MGM Resorts International has plans to expand its lucrative partnership portfolio.
The gaming operator recently retained TFA Capital Partners, a specialized investment banking firm, to assist in identifying opportunities for sports betting partnerships with Tribal Nations.
Expanding the portfolio
“We are excited to bring TFA aboard as sports betting continues to roll out across the United States,” said Scott Butera, MGM Resorts’ president of interactive gaming, in a statement.
Here is more from Butera:
“Sports betting represents a significant opportunity for both the Tribal Nations and the MGM-GVC joint venture. We look forward to working with the TFA team to develop mutually beneficial relationships that offer the joint venture entry into new markets while providing our Tribal Nation partners with additional capabilities and resources to drive incremental demand to their casino properties.”
Read the full press release here.
TFA has well-established relationships throughout Indian Country. The MGM-GVC joint venture hopes to capitalize in a few areas and provide tribes with “turn-key customizable omnichannel sports betting solutions” including:
- Self-service kiosk
- Mobile sports betting products
- Premier odds setting
- Marketing and operating consultations
- Leverage the MGM brand and database
Representatives from TFA were not immediately available for comment.
The MGM brand is expected to grow significantly in the next few years. The prominent gaming operator has recently announced a number of partnerships with MLB, NBA and NHL.The NBA deal is reportedly for three years and $25 million.
NFL team the New York Jets also made MGM their “official gaming partner” in October.
MGM will also have a role with the newly formed Sports Wagering Integrity Monitoring Association (SWIMA).
Stephen Martino, MGM’s senior vice president & chief compliance officer will serve on SWIMA’s Board of Trustees along with Jan Jones, Caesars Entertainment’s executive vice president of public policy and Corporate Responsibility.
According to a SWIMA press release, the nonprofit organization will collaborate with state and tribal gaming regulators in its effort to prevent match-fixing and other unethical activity related to sports.
Since the US Supreme Court lifted the federal ban on sports, seven states have launched sports betting.