BetMGM has taken its first steps outside the continental US with plans to launch its app and open a retail sportsbook in the Condado district (pictured) of San Juan, Puerto Rico. [Image: Shutterstock.com]
A BetMGM first
BetMGM has brokered its first market access agreement outside the US mainland in Puerto Rico, where it will be opening a retail beach resort sportsbook and launching its mobile app throughout the Caribbean island territory.
BetMGM took to Twitter to announce its market-expanding move via a strategic partnership deal with Casino del Mar at La Concha Resort in Puerto Rico.
BetMGM stated that the agreement is subject to regulatory approvals and that it will roll out sports betting operations as soon as the regulated market opens in the unincorporated US territory.
In July 2019, the Puerto Rico legislature approved House Resolution 2038, which allowed retail and online sports betting. The Florida Times in January cited El Nuevo Día as reporting that the executive director of the Puerto Rico Game Rating and Administration, Orlando Rivera Carrión, said that the body hoped to launch a domestic sports wagering market by April 2021. Since April has come and gone, Puerto Rico Governor Pedro Pierlusi created an advisory group in June to help speed up the process.
Following the BetMGM-La Concha deal, Carrión said his government welcomed the partnership. He added that the alliance would “promote and encourage the growth of the gaming industry” on the island.
BetMGM CEO Adam Greenblatt said on Thursday that the BetMGM-La Concha deal signified a “major milestone” for the New Jersey-based sports betting and iGaming company.
Billionaire Paulson in the picture
La Concha Resort in the Condado district of San Juan is one of the high-end hospitality properties in Puerto Rico owned by US investment management firm Paulson and Co. President of the firm, billionaire hedge fund manager John Paulson, said his company was “very excited” by the BetMGM-La Concha agreement.
In a BetMGM news release on September 2, Paulson highlighted that sports in Puerto Rico boasts a “huge following and a passionate fan base in almost every sport.”
“natural” for Puerto Rico to be BetMGM’s first market outside of continental US
He added that it was therefore “natural” for Puerto Rico to be BetMGM’s first market outside of the continental US.
GM of Casino del Mar at La Concha, Sigfrido De Jesús, said BetMGM was the “perfect addition” to the San Juan-based property’s gaming set up, which includes 24/7 slot machines and card tables.
Executive director of the Puerto Rico Tourism Company Carlos Mercado Santiago said his organization was looking forward to the entertainment opportunities the partnership will present to both residents and visitors.
BetMGM’s summer of moves
BetMGM has been super-productive throughout the summer of 2021. On September 1, it launched its mobile betting platform in Wyoming, which marks the 14th US state in which the sportsbook app is currently active.
One day earlier it emerged that BetMGM, along with rivals FanDuel and DraftKings, had joined forces in a new digital betting initiative designed to bring online sports betting to the state of California.
Its other high-profile summer 2021 partnerships included deals with the Professional Fighters League, the NFL’s Arizona Cardinals and the Baltimore Ravens, and MLB’s Pittsburgh Pirates.