BetMGM Partners with Century for Missouri Sports Betting License
BetMGM Partners with Century for Missouri Sports Betting License
Century Casinos is teaming up with BetMGM to create a robust sports betting environment in Missouri. In this partnership, Century will provide one of its online wagering skins to BetMGM, facilitating sports betting in the Show-Me State.
Details of the Partnership
Under the terms of the agreement, Century’s Cape Girardeau venue has signed a long-term deal with BetMGM, granting it access to operate sports betting online. Though the specifics of the financial arrangement remain undisclosed, Century is expected to share a percentage of net gaming revenue with BetMGM, along with a guaranteed minimum income.
Century’s Casino Operations in Missouri
- Century Casinos operates two casinos in Missouri: one in Cape Girardeau and another in Caruthersville.
- These facilities have been transitioned from Eldorado Resorts as part of a larger acquisition strategy prior to Caesars Entertainment’s buyout.
Significance of the BetMGM Agreement
This partnership is particularly vital for BetMGM as it navigates Missouri’s sports betting regulations. MGM Resorts International, which owns a share of BetMGM, does not have any physical gaming venues in Missouri, making collaborations like this essential for their market presence.
Missouri Sports Betting Landscape
The state is set to grant 14 online sports betting licenses, with six being awarded to casino operators and an additional six to professional sports teams. Expected frontrunners for the spots include:
- FanDuel and DraftKings, the largest online sportsbooks in the United States
- Bally’s, Caesars Entertainment, and ESPN Bet parent Penn Entertainment, which operate casinos in the state.
Interestingly, FanDuel may not need a license since it holds a stake in Boyd Gaming, which manages two Ameristar casinos in Missouri.
Potential Boost from Sports Betting Deals
On a recent earnings call, Century’s co-CEO Peter Hoetzinger highlighted that such sports betting arrangements are anticipated to yield high-margin earnings for the properties involved. Century has established a track record of working with sportsbook operators across various states:
- Past agreements include partnerships with Rush Street Interactive and William Hill in West Virginia, allowing online casino launches using their licensing.
- They also partnered with Circa Sports to enter the Colorado market via their Cripple Creek casino permit.
This strong background indicates Century’s promising approach to expanding their market share in the burgeoning sports betting arena.
Conclusion
The collaboration between BetMGM and Century Casinos is set to enhance the sports betting landscape in Missouri significantly. With sports betting expected to gain traction, particularly among younger patrons, it represents a critical step for both companies in capturing market share in the fast-evolving gaming industry. This partnership not only aligns with Century’s strategic objectives but also underscores BetMGM’s commitment to establishing a solid foothold in the state.
