BetMGM’s first horse racing partner
BetMGM is getting into horse racing after inking a deal with NYRA Bets, LLC, the official online wagering platform of the New York Racing Association, Inc. (NYRA). The New Jersey-based iGaming and sports betting giant took to Twitter on May 28 to share news of its maiden horse racing partnership:
According to a BetMGM news release, its customers can “watch and wager on premier Thoroughbred, Harness, and Quarter Horse races at more than 200 tracks around the world” via its deal with leading content provider NYRA Bets.
a thrilling, interactive experience for horse racing fans”
BetMGM CEO Adam Greenblatt said his firm identified a “great partner” in NYRA Bets. Greenblatt also anticipates the partnership will “create a thrilling, interactive experience for horse racing fans.”
Online horse racing wagering, too
In inking the deal with NYRA Bets, BetMGM has also entered the online horse racing betting market. According to the BetMGM release, the sports betting brand will “utilize the NYRA Bets wagering platform in its Horse Racing app” which bettors will be able to access via Android, Apple, or desktop.
The integration of both brands’ platforms will provide BetMGM users with daily horse racing content, live video streams, and race replays. The highlight is the opportunity for BetMGM users to wager on iconic US horse-racing meets from the Belmont Stakes and the Breeders’ Cup to the Preakness and the Kentucky Derby, where the betting handle made a comeback to pre-pandemic levels in this May’s event.
The BetMGM app will also allow horse racing fans to wager on the big international events, which include the Melbourne Cup and Royal Ascot.
reflects the importance of horse racing within the rapidly evolving sports betting marketplace”
President of NYRA Bets Tony Allevato said the new partnership “reflects the importance of horse racing within the rapidly evolving sports betting marketplace.”
BetMGM eying $12bn market
Known as the sport of kings, horse racing has attracted wagering since ancient times. While traditional legalized betting on horses has been going on for centuries, the online option is a minefield filled with many black market operations.
By linking up with a national, well-established, official Advance Deposit Wagering (ADW) platform like the NYRA, BetMGM has taken a significant strategic step forward. The potential financial rewards for BetMGM linking-up with NYRA Bet are considerable, with the US racing industry generating over $12bn per year in turnover, according to the Market Herald.
Horse racing is also relatively pandemic-proof. While the number of races in 2020 dropped by 24%, handle stayed on an even keel at almost $11bn for the full year, while average wagers increased by 29%.