BetMGM Nevada Wallet Now Usable in Other States

Posted on: August 23, 2024, 06:18h. 

Last updated on: August 23, 2024, 06:18h.

Todd Shriber @etfgodfather Read More
Expertise: Financial, Gaming Business, Mergers and Acquisitions.

BetMGM announced Thursday that the digital wallet on its Nevada sports wagering mobile application is now transferrable to other states in which the company books bets. That means bettors that sign up for a BetMGM account in Nevada can use the same account when traveling to any of the other 28 North American jurisdictions in which the gaming company operates.

BetMGM
The BetMGM logo. The gaming company said its Nevada digital wallet can be used when bettors travel to other states. (Image: NY Sports Day)

For example, a bettor that signs up for a BetMGM account at one of MGM Resorts International’s Las Vegas Strip casinos can use that account when traveling to Arizona, Louisiana, Michigan, Ontario, Canada, or the other areas in which BetMGM is licensed to accept sports wagers.

Through its operation and partnership with MGM Resorts International and powered by Entain’s technology, this innovative feature makes BetMGM the only legalized sports betting app to allow Nevada residents and visitors to wager in the state and carry their funds to BetMGM mobile markets nationwide,” according to a press release.

When customers that set up BetMGM accounts in Nevada travel to another state where the app is operational, they’ll see a pop-up message in the app that allows them to select the version of the app specific to the state that they’re in at that moment. So when a Nevada account holder travels to New York and opens the BetMGM app, they’ll see a message that directs them to a menu that allows them to switch to the New York version of the app.

More Convenience for Nevada Bettors…Sort Of

The BetMGM news is noteworthy in that the operator is the first with clear ties to Nevada that has leveraged technology so that its Nevada accountholders don’t have to sign up for new sports wagering accounts when they travel to other states.

Still, there’s a cap on the convenience side of the equation. Nevada still has an onerous in-person registration requirement for new mobile betting accounts, meaning bettors that want to wager from their smartphones in the state must enter a land-based casino and fill out paperwork. Nevada’s in-person registration mandate is widely viewed as a barrier to broader adoption of mobile sports betting in the state.

That barrier is having financial consequences for the state. For example, in 2023, Nevada bookmakers booked $1.7 billion more in sports wagers than equivalent operators in Arizona, but the latter hauled in $77 million more in revenue because it permits new account signups over computers and phones.

Some experts see Arizona’s sports betting revenue advantage over neighboring Nevada growing to $100 million to $200 million annually until the Silver State scraps the in-person registration rule.

Who Else Could Follow BetMGM?

BetMGM’s ability to link Nevada wallets to other states is something of an achievement in mobile sports betting technology and it could spur similar efforts among rivals, albeit a limited number. Of the largest sportsbook operators in Nevada, only BetMGM and Caesars Sports conduct business in a slew of other states, meaning Caesars would be the most likely to attempt to mimic the BetMGM technology.

The other large Nevada sportsbook operators include Boyd Sports, Circa, and STN Sports. Boyd and STN only book bets in Nevada meaning there’s no need to link bettors’ accounts to other states.

Neither FanDuel nor DraftKings – the two largest online sportsbook companies in the US – are licensed in Nevada.