The legalization of sports betting in New Jersey caused a shake-up in the industry. And the latest result of this is, yet another partnership between a tech provider and a casino. Indeed, International Game Technology (IGT) has agreed with MGM Group to use IGT’s platform to offer sports betting.
In case you didn’t know IGT has been working with the MGM Group for some time now. In fact, the American company provides MGM with technology for ten of its Silver State properties. They also run the PlayMGM app in Nevada. The app, offers mobile sports betting powered by IGT’s PlaySpot solution. So, the new deal means that any MGM Group properties can soon accept sports wagers on its floor. All and all, it seems that MGM is betting on a partner they already know. Also, IGT is delighted about the deal it seems. In fact, Renato Ascoli chief exec for IGT North America said. “We’re very excited to extend our successful sports betting relationship with MGM Resorts to New Jersey and beyond.”
Other casinos also started offering sports wagers. That is, since the recent legalization of sports betting in the Garden State. As of mid-June, NJ punters can place their bets on the soccer World Cup, but also on virtually any major sports events. For now, New Jersey casinos offer sports betting under temporary regulations and permanent rules should be in place within a few months. As it stands, operators have to pay $100,000 to get a license. Additionally, both racetracks and casinos should pay 8.5% on sports betting gross revenues. What’s more is that casinos and Racetracks will face a 1.25% tourist tax. Which means that it’s very likely that June and July’s figures will show a significant increase. So, it’s excellent news for everyone!