BetMGM recently announced the opening of their retail sportsbook in downtown Cincinnati, Ohio, in partnership with the Reds, with a Phase 2 in the offing.
New Location Designed to Drive Business
One would think that having a retail sportsbook located at a professional sports venue would be ideal. Well, that’s not how it worked out for the BetMGM Sportsbook which was located at the home of their sports betting partner in Ohio, the Cincinnati Reds. The Great American Ballpark was not so great for booking action and the iconic gaming giant found that out the hard way.
There are only 81 home games to attract an audience to the ballpark where the sportsbook formerly resided. We should also note that the Reds are not exactly a huge draw, with their average attendance near the lower third of the league, and in the middle of April in a game against the Rays, not even 7400 people made it to the ballpark.
It’s difficult to do business in a ballpark without a game being played, and on those days when the Reds are in town, it’s tough to squeeze out a living when very few are in attendance. Over the first four months of its existence at the Great American Ballpark, BetMGM had a net revenue of $-8,025 and lost over $38,000 in April alone.
Hip New Destination
But those days are long gone and the retail sportsbook has shifted to a hipper, more fashionable part of town. It is known as The Banks, and the BetMGM Sportsbook is located at the corner of Second Street and Joe Nuxhall Way, inhabiting the former Galla Park Gastro restaurant retail space. And now that the sportsbook is open, the second phase is underway, which includes adding the upscale Nation Kitchen & Bar later in the year.
Matt Prevost, Chief Revenue Officer at BetMGM, stated: “Building the premier sports and entertainment venue at The Banks was an integral part of delivering the BetMGM experience in The Buckeye State. We are thrilled to see this vision become a reality, marking our next big step in growing our relationship with the city of Cincinnati and the Reds.”
Worth the Visit
BetMGM signed a multi-year pact as the Official Sports Betting Partner of the Cincinnati Reds last October over two months before sports betting launched in the Buckeye State. And while the first location did not work out, the new digs are supposed to give the sportsbook more exposure along with a vibrant clientele.
Doug Healy, Reds Chief Financial Officer, stated: “Moving the BetMGM Sportsbook to The Banks places this best-in-class operator into the heart of our city’s sports and entertainment district. The popularity of the BetMGM brand will help draw patrons to The Banks and add to the vibrancy of our downtown.”
What to Expect
According to reports, the BetMGM Sportsbook at The Banks will feature three in-person betting windows and 14 self-service betting kiosks with seating for 200 people. There will also be a 350-square-foot video wall and 42 stand-alone TVs featuring games from across the nation.
And what sportsbook would be complete without the requisite VIP section with special seating, state-of-the-art video monitors, and a private bar for its discerning customers?
Tracy Schwegmann, Marketing Director/Property Manager for The Banks, added: “We are thrilled about the addition of the BetMGM Sportsbook at The Banks. With the Bengals season starting and the Reds making a push to playoffs, The Banks continues to be the #1 entertainment destination in Cincinnati.”
