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Speaker 1: Bloomberg Audio Studios, podcasts, radio news. This is Bloomberg Markets.

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Speaker 1: I'm Scarlett Food. It's time now for Stock of the

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Speaker 1: Hour and it's the two companies behind the joint venture

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Speaker 1: bet MGM, London based ent Tain and Las Vegas based

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Speaker 1: MGM Resorts International, both moving in opposite directions on the

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Speaker 1: eve of the new NFL season. Now, the American Gaming

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Speaker 1: Association projects a record thirty five billion dollars of bets

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Speaker 1: will be entered into legal sportsbooks this season. Bet MGM

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Speaker 1: aims to score a piece of that action. Bet MGM

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Speaker 1: CEO Adam green Black joins us now from Jersey City. Adam,

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Speaker 1: great to speak with you. College football has already begun,

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Speaker 1: and of course the NFL season will kick off tomorrow.

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Speaker 1: What can you tell us about the kinds and the

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Speaker 1: sizes of wagers that have already been placed before those

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Speaker 1: seasons both seasons really get underway.

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Speaker 2: Well, we've seen continued encouraging growth in the participation of

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Speaker 2: NFL wagering. We've seen strong double digit growth year on

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Speaker 2: your on NFL futures. For this season, we're offering over

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Speaker 2: one thousand different kinds of wagering opportunities on NFL futures,

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Speaker 2: and for every single pro game, we'll be offering four

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Speaker 2: hundred and fifty different kinds of events, different kinds of markets,

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Speaker 2: so a lot to choose from, more than ever before.

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Speaker 1: In fact, yeah, I mean those numbers are kind of stunning,

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Speaker 1: more than four hundred ways to bet on each football

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Speaker 1: game on the day of Can you be a little

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Speaker 1: more specific in telling us what new products you're offering

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Speaker 1: and introducing this year and how they're exclusive to bet MGM.

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Speaker 2: Absolutely, absolutely so. Over the last few months, we've been

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Speaker 2: working hard to integrate a sports pricing business called Angstrom,

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Speaker 2: which was acquired by Ententain, and so for the first

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Speaker 2: time this season, we're going to be bringing the power

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Speaker 2: of Angst to our players. And so the things that

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Speaker 2: are unlocked by that integration are parlay enhancements, easy to build,

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Speaker 2: same game parlays, same game parlay plus prepackaged parlays. We've

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Speaker 2: got some really interesting, i think consumer only at bet

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Speaker 2: MGM consumer offerings. So, for example, who's going to score

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Speaker 2: the first touchdown for the one PM slate of games? God,

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Speaker 2: that's quite something to kick off the afternoon.

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Speaker 1: Absolutely, so people will have their choice when it comes

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Speaker 1: time to it. You know, I think about your competition

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Speaker 1: and draftings. When they reported earnings last month, they said

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Speaker 1: they were experimenting with plans of imposing surcharges for customers

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Speaker 1: in high tax states like New York, like Illinois. Will

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Speaker 1: you be doing the same or is it more important

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Speaker 1: for bet MGM to gain market share by keeping customers

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Speaker 1: payouts higher?

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Speaker 2: Yeah, I think the latter At the moment. There's no

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Speaker 2: intent to pass on any tax taxes to players. There

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Speaker 2: are examples in foreign jurisdictions where that initiative, you know,

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Speaker 2: passing on texts to players has been rolled back. So

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Speaker 2: you know, what we really bias for is customer centricity,

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Speaker 2: and so our stance on text is consistent with that.

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Speaker 1: Got it? Got it. You've talked Adam about how twenty

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Speaker 1: twenty four is a year of investment, So I'd like

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Speaker 1: you to give us some color on what that means

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Speaker 1: and what that looks like. Where are you planning to

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Speaker 1: spend the most to acquire customers? Are you looking to

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Speaker 1: convince those who are on DraftKings or fan duel to

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Speaker 1: come over, or are you looking to grow the pie

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Speaker 1: through bet MGM. Just give us some sense of how

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Speaker 1: you're moving forward with that.

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Speaker 2: Yeah, for sure, investment in top line momentum is critical.

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Speaker 2: For twenty twenty four, we stated that that is our

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Speaker 2: intent both acquisition and retention. We've got tremendous partnerships with

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Speaker 2: the social media platform X, with Marriott, Bonvoy, and with

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Speaker 2: Associated Press. These are all exclusive to BETMGM. And we

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Speaker 2: also have our how to describe it a magic potion

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Speaker 2: in Nevada, unlocking the power of Nevada for BEDMGM.

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Speaker 1: We are.

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Speaker 2: We have an omni channel strategy as core to our

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Speaker 2: go to market proposition. We have recently rolled out our

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Speaker 2: best in class, certainly leadings sports app in Nevada and

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Speaker 2: also linked it with our single wallet framework, which means

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Speaker 2: that players from any of BEDMGM states can visit Nevada,

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Speaker 2: continue their betting experience with BEDMGM, and take that experience home.

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Speaker 2: And we're excited about the ability to grow our active

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Speaker 2: space our revenue base by using Nevada as the place

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Speaker 2: to acquire new players top line. Additionally, this year we've

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Speaker 2: got the first season for North Carolina, We've got a

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Speaker 2: district wide district wide sports betting in DC. Our market

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Speaker 2: has expanded as well as it being a market share game,

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Speaker 2: and we also look forward to Alberta, which has signaled

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Speaker 2: its regulation coming November or it's close to November as

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Speaker 2: they can manage, which will introduce another sports betting and

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Speaker 2: I gaming state.

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Speaker 1: So sports fans I think about, you know, watching a

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Speaker 1: game or going to a game for that matter, they're

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Speaker 1: bombarded with betting content. It's kind of everywhere they turn

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Speaker 1: in the physical space and on their screens as well.

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Speaker 1: And there are some serious questions on whether the marketing

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Speaker 1: campaigns have become oversaturated. So my question to you, Adam

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Speaker 1: is how do you build up awareness of bet MGM

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Speaker 1: without annoying or turning off potential customers.

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Speaker 2: That's an important question we have. Well, we're opting for

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Speaker 2: continuity this year for BETMGM. We've got a brand new

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Speaker 2: campaign headlined again by the one and only Jamie Fox,

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Speaker 2: and we're going to see him in a new cityuations

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Speaker 2: with new messages, but are always consistent with BETMGM as

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Speaker 2: a premium omni channel experience that is born in Vegas,

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Speaker 2: which is synonymous with hospitality and entertainment, and so we

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Speaker 2: seek to separate ourselves based on that positioning.

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Speaker 1: So another word is doubling down on your Vegas rus

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Speaker 1: appreciate it, Adam, thank you so much. Adam Greenblatt is

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Speaker 1: CEO of BET MGM,