A multi-faceted agreement
The North Carolina-based Richard Childress Racing (RCR) NASCAR team announced a new partnership with BetMGM on Wednesday. This is the first time that a NASCAR team has teamed up with a sports betting operator. The two parties will collaborate on a range of marketing projects.
The online gambling and sports betting operator will be the primary sponsor for the team during certain 2021 NASCAR Cup Series races. BetMGM issued a tweet announcing its new position as the official sports betting operator of RCR:
The next race is the Daytona 500 on February 14 at the Daytona International Speedway in Florida, a race RCR has won three times. With this agreement, BetMGM will be an associate partner for the cars of two of RCR’s drivers, Austin Dillon and Tyler Reddick.
Reaction to the deal
Talking about this new partnership, RCR CEO and chairman Richard Childress said: “This innovative relationship will provide opportunities to collaborate in new and groundbreaking ways.”
one of the most respected and formidable teams in motorsports.”
BetMGM chief revenue officer Matt Prevost also welcomed this deal with “one of the most respected and formidable teams in motorsports.” He looks forward to introducing the BetMGM brand to NASCAR fans across the world.
BetMGM is already an authorized gaming partner of NASCAR. The two parties struck a multi-year deal in August 2020. They are working together to offer different types of engaging experiences for sports bettors, such as extensive in-race betting markets. A free-to-play game between the two parties is also in the works.
BetMGM making waves
At the moment, BetMGM has online sportsbooks up and running in ten different states. Most recently, the joint venture between MGM Resorts International and Entain Plc launched in Michigan and Virginia.
In addition to its sportsbook, BetMGM also has online casino and poker offerings that are live in a few states (poker is only in New Jersey). All of these offerings integrate into the MGM Resorts M life Rewards program that gives users the ability to redeem points at MGM Resorts properties across the United States.
In an effort to gain a foothold across the US, BetMGM has also signed partnerships with other teams and organizations. These include the NBA, NHL, MLB, PGA Tour, Denver Broncos, Philadelphia 76ers, Washington Nationals, and the Detroit Lions.
Betting sponsorship is big business these days, especially in the country’s five biggest sports. Since sports betting became legal in May 2018, data and analytics firm GlobalData estimates that $396.6m worth of sponsorship money from betting operators has gone to the NFL, MLB, NHL, NBA, and MLS.