Sports betting and gaming entertainment company BetMGM, formed by the partnership of MGM Resorts International (NYSE: MGM) and Entain Plc., announced the launch of its online sportsbook in New York on Monday, January 17.
Shares of the company were up marginally on Friday. The stock pared its gains slightly to close at $44.45 in the extended trading session.
BetMGM’s customers in New York will now be able to access the benefits of betting with the company’s app providing a seamless betting experience with customizable pre-game, in-play, futures and parlay wagers.
BetMGM is also the official sports betting partner of the Knicks, Rangers and Madison Square Garden Arena. This will allow BetMGM to reward its customers with VIP experiences involving the Knicks and Rangers.
The CEO of BetMGM, Adam Greenblatt, “With today’s monumental news, we’ll now be able to fully activate our relationships with MGM Resorts’ Empire City Casino and Madison Square Garden. We look forward to offering customers in New York unique experiences that they can’t access on any other platform. A huge thank you to the New York Gaming Commission as well as to our entire BetMGM team who have worked tirelessly to bring this to fruition.”
Recently, Truist Financial analyst Barry Jonas reiterated a Hold rating on the stock. The analyst, however, lowered the price target from $56 to $50, which implies upside potential of 12.4% from current levels.
According to the analyst, although the company stands to benefit from the recovery witnessed in the Las Vegas market recently, the prevalence of the omicron variant among the masses remains a headwind for the company.
The Wall Street community is cautiously optimistic about the stock with a Moderate Buy consensus rating based on 4 Buys and 6 Holds. The average MGM Resorts stock prediction of $55.40 implies that the stock has upside potential of 24.6% from current levels. Shares have gained about 45.7% over the past year.
TipRanks’ Website Traffic Tool, which uses data from SEMrush Holdings (SEMR), the world’s biggest website usage monitoring service, offers insight into MGM Resorts’ performance this quarter.
According to the tool, the MGM Resorts website recorded a 50.16% monthly rise in global visits in December, compared to the same period last year. Moreover, year-to-date, the website traffic has grown 32.46%, compared to the previous year.
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