BetMGM Partnering With NYRA Bets
BetMGM made a big splash in the horse race betting industry at the end of May, naming NYRA Bets as its partner.
This is the first time that BetMGM has had a partner in this industry, and it could prove to be beneficial in the state of Tennessee.
NYRA Bets is a product of the New York Racing Association, and it has been around since 2016. This is one of the top-rated horse race betting apps and will be a great addition to the portfolio of BetMGM.
NYRA Bets has a deal in place with FOX Sports, and that deal is just over two months old. This new partnership by BetMGM will also give it access to FOX Sports, but it’s unclear as to what capacity.
Adam Greenblatt, CEO of BetMGM, had this to say about the new partnership:
“We’ve found a great partner in NYRA Bets and look forward to working with them to create a thrilling, interactive experience for horse racing fans on BetMGM.”
There is currently only one horse race betting app in the market in Tennessee, and that app is TwinSpires. This will allow NYRA Bets to enter the state, and it could help create a very competitive market.
It’s unclear when TVG will relaunch in the state of Tennessee as it was suspended just as the time sports betting was getting up and running. TVG has partnered with FanDuel, and that does give it access into the Volunteer State.
Due to some unclear laws in the state of Tennessee, it is unclear when BetMGM will be able to begin taking bets on horse racing in Tennessee.
FanDuel Moves Past BetMGM
FanDuel is the leader in online sports betting market share in the United States, but it has been BetMGM leading the way in Tennessee. April provided a change at the top of the leaderboard, and it is a trend that FanDuel hopes continues throughout the year.
The gross sports betting handle for FanDuel in April was just over $65.4 million. FanDuel also posted gross payouts of over $60 million, and those were the highest numbers recorded in the state of Tennessee.
BetMGM had a gross handle of $56.3 million in April, with gross payouts coming in at $50.2 million. DraftKings continues to be third on the list, but it is way down in both categories.
There were six online sportsbooks up and running in the month of April, but the three big names listed above made up more than 94% of the market share. William Hill could potentially begin to start stealing some of the business, but it has not gotten off to a fast start in the market.
Action 24/7, the local sports betting option, has continued to struggle to keep up with the big names. That sportsbook had a negative revenue for the month but did have its license reinstated by the Tennessee Education Lottery.
Check back for more TN sports betting updates and the latest sports news in The Volunteer State.
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