'20 Trillion Golden Egg' Musk Sniffs Money, Quick Steps to Add Betting Feature on X

Partnership with Digital Gambling Platform BetMGM
Likely to Provide Sports Statistics and Betting Links to X

Elon Musk, CEO of Tesla, is expected to equip the social networking service X (formerly Twitter), which he owns, with a sports betting feature. Some analysts suggest this move aims to capitalize on the 'Super Bowl' boom.

Elon Musk, CEO of Tesla.
Photo by AP Yonhap News

On the 27th (local time), the U.S. economic media Fortune reported that X plans to launch a new sports betting feature through a partnership with digital gambling platform BetMGM. BetMGM is a well-known online sports betting subsidiary owned by MGM Resorts International, headquartered in Las Vegas, USA.

However, the specific terms of the agreement between X and BetMGM have not been disclosed. Fortune stated that sports statistics provided by BetMGM will appear on X. While users will not be able to place bets directly on X, links enabling betting through the provided sports statistics will be offered.

The 2022 NFL Super Bowl final is being held at SoFi Stadium in Los Angeles, USA. [Image source=Yonhap News]

This partnership between X and BetMGM comes two weeks ahead of the NFL championship game, the 'Super Bowl.' The Super Bowl is a major sporting event in the U.S., watched by 100 million viewers and generating over 20 trillion won in consumer spending. This year’s Super Bowl is expected to see a record-breaking 50 million or more people placing bets in the U.S., making it a crucial moment for both companies. Since Musk’s acquisition, X’s profitability has deteriorated, with its corporate value reportedly plummeting by more than 70%. Musk revealed in July last year that "advertising revenue decreased by about 50%, and cash flow was negative." Global asset management firm Fidelity valued X at $12.5 billion (approximately 16.2 trillion won), a 71.5% drop compared to the $44 billion (about 57.2 trillion won) Musk paid to acquire Twitter in 2021.

After acquiring Twitter, Musk announced plans to rename it X and transform it into "the everything app" offering various functions. Currently, X features 'Grok,' an AI chatbot developed by Musk’s AI startup xAI. On the 9th, Musk announced that X will launch peer-to-peer payment services within this year.

X stated, "We will provide new commerce opportunities to more users and demonstrate the power of enjoying more in one place," adding, "X is not just a simple app but is becoming the everything app that seamlessly integrates experiences for everyone into a single interface."