BetMGM Gift Cards now Available in 12 States and Over 12,000 stores across the US
NEW YORK, May 17, 2022 /PRNewswire/ ? TAPPP, a New York-based technology and marketing company focused on customer acquisition and flexible consumer payment platforms, and BetMGM, a leading sports-betting and iGaming operator, announced today an aggressive expansion of BetMGM's gift card distribution network. The amount of stores carrying BetMGM prepaid cards will roughly double from around 6,000 to more than 12,000 in the current quarter.
BetMGM's partnership with TAPPP launched in September 2021, attracting a vast group of new customers, and providing existing customers with a fast, flexible option to fund their BetMGM accounts in states in which sports betting is legal. Since its inception, the BetMGM gift card business has experienced an industry-leading redemption rate of 99%, with nearly 75% of customers redeeming their purchases within just 2 hours.
"The launch of our prepaid sports betting card business has exceeded all expectations, and we are looking forward to even greater success as legal sports betting continues to enter new markets across the country," said Matt Prevost," Chief Revenue Officer of BetMGM. "The program's expansion this quarter is the latest phase of our continued successful partnership with TAPPP to provide customers with an easy and responsible way to fund their BetMGM accounts."
BetMGM gift cards are now available in 12 states, including the recent debuts in New York and Pennsylvania and upcoming launches in Wyoming and Mississippi. This quarter's expansion will push the distribution network further into the grocery segment, a vastly underutilized retail space in sports betting prepaid cards, and within big box/home improvement retailers.
TAPPP's API-driven platform provides real-time redemption data which helps to drive BetMGM's marketing and acquisition campaigns. Further, TAPPP provides BetMGM with strategic support, payment servicing, and sales analytics all of which help drive sales and customer retention.
For more details on where you can purchase a BetMGM gift card, visit betmgm.com/giftcard.
TAPPP is a technology and marketing company that helps media, consumer products and sports wagering clients drive customer acquisitions, transactions, engagement, and retention through products and services offered on-screen, at events and in-store with a business focus built on our Interactive Gaming, Betting & Transaction Platform, offering proprietary, real-time, content-specific viewing experiences across any end-use device and our Distribution & Payments Service Platform, enabling cash and digital transactions for gaming, betting and consumer products merchants. For more information on TAPPP, visit tappp.com.
BetMGM is a market leading sports betting and gaming entertainment company, pioneering the online gaming industry. Born out of a partnership between MGM Resorts International (NYSE: MGM) and Entain Plc (LSE: ENT), BetMGM has exclusive access to all of MGM Resorts' U.S. land-based and online sports betting, major tournament poker, and online gaming businesses. Utilizing Entain's U.S.-licensed, state of the art technology, BetMGM offers sports betting and online gaming via market leading brands including BetMGM, Borgata Casino, Party Casino and Party Poker. Founded in 2018, BetMGM is headquartered in New Jersey. For more information, visit http://www.betmgminc.com/.
Statements in this release that are not historical facts are "forward-looking" statements and "safe harbor statements" within the meaning of the Private Securities Litigation Reform Act of 1995 that involve risks and/or uncertainties, including those described in MGM Resorts' public filings with the SEC. Forward looking statements are based on management's current expectations and assumptions and not on historical facts. Examples of these statements include, but are not limited to, statements regarding the future results of BetMGM. Among the important factors that could cause actual results to differ materially from those indicated in such forward-looking statements include effects of economic conditions and market conditions in the markets in which MGM Resorts operates and competition with other destination travel locations throughout the United States and the world, the design, timing and costs of expansion projects, risks relating to international operations, permits, licenses, financings, approvals and other contingencies in connection with growth in new or existing jurisdictions and additional risks and uncertainties described in MGM Resorts' Form 10-K, Form 10-Q and Form 8-K reports (including all amendments to those reports). In providing forward-looking statements, MGM Resorts is not undertaking any duty or obligation to update these statements publicly as a result of new information, future events or otherwise, except as required by law. If MGM Resorts updates one or more forward-looking statements, no inference should be drawn that it will make additional updates with respect to those other forward-looking statements.
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