MGM Resorts International (MGM) says a rival hockey game between the national teams of Canada and the U.S. set several betting records as people in both countries wagered on the outcome.
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The championship game of the inaugural 4 Nations tournament saw Canada defeat the U.S. 3-2 in an overtime thriller. MGM Resorts says the game broke the record for single-game hockey bets placed on its BetMGM Sportsbook app. MGM added that it was the most bet-on hockey game in its history, and attracted 2.5 times more wagers than any NHL hockey game this season.
Caesars Sportsbook (CZR) also said the championship game attracted heavy betting action, and that it was second in bets only to last season’s Game 7 victory by the Florida Panthers over the Edmonton Oilers in the NHL Stanley Cup Final. The 4 Nations championship game also had more than two times the number of money gambled at Caesars than any NHL game so far this season.
National Pride
The championship game between the U.S. and Canada attracted strong viewership and took on added significance due to heightened political tensions between the neighboring countries. Since being re-elected last November, U.S. President Donald Trump has threatened to make Canada the 51st state and vowed to impose 25% tariffs on all Canadian imports.
Canada has responded to with threats of retaliatory tariffs. During the 4 Nations tournament, Canadian fans in attendance could be heard loudly booing the U.S. national anthem. For MGM, Caesars, and other sports betting vendors, the tensions between the two countries proved to be great for business.
“The 4 Nations tournament was a great success for BetMGM… Canada winning was a good outcome for the sportsbook,” said MGM Resorts in a statement concerning the gambling action.
MGM stock has declined 15% over the last 12 months.
Is MGM Stock a Buy?
The stock of MGM Resorts has a consensus Strong Buy rating among 17 Wall Street analysts. That rating is based on 14 Buy and three Hold recommendations issued in the last three months. The average MGM price target of $48.70 implies 34.53% upside from current levels.
