Posted on: June 27, 2022, 01:46h.
Last updated on: June 27, 2022, 01:46h.
BetMGM is adding another media partnership to its portfolio, announcing today it’s the official sportsbook of the BetQL Network.
The BetQL Network is the sports betting content arm of Audacy, which is one of the dominant sports radio station operators in the US. Financial terms of the agreement weren’t disclosed.
Audacy is the unrivaled leader in sports radio, reaching three times more people than the leading competitor. Audacy is the #1 sports radio ownership group, which owns and operates 39 all-sports stations across the U.S., including WFAN 101.9 FM/660 AM (WFAN-FM/AM) in New York, SportsRadio 94WIP (WIP-FM) in Philadelphia and 670 The Score (WSCR-AM) in Chicago,” according to a statement.
BetMGM is live in those markets. The 50/50 joint venture between MGM Resorts International (NYSE:MGM) and Entain Plc (OTC:GMVHY) is the top internet casino company and one of the largest online sportsbook operators in the markets in which it does business.
BetMGM Extending Audacy Relationship
BetMGM and Audacy have a partnership that dates back more than a year. In March 2021, the gaming company became the preferred sports wagering partner of the media company.
“Initial key partnership details included integrated content across Audacy’s broadcast sports stations, customer acquisition opportunities, and talent endorsements across Audacy’s wide spectrum of local and national sports betting content, while bringing BetMGM’s sports betting content to the millions of sports fans across the country,” according to the statement.
BetMGM is among the gaming companies prioritizing media relationships. The company has a deal with Yahoo Sports and, more recently, struck a content partnership with SportsGrid.
With more of the US adult population having access to regulated sports wagering, relationships between gaming and media companies are increasingly common. Economics explain why that’s the case.
Last year, Macquarie Research forecast more than $30 billion worth of iGaming and sports wagering revenue by 2030, attributable to accords with media companies. The research firm estimates a compound annual growth rate (CAGR) of 33 percent over the coming years for online casino and sportsbook operators by way of agreements with media companies.
BetMGM, BetQL Tie-Up Makes Sense
BetQL Network is a live, linear digital channel that features about 100 hours worth of betting-related content every week. It’s available on Audacy as well as YouTube and other digital platforms.
“Audacy also serves as the flagship home of 41 professional teams and over 50 Division 1 collegiate programs, including the New York Yankees and Boston Red Sox, Dallas Cowboys and Kansas City Chiefs, Golden State Warriors and Chicago Bulls, and University of Michigan and University of Oregon, among others,” said the company in the statement.
Audacy’s broad reach could benefit BetMGM in terms of putting what is already one of the most recognizable sportsbook brands in front of a larger swath of prospective bettors.