BetMGM To Enter UK Market But Not With Entain

A surprise announcement by MGM Resorts that it will launch its BetMGM betting site in the UK without its US partner Entain saw the share value drop for the UK based gambling company.

The US version of BetMGM is one of the most popular brands for sports betting fans and has been a great success for both companies however with MGM Resorts buying LeoVegas it will use its platform and technology to launch the brand in the UK market.

As the announcement filtered through 5% of the share value of Entain was lost but is expected to climb back next week.

Many analysts believe the move is to put pressure on Entain to allow MGM to buyout their US partner as it tried last year to acquire the full business of Entain but was rejected by shareholders.

The belief is that the current partnership is unsustainable in the long term and one should buyout the other at some point.

MGM Resorts CEO and President Bill Hornbuckle said on the announcement, “BetMGM is a proven brand in the sports betting and igaming space, and we look forward to welcoming international players into our platforms designed specifically for them,” He wnet on to say. “Today’s announcement represents a key step forward in our international growth strategy, which has been advancing rapidly since our acquisition of LeoVegas.”

“We’ve had great success in the U.S. and Canada with our BetMGM brand and we’re confident we can duplicate this success in other markets, beginning with the UK,” said Gary Fritz, President, MGM Resorts International Interactive. “The UK is a mature online gaming market, and we believe the BetMGM brand will provide distinct relevance to both sports bettors and igaming consumers.”