Elon Musk’s Social Platform, X, in Talks with BetMGM for Sports Betting Partnership
The social platform formerly known as Twitter, which is now owned by Elon Musk, is reportedly in talks with the leading sports betting and iGaming company, BetMGM. According to a report released by Fortune, BetMGM is considering options for a partnership with X.
The timing of this announcement is noteworthy as it comes just two weeks ahead of the highly-anticipated Super Bowl LVIII, scheduled to take place at Allegiant Stadium in Las Vegas, Nevada in 2024.
The potential partnership could see the addition of sports betting odds to X, as well as the promotion of BetMGM through a direct link to the sportsbook. This move is expected to help BetMGM reach new customers, while allowing X users to access odds during live events and providing the platform with a new revenue stream.
The collaboration aligns with one of Musk’s goals for X, which is to diversify the platform’s revenue streams. Currently, X is known for its popularity during live events, and the potential partnership with BetMGM is expected to benefit both parties. Last year, during the Super Bowl halftime show, X crashed due to heavy traffic, highlighting the platform’s high engagement during major events.
In addition to advertising and subscriptions, X is looking to innovate and diversify its revenue streams, making this potential partnership with BetMGM a strategic move.
BetMGM, a leading sports betting and iGaming operator in the US, currently has a presence in more than a dozen states. As a joint venture between industry giants Entain and MGM Resorts International, BetMGM has become a popular choice for bettors across the country.
Overall, the potential partnership between X and BetMGM holds promise for both companies, as it would enable them to tap into new opportunities and enhance the user experience for sports fans and bettors.