Social media platform Twitter, now known as X, was acquired by Elon Musk for $44 billion in 2022.
Since acquiring the platform, Musk has attempted to increase Twitter’s user base and engagement levels. Now, a new way to interact with sports fans could be coming.
What Happened: Leading sports betting company BetMGM could be providing sports betting data to Twitter soon, according to a new report.
BetMGM, which is a joint venture of MGM Resorts International MGM and Entain, is in talks to partner with X according to a report from Fortune. The partnership would see sports betting odds from BetMGM shared on X. Users of the social media platform would access a link to BetMGM, allowing them to place bets or log into their existing accounts.
Details of the potential partnership including the financial terms were not shared, and an official announcement has not been made by either company. BetMGM did not respond to Benzinga’s inquiry regarding discussions about the partnership.
However, X CEO Linda Yaccarino seemed to acknowledge the conversation by replying “Yes, super cool” to a user on X who posted the Fortune article.
Why It's Important: News of the potential partnership comes two weeks before Super Bowl LVIII, which is one of the biggest sporting events of the year and the most bet on individual game in the United States.
BetMGM frequently ranks third or fourth in online sports betting market share, trailing behind industry frontrunners DraftKings Inc DKNG and FanDuel, a subsidiary of Flutter Entertainment FLUT.
NFL content remains popular on Twitter, according to statistics shared by the company's data account.
"Over a million people sent a total of 5.2 million posts about the NFL Divisional Round last weekend, up 18% compared to last year," the Twitter data account recently shared.
Last year's Super Bowl (Super Bowl LVII) saw an outage during the halftime performance by Rihanna. The big game was watched by an average of 113 million people on Fox, marking a six-year high for the Super Bowl.
News of the potential partnership between Twitter and BetMGM comes after several companies paused advertising on the social media platform in recent months.
The move could be a potential win-win, increasing engagement among sports fans on Twitter and helping to increase sign-ups for BetMGM in the highly competitive sports betting sector.
Photo: Shutterstock
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
