Yahoo has entered the online US sports betting market.
On Thursday, Yahoo Sports and BetMGM officially launched the Yahoo Sportsbook platform in the state of New Jersey.
This news comes less than a month after Yahoo Sports announced a partnership with BetMGM for sports betting.
The Yahoo Sports platform now features betting odds which direct users to the BetMGM online sportsbook where users can place sports wagers. Yahoo’s app can be downloaded on Android and iOS devices.
What’s covered in the deal?
Under the agreement, which is described as a “multiyear partnership,” Yahoo Sports will become the official digital media sports partner for MGM.
Yahoo Sports will be compensated for traffic it sends to the BetMGM sports betting platform, while both companies will work together on creating content experiences, promotional marketing efforts and exclusive live events. MGM will also distribute Yahoo Sports content across its platforms while Yahoo will host several player events at MGM properties.
Specific details of the partnership such as length, terms and conditions were not disclosed.
Verizon Media chief executive Guru Gowrappan said: “The historic partnership with Yahoo Sports and BetMGM will change the future of fandom, providing new ways for sports fans to go beyond engaging with content and interact through commerce.”
MGM in the US betting market
By partnering with Yahoo, MGM is likely to see an increase in users thanks to Yahoo’s database of daily fantasy sports (DFS) players. Companies such as DraftKings Sportsbook and FanDuel Sportsbook, which were initially DFS providers, have shown how important DFS players can be to real-money sports betting operations.
Since the repeal of the Professional and Amateur Sports Protection Act (PASPA) in 2018 MGM has struck several high-profile deals.