Here Comes The Blushing BetMGM Bride, Entain Goes Full-Stack, Puts All Assets On Show
Mongolians have a custom for brides before they tie the nuptial knot.
They sit the intended in a yurt-turned-sauna to bring a lustrous flush to their cheeks, raising their beauty and, in accordance with nomadic sensibilities, making the daughter of fortune irresistible to their waiting partner.
Something similar is happening to BetMGM, the Entain-MGM Resorts digital joint-venture, as it approaches the magic billion dollar handle, and first-time full profitability by the end of this year.
UK-based, FTSE100 Omnichannel Entain have just announced their £200 million (US$261.7m) acquisition of Angstrom Sports, a specialist provider of advanced US sports forecasting and data analytics, to be paid over three years.
And the move has mega significance for their North America operations – and, in particular, their BetMGM sports book venture.
“Something big is afoot,” a source close to the deal told iGamingFuture. “It’s my bet that either partner, or even both, is going to make a move very soon to buy up the controlling share in BetMGM.
“It’s become a very valuable venture, a Hail Mary that’s about to pay off big time. And my guess is that Entain wants it all. How else do you explain the Angstrom acquisition?”
BetMGM is active in around half of the U.S.’s 50 states, where it is either challenging, or besting, its principal rivals: Flutter’s FanDuel and DraftKings.
By its own reckoning, BetMGM is now poised to go into profit by this year’s end.
The acquisition of Angstrom Sports, with its focus on US sports betting products and markets, gives Entain–and by extension BetMGM–full stack pricing and forecasting capabilities, supercharged with speed and accuracy.
The integration of Angstrom, said Entain in a statement, will unlock a wider range of betting opportunities, particularly leading-edge bet-in-play, or parlay, products.
“We are delighted that Angstrom will be joining [us], enabling us to accelerate the development of the Entain Platform,” affirmed Entain CEO Jette Nygaard-Andersen.
“Their next-generation forecasting, pricing and risk-management capabilities will unlock significant opportunities across BetMGM’s US sports betting offering, particularly in the fast-growing markets of parlay and in-play wagering.
“This acquisition will provide our customers with an unrivalled sports betting experience underpinned by enhanced in-house data-analytics, a global platform and market leading brand.”
Sion Colley, CEO of Angstrom Sports, responded: “Entain shares Angstrom’s passion for innovation and our partnership will enable us to realise our ambitions in bringing best in class products and experiences to sports betting customers through Entain’s market-leading global brands.”
As 2023 unfolds, Entain continues its spending spree.
The Angstrom purchase follows the impending acquisition of online Polish market leader STS Holdings for £750 million (US$981.5m) and the recent purchase of New Zealand’s Tidal Gaming, owner of esports platform Sportsflare.
Next possible move: full-stop BetMGM.
Watch this space.