MGM’s Famous Shareholder Thinking Online Gaming, Sports Betting

A 12% purchase — for $1 billion — in an iconic brand such as MGM Resorts doesn’t automatically raise so many eyebrows.

But on Monday, billionaire Barry Diller’s IAC not only made that investment – Diller had an intriguing reason why.

“We are energized and excited to make this investment in MGM,” Diller said, adding his interest in “an area that currently comprises a tiny portion of its revenue — online gaming.”

In a letter to shareholders, Diller and IAC CEO Joey Levin wrote, “We believe MGM represented a once-in-a-lifetime opportunity for IAC to own a meaningful piece of a pre-eminent brand in a large category with great potential to move online.. …The value was too compelling to ignore.”

The BetMGM online gambling brand, a partnership with GVC Holdings since 2018, has gotten off to a tepid start — so this investment may pay dividends there.

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About Editor

Rich Nilsen is a 17-time qualifier to the National Horseplayers Championship (NHC), an event he has cashed in four times. He was the first player to finish in the top 10 twice. He cashed on the 2018 NHC Tour with a 19th overall finish. Rich was also a winner of a $24,000 package into Kentucky Derby Betting Championship I. A former executive with Brisnet.com, Rich is a graduate of the University of Louisville Equine Business Program and is founder of AGameofSkill.com, a site devoted to horse racing education and promotion.

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