The social media platform owned by billionaire Elon Musk is venturing into sports betting through a new exclusive deal with operator BetMGM. Announced on February 9th, 2024, the strategic partnership designates BetMGM as X’s sole live odds provider for sports games.
TLDR
- X announced a partnership with sports betting company BetMGM, making BetMGM the exclusive live odds provider on the platform.
- The partnership will allow X users in the U.S. to see BetMGM’s latest odds on NFL and other major professional and college sports.
- Clicking on the odds will take users directly to BetMGM’s website or app to place bets where sports betting is legal.
- The partnership provides BetMGM with reach to X’s engaged user base and inserts them into sports conversations happening on the platform.
- For X, it creates potential for new revenue and expands their offerings beyond social media into areas like sports betting.
It marks one of the first integrations of a sportsbook directly into a major social media site. Experts say it provides BetMGM unparalleled access to reach potential bettors where sports conversations already occur 24/7. For X, it aligns with Musk’s vision to transform the platform into an all-in-one “everything app” and opens up potential new revenue streams beyond advertising.
Integration Coming to U.S. First
Details of the rollout focus first on users located in the United States. X will begin showing BetMGM’s live odds and betting lines prominently on pages related to NFL football games. Listings will contain clickable links taking fans directly to BetMGM’s website or mobile apps to place legal wagers.
Over the “coming weeks”, X plans to expand the integration to cover additional professional leagues like the NBA and MLB as well as major college sports. The partnership grants BetMGM exclusive rights to be the sole sports betting operator on X in the U.S.
BetMGM CEO Adam Greenblatt touted the access to X’s passionate user base as an “unprecedented opportunity to expand [their] reach.” With sports talk and commentary constantly happening on the platform, being embedded natively creates a natural funnel to convert sports fans into potential betting customers.
Potential Revenue for Struggling X
The partnership comes at a pivotal time for X as it seeks new revenue streams beyond advertising. Sources say ad revenue has plunged up to 60% over the past year due to brand safety issues under CEO Musk.
Integrating sports betting could provide a lifeline, though exact financial terms were not disclosed. Musk has been pushing to diversify offerings in areas like e-commerce and premium subscriptions. If successful, sports betting could aid the platform’s viability long-term.
X CEO Linda Yaccarino stated that the collaboration helps cement X as the digital “front row” for sports fans to engage around games. They can now additionally access betting odds to potentially win money on the outcome. Responsible gambling resources will be included to encourage safe play.
Sports never sleep on @X. And now with @BetMGM, we'll bring fans on X even closer to the action to cheer and now bet on their favorite teams!! Let’s do this! pic.twitter.com/MFrzhKLE78
— Linda Yaccarino (@lindayaX) February 9, 2024
Acceleration Into “Everything App”
Musk foreshadowed moves like a sports betting tie-up when outlining ambitions to morph X into an all-purpose “everything app” resembling platforms like WeChat. Sports was identified early on as a key pillar of the strategy along with long-form video and payments.
Hooking passionate sports fans with betting integration helps drive multi-purpose usage and time spent per user. X also benefits from earning a likely cut of all wagers directed its way in what could emerge as a lucrative new business endeavor. If successfully implemented over the long-term across global markets, the platform might one day rival a media-sports betting hybrid like FanDuel.
For now, U.S fans can access their game wagering simply by opening X and selecting the BetMGM odds link on NFL and other sporting event pages. It kicks off an unprecedented partnership marrying social media and sports gambling together in one ecosystem.
