Denver Broncos Announce Second Sports Betting Deal, BetMGM Aligns with Team
Posted on: July 9, 2020, 11:28h.
Last updated on: July 9, 2020, 01:33h.
Less than a month after the Denver Broncos made NFL history by announcing the first partnership between a team and sports betting company, the franchise is announcing its second deal.
The Broncos and BetMGM, a sports betting and online casino platform, revealed today an agreement between the two entities. BetMGM will become an official sports betting partner of the NFL team, and the sportsbook will provide various fan experiences, including a BetMGM Lounge at Empower Field at Mile High, VIP travel packages, and certain benefits through MGM Resorts’ loyalty program, M life Rewards.
BetMGM is a joint venture between MGM Resorts International and GVC Holdings. BetMGM is up and running in Indiana, Nevada, New Jersey, West Virginia, and the Broncos’ home state of Colorado.
The Broncos’ deal with BetMGM follows a June announcement regarding its teaming with FanDuel to make the interactive gaming giant an official sports betting and daily fantasy sports partner of the NFL organization. The NFL announced in February that teams can enter into sponsorships with US-licensed sports betting companies.
Colorado Gold Rush
Colorado’s legal, regulated sports betting industry got underway at a most unfortunate time. Operations went live May 1, as sports around the world were nearly nonexistent.
Colorado is home to nearly 40 casinos, most of which are smaller gaming parlors found in Cripple Creek and Central City/Black Hawk. Sports betting, however, can be conducted online, and players can register remotely, so long as the person is inside the state’s boundaries.
Though Colorado ranks No. 21 in terms of population in the US, it’s a sports-obsessed state. Numerous sportsbook operators deemed the state’s regulatory conditions favorable, and as many as 20 sports wagering companies are investing in the emerging market.
Along with BetMGM and FanDuel, DraftKings, Circa Sports, SuperBook, and William Hill are a few notable entrants.
MGM and GVC announced this week that they are more than doubling their investment in BetMGM. MGM and GVC upped their stake from $200 million to $450 million in a second fundraising round.
Similar but Different Deals
FanDuel’s partnership allows the company to use the Broncos’ likeness across its sports betting and fantasy sports products in Colorado. FanDuel will also have access to in-stadium signage, and allow the company to reference its affiliation with the team during television, radio, and digital advertisements.
BetMGM’s partnership focuses more heavily on its in-stadium lounge, which will be accessible to anyone aged 21 and older. Live odds will be displayed in the venue, and BetMGM employees will be on hand to assist users with the mobile wagering app.
BetMGM will also operate a free-to-play, season-long tournament for fans directly through the Broncos’ official mobile app. Players can win prizes from MGM Resorts, including free trips to its casino resorts across the nation.
BetMGM says new users in Colorado will receive a $100 free bonus credit after they make their first bet of $10 or more on any Broncos game or futures wager. BetMGM has Denver at 50/1 to win Super Bowl LV.
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