BetMGM has just announced the newest product in its repertoire: a sports betting wallet that is now fully accessible from other states where sports betting is permitted. The digital wallet, which is initially available on the BetMGM Nevada app, can be used in other jurisdictions where BetMGM operates, such as Louisiana, Arizona, Michigan, and more.

BetMGM is a leader in the sports wagering industry, and it has unveiled a new groundbreaking feature that allows users of its Nevada digital wallet to extend their betting capabilities to other states. This innovative move, announced on Thursday, marks BetMGM as the first gaming company with deep Nevada roots to offer this cross-state functionality, providing a new level of convenience for its customers.

Cross-state accessibility: a novel feature

BetMGM's latest feature is a game-changer for sports bettors who frequently travel. Now, anyone who registers for a BetMGM account in Nevada can use the same account in any of the 28 other US and even Canadian jurisdictions where BetMGM operates. This includes popular destinations like Louisiana, Arizona, Michigan, and Ontario, Canada, among other regions and states.

The process is simple and straightforward. When a Nevada account holder travels to another state where BetMGM is licensed, they can simply open the app, and a pop-up message will prompt them to switch to the version of the app specific to their current location. For example, if a bettor opens the BetMGM app in New York, they will be directed to select the NY app version, seamlessly allowing them to continue placing wagers just as they would back in Nevada.

A technological milestone

This advancement is powered by BetMGM’s collaboration with MGM Resorts International and the technology of Entain, a global leader in the gaming sector. The partnership has enabled BetMGM to become the only legalized sports betting app that allows Nevada residents as well as visitors to not only place their bets within the state but also carry their accounts and funds across state lines to other BetMGM markets throughout North America.

The feature reflects a significant leap in mobile sports betting technology and serves to solidify BetMGM's commitment to enhancing its users' experience. By leveraging this cutting-edge technology, BetMGM ensures that its customers enjoy unparalleled convenience, regardless of where they are within the United States or Canada.

Convenience with caveats

While this development is a significant step forward, it does come with limitations. Nevada's stringent face-to-face requirement for the registration of mobile wagering accounts remains a significant hurdle. To register for mobile sports betting in Nevada, bettors must physically visit a casino to complete the necessary paperwork. This requirement is seen by many as an obstacle to mobile sports betting adoption and continues to hinder the state's ability to compete with other jurisdictions.

The financial impact of this obstacle is evident. In 2023, Nevada sportsbooks handled $1.7 billion more in wagers than their Arizona counterparts. However, Arizona's more user-friendly online registration process allowed the state to outpace Nevada in revenue by $77 million. Experts predict that Arizona's revenue advantage over Nevada could grow to between $100 million and $200 million annually if Nevada does not eliminate its in-person registration rule.

Setting a precedent for the industry

BetMGM's success in enabling cross-state wallet functionality may set a new industry standard, potentially prompting other major players to follow suit. Among the largest sportsbook operators in Nevada, Caesars Sports is the most likely contender to adopt similar technology, given its presence in multiple states.

However, not all Nevada-based operators are positioned to benefit from this advancement. Companies like Boyd Sports and STN Sports, which only operate within Nevada, don't have to link accounts across state lines. Additionally, neither DraftKings or FanDuel - the two biggest online sportsbook operators in the US - are currently licensed in Nevada, limiting their ability to compete in this arena.

By enabling Nevada bettors to use their digital wallets across multiple states, BetMGM is not only enhancing its service offerings but also setting a new benchmark in the sports betting industry. As other operators look to keep pace, the impact of this technological advancement is likely to reverberate throughout the market, potentially reshaping the future of mobile sports betting in the US.