Hey Toby,BetMGM is a partnership between MGM resorts and...

Hey Toby,

BetMGM is a partnership between MGM resorts and Entain.

NYRA have basically 2 components.....1. they run 3 racetracks (NYRA)....and 2. they are a bookmaker (NYRA Bets)

NYRA Bets use Equibase to run the backend and NYRA also has partnerships with NBC etc for vision.

....so BetMGM is focused on Sports betting and now with a partnership with NYRA will start to offer racing.

This does provide clarity as to the rationale for BET to make the proposal for TAB...BET just want the racing component (including media channels and rights) from TAB.........and effectively BET provides the backend and TAB the B2C function (Online and Retail).

The difference to BetMGM and NYRA is that we don’t manage the Racetracks and therefore can offer the whole product to any Racetrack....So TAB will be a Racing only business.

This is where the Sports Betting under the FoxBet brand comes in.......BET could provide some synergies by building a single integrated platform to manage both TAB & Foxbet (because they both need improvement).

The key difference for me is that BET will make partnerships with the Racetracks and have TAB run the bookmaking for them under a B2C model and provide a B2B model for other bookmakers that want to offer their customers access to wagering on those races...........the Sports Betting would be cream for the Racetrack or Just BET or usually in the case with USA in partnership with a Casino.

so many moving parts with so many combinations.

....and I guess, why not takeover your own backyard first.