Elon Musk’s X Reportedly Partnering with BetMGM

elon musk and betmgm iconWhat happens when two giants of their respective fields team up? We could be about to find out.

The betting behemoth BetMGM is in discussions with X owner Elon Musk to integrate its platform into X (formerly known as Twitter), opening up betting opportunities to site users in regulated regions.

Live odds and promotional links would point directly to the BetMGM site under the terms of the reported agreement, though concrete contract details have yet to be released.

There is hope the deal will be ratified and live before the Super Bowl, which will take place in mid-February. It is an event that engages millions of users and sports fans worldwide, offering unrivalled access to the eyes and ears of American Football betting enthusiasts.

While the deal won't make much of a dent in the estimated 50% decline in sales from 2021 for X, it could signify the company's willingness to allow consumer-facing companies to advertise on the social media platform moving forward.

It could be an important moment in the company's quest to turn its fortunes around.

What is BetMGM?

BetMGM, established under the umbrella of MGM Resorts International, is one of the biggest names in the world of gambling and entertainment. The company underwent several ownership changes and mergers before becoming BetMGM in 2018.

Today, BetMGM is a joint venture between MGM Resorts International and GVC Holdings, one of the largest sports betting and gaming groups in the world. The company operates both land-based and online casinos and offers sports betting services in multiple states across the US.

The recent financials were extraordinarily successful for the company - its latest results suggest net revenue of between $1.80bn and $2.00bn, which means the company can be autonomous from 2024 onwards without relying on funding support from venture partner Entain.

They also aim to achieve a 25% market share in the USA. Currently, they hold approximately 17% of the market share in North America, behind only FanDuel and DraftKings. Their popularity is in no small part down to their partnerships with famous ambassadors - the likes of Chris Rock and Jamie Fox have both been involved in marketing the brand to UK and US audiences.

Who is Elon Musk?

Elon Musk is a South African-born entrepreneur, inventor, and investor. He is widely known for his contributions to aerospace, electric vehicles, and renewable energy. Born in 1971 in Pretoria, South Africa, Musk moved to Canada at 17 to attend Queen's University before transferring to the University of Pennsylvania, where he received dual degrees in economics and physics.

In 1995, Musk co-founded Zip2, a web software company, which Compaq later acquired for $307 million. He then went on to found X.com, which would become PayPal and was sold to eBay in 2002 for $1.5 billion. In 2002, Musk founded SpaceX to make space exploration and transportation more affordable and accessible. In 2004, he became the majority shareholder and CEO of Tesla, Inc., an electric vehicle company that has revolutionized the automotive industry.

Musk's innovative thinking, determination, and risk-taking have made him one of the most influential figures in modern technology. He has been involved in numerous groundbreaking projects, such as the Hyperloop, a high-speed transportation system, and Neuralink, a company focused on developing brain-computer interfaces. It is Neuralink that has been in the news recently, with Musk announcing the first successful implant of a chip in a living human brain. Over time, the chip is hoped to solve mobility issues and paralysis.

However, his purchase of Twitter caught the imagination of his followers and the wider public. Since he's been in charge of his "global town hall", there have been many criticisms of his leadership, but some staunch defenders too, with many recognizing the difficulty of monetizing a platform that was becoming financially unviable.

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Dmitry Rogalchuk
With over 5 years of experience in iGaming, Dmitry Rogalchuk leads a content team at CasinoCanada, ensuring that every article on the CasinoCanada website is informative and engaging for our readers.
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The University of British Columbia
The University of British Columbia & McGill University degrees, strategic marketing & content leadership expertise, sales strategies development
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Last updated on: 19.03.2024

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