Every Friday, Covers takes a look back at the week that was in the sports betting industry. With a collection of sports betting news and notes, we intend to cover all the bases.
Plans for BetMGM to take over MGM Resorts’ Sportsbooks in Las Vegas
Entain is giving BetMGM control over MGM Resorts International’s sportsbooks in nine Las Vegas casinos. This is a significant shift from MGM Resorts' joint venture agreement with international gaming operator Entain, under which both companies now have an equal stake in the business.
On Wednesday, the Nevada Gaming Control Board (NGCB) voted unanimously to approve a request allowing BetMGM's employees to handle sportsbook operations at the casinos.
If approved, BetMGM would assume sportsbooks at several prominent properties, including Aria, Bellagio, Excalibur, Luxor, Mandalay Bay, MGM Grand, New York-New York, Park MGM, and The Cosmopolitan of Las Vegas. Management would be headquartered out of Mandalay Bay for efficiency while still leveraging Entain's technology.
Nevada legislation requires that any applicant for a satellite sportsbook license must initially run a land-based facility. Hence, this step becomes necessary.
During the 45-minute hearing on Wednesday, company representatives vowed to regulatory officials that enforcement of the anti-money laundering law would be prioritized.
Australia's regulatory officials had complained previously about compliance with Entain last December, stating the company had not applied sufficient anti-money-laundering controls.
The Australian Transaction Reports and Analysis Centre found a lack of proper supervision by Entain's management to be a core problem.
Though regulatory approval has yet to come, BetMGM's bid to acquire sportsbook operations is contingent on the Nevada Gaming Commission's approval later this month.
The move comes as MGM released its Q4 2024 results, showing $85 million in income losses, with BetMGM incurring $42.3 million of those losses.
Fairfax County casino bill falters in Virginia General Assembly
Efforts to legalize a casino in Fairfax County faltered in the Virginia General Assembly, with it losing its momentum on legislative initiatives to create a gaming operation within the Tysons area. While the bill advanced in the Senate on a 24-16 vote, it never gained traction within the House of Delegates.
Backers of the bill asserted that a casino would increase tax revenue in Fairfax County and the state. Some argued that it conflicted with existing development plans for Tysons, which have been created by local officials to guide long-term development in the area.
🚨 DEFEATED: Fairfax Democrat Sen. Scott Surovell's dream of turning Tysons into a mini-Vegas just went down in flames - and even fellow Democrats helped kill it.
— Fairfax GOP (@FairfaxGOP) February 14, 2025
Your State Senator's big solution to Fairfax County's problems? A casino. His compelling argument? "Fairfax is…
Fairfax County Board of Supervisors chairman Jeff McKay also expressed staunch opposition, stating that the county had never requested the proposal and describing it as fiscally irresponsible. McKay emphasized that local participation had been lacking in the process, which he believed resulted in the loss of the bill.
Senate Majority Leader Scott Surovell introduced the bill. He envisioned a casino and a larger entertainment complex with a hotel, concert hall, and convention center. He argued that such a facility would bring significant tax dollars and reverse economic losses to neighboring states, particularly Maryland.
Had the bill been passed, the Fairfax County Board of Supervisors could have referred the issue to a local referendum so that citizens could decide whether to approve the casino. Despite that, McKay signaled that the topic would likely appear again in future legislative sessions.
SlotMatrix Launches in New Jersey with betPARX
iGaming content aggregation platform SlotMatrix has gone live in the U.S. with betPARX launching in New Jersey. Through this partnership, betPARX will be able to offer exclusive EveryMatrix games.
The launch is significant for EveryMatrix, the company behind SlotMatrix, as it also marks the U.S. debut of the Evolution Gaming “One Stop Shop” range of games. This includes slots from third-party developers like Big Time Gaming, NetEnt, NoLimit City, and Red Tiger.
EveryMatrix currently serves over 300 global customers and has gaming licenses across major North American markets, including New Jersey, Michigan, West Virginia, Connecticut, Pennsylvania, and Ontario.
That North American experience has come with some of the most popular developers in the industry.
In January 2025, the company agreed to a deal with Rush Street Interactive and BetMGM to provide games in West Virginia.
Additionally, the company partnered with DraftKings to help the brand expand its online casino in Ontario in August 2024.
The business started in 2008 and operates from its headquarters located in St. Julian's, Malta.
The new SlotMatrix agreement strengthens betPARX's gaming portfolio through EveryMatrix's engagement tools, which include free spins, leaderboards, and tournament functionalities to enhance player retention and engagement.
SlotMatrix is one of the biggest casino content aggregators in the industry, with more than 300 studio partners and 33,000 games available in its library. The company plans to make its game available after betPARX completes its planned expansions to Pennsylvania and Michigan during the year’s first quarter.
Red Rock Resorts Produce $1.9B in Revenue for 2024 Fiscal Year
Las Vegas-based resort group Red Rock Resorts has announced its Q4 earnings and earnings for the 2024 fiscal year. Red Rock Resorts generated $495.1 million in net revenue during Q4, a 7.1% year-over-year increase. Likewise, its full-year revenue totaled $1.94 billion, a 12.5% rise from the previous year, which generated $1.72 billion.
However, despite reporting an increase in net revenue, Red Rock Resorts experienced a decline in net income. Only $87.7 million was produced during its fourth quarter, a 19.5% drop compared to the previous year, which generated $108.9 million in net income.
Adjusted EBITDA for this period was $202.4 million, an $1.1 million increase from $201.3 million in last year’s fourth quarter.
Red Rock’s full-year results revealed that whereas net revenue increased during the 2024 fiscal year, net income declined by 13.8% compared to the previous year, generating only $291.3 million throughout 2024. Adjusted EBITDA increased by 6.7%, rising from $746 million to $795.9 million year-over-year.
In recent news, Las Vegas competitor Las Vegas Sands also released its fourth-quarter earnings, reporting a $2.9 billion net revenue, a 0.7% drop compared to the previous year. The resort group's net income also declined, decreasing from $710 million to $590 million as well as adjusted EBITDA, which dropped from $1.2 billion to $1.1 billion.
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