Bloomberg Audio Studios, podcasts, radio news. This is Bloomberg Markets. I'm Scarlett Food. It's time now for Stock of the Hour and it's the two companies behind the joint venture bet MGM, London based ent Tain and Las Vegas based MGM Resorts International, both moving in opposite directions on the eve of the new NFL season. Now, the American Gaming Association projects a record thirty five billion dollars of bets will be entered into legal sportsbooks this season. Bet MGM
aims to score a piece of that action. Bet MGM CEO Adam green Black joins us now from Jersey City. Adam, great to speak with you. College football has already begun, and of course the NFL season will kick off tomorrow. What can you tell us about the kinds and the sizes of wagers that have already been placed before those seasons both seasons really get underway.
Well, we've seen continued encouraging growth in the participation of NFL wagering. We've seen strong double digit growth year on your on NFL futures. For this season, we're offering over one thousand different kinds of wagering opportunities on NFL futures, and for every single pro game, we'll be offering four hundred and fifty different kinds of events, different kinds of markets, so a lot to choose from, more than ever before.
In fact, yeah, I mean those numbers are kind of stunning, more than four hundred ways to bet on each football game on the day of Can you be a little more specific in telling us what new products you're offering and introducing this year and how they're exclusive to bet MGM.
Absolutely, absolutely so. Over the last few months, we've been working hard to integrate a sports pricing business called Angstrom, which was acquired by Ententain, and so for the first time this season, we're going to be bringing the power of Angst to our players. And so the things that are unlocked by that integration are parlay enhancements, easy to build, same game parlays, same game parlay plus prepackaged parlays. We've got some really interesting, i think consumer only at bet
MGM consumer offerings. So, for example, who's going to score the first touchdown for the one PM slate of games? God, that's quite something to kick off the afternoon.
Absolutely, so people will have their choice when it comes time to it. You know, I think about your competition and draftings. When they reported earnings last month, they said they were experimenting with plans of imposing surcharges for customers in high tax states like New York, like Illinois. Will you be doing the same or is it more important for bet MGM to gain market share by keeping customers payouts higher?
Yeah, I think the latter At the moment. There's no intent to pass on any tax taxes to players. There are examples in foreign jurisdictions where that initiative, you know, passing on texts to players has been rolled back. So you know, what we really bias for is customer centricity, and so our stance on text is consistent with that.
Got it? Got it. You've talked Adam about how twenty twenty four is a year of investment, So I'd like you to give us some color on what that means and what that looks like. Where are you planning to spend the most to acquire customers? Are you looking to convince those who are on DraftKings or fan duel to come over, or are you looking to grow the pie through bet MGM. Just give us some sense of how you're moving forward with that.
Yeah, for sure, investment in top line momentum is critical. For twenty twenty four, we stated that that is our intent both acquisition and retention. We've got tremendous partnerships with the social media platform X, with Marriott, Bonvoy, and with Associated Press. These are all exclusive to BETMGM. And we also have our how to describe it a magic potion in Nevada, unlocking the power of Nevada for BEDMGM.
We are.
We have an omni channel strategy as core to our go to market proposition. We have recently rolled out our best in class, certainly leadings sports app in Nevada and also linked it with our single wallet framework, which means that players from any of BEDMGM states can visit Nevada, continue their betting experience with BEDMGM, and take that experience home. And we're excited about the ability to grow our active space our revenue base by using Nevada as the place
to acquire new players top line. Additionally, this year we've got the first season for North Carolina, We've got a district wide district wide sports betting in DC. Our market has expanded as well as it being a market share game, and we also look forward to Alberta, which has signaled its regulation coming November or it's close to November as they can manage, which will introduce another sports betting and I gaming state.
So sports fans I think about, you know, watching a game or going to a game for that matter, they're bombarded with betting content. It's kind of everywhere they turn in the physical space and on their screens as well. And there are some serious questions on whether the marketing campaigns have become oversaturated. So my question to you, Adam is how do you build up awareness of bet MGM without annoying or turning off potential customers.
That's an important question we have. Well, we're opting for continuity this year for BETMGM. We've got a brand new campaign headlined again by the one and only Jamie Fox, and we're going to see him in a new cityuations with new messages, but are always consistent with BETMGM as a premium omni channel experience that is born in Vegas, which is synonymous with hospitality and entertainment, and so we seek to separate ourselves based on that positioning.
So another word is doubling down on your Vegas rus appreciate it, Adam, thank you so much. Adam Greenblatt is CEO of BET MGM,