brand Through Partnership with Topgolf
Posted on: February 19, 2021, 01:44h.
Last updated on: February 22, 2021, 06:55h.
BetMGM has found another partner to help promote the mobile sports betting and iGaming product to a new customer base. On Friday, the company announced it reached an agreement with Topgolf Entertainment Group to forge what was described as an “integrated sports betting and entertainment partnership.”
The move expands the relationship between the two companies. Topgolf has a location at the MGM Grand on the Vegas Strip. The release states the pact will allow each to “engage with customers on a large scale while reaching new audiences, both digitally and in-person.”
Topgolf is an entertainment attraction company. The best way to describe it is that it takes a tiered driving range and allows groups to play golf-related games, with players scoring points for taking shots at specific targets in front of or below them.
Topgolf’s Big Business Model
According to Topgolf’s website, there are currently 60 locations open across the country. In addition, there are 10 others listed that are slated to open in the near future.
Of the now-open locations, 13 are in sports betting states where BetMGM is available. The agreement will allow BetMGM to have digital branding throughout those venues, which are located in Colorado, Indiana, Michigan, Nevada, New Jersey, Pennsylvania, Tennessee, and Virginia.
BetMGM Chief Revenue Officer Matt Prevost said in a statement the company is excited to introduce its sports betting app to Topgolf customers. He noted there will also be some reciprocity on that as well.
BetMGM itself is a partnership between MGM Resorts International and Entain Plc.
BetMGM’s Recent Growth
The Topgolf deal isn’t the first for BetMGM, as it has used similar partnerships to help create awareness about its products.
In September 2019, the sports betting operator established a multi-year partnership with sports bar Buffalo Wild Wings. The deal includes a national free-to-play game, as well as screen access at select B-Dubs to publish custom sports betting content.
A month later, BetMGM announced a partnership with Yahoo Sports that made the online sports media giant BetMGM’s official digital media sports partner. That gave the sports betting operator a connection to one of the biggest fantasy sports operators in the US.
And last month, the sports betting operator announced a partnership with sports news site The Athletic.
Only a few states break down their monthly financial reports by the operator. However, a look at Indiana’s totals show BetMGM, which went live there a year ago, grew sharply in the last couple of months. It’s now the clear No. 3 operator in the state behind DraftKings and FanDuel.
In the past year, BetMGM has generated revenues of $13.6 million off a handle of $170.1 million. Most of that business has come in the last couple of months. In December and January, it reported revenues of $6.6 million off a handle of $93.4 million.
It looks even better for BetMGM in Tennessee. It launched there last November at the same time as DraftKings and FanDuel. According to research from Eilers and Krejcik Gaming, an industry research firm, market data shows BetMGM with a 35 percent share in the state, while DraftKings and FanDuel each have a 31 percent share.
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