New BetMGM Brand Ambassador Derek Jeter Reveals His Betting Past

Though he was never into fantasy leagues, Jeter recently told People Magazine that he's no stranger to sports betting.

Ziv Chen

Last Updated: July 18, 2025 1:34 PM EDT • 2 minute read

Pictured: Hall of Famer Derek Jeter is introduced during the National Baseball Hall of Fame Induction Ceremony. Photo by Gregory Fisher via Imagn Images.

Derek Jeter has stepped into a new chapter, this time in the world of sports betting, after signing on as a brand ambassador for BetMGM. This will expand his post-baseball portfolio with a high-profile partnership in the gaming industry, where he's already enjoyed some success.

Though he was never into fantasy leagues, Jeter recently told People Magazine that he's no stranger to sports betting. During his playing days, he regularly placed casual bets with teammates and even Yankees owner George Steinbrenner, particularly around college football.

Jeter is now featured in BetMGM's latest ad campaign, "Legendary Plays," and plans are underway for a custom Jeter-branded slot game on BetMGM Casino. Speaking with PEOPLE, he recounted one especially memorable wager: a bet with Steinbrenner on the outcome of the Michigan–Ohio State game.

The deal was that if Jeter's alma mater, Michigan, won, Steinbrenner owed him use of his private jet.

When Michigan pulled off the win, Jeter didn't hesitate to call it in. "I just sort of reached out and said to someone, 'Hey, he lost the bet, so he has to give me his plane,'" Jeter recalled. "And the plane showed up." Whether Steinbrenner remembered the bet or not, Jeter got the ride.

While most of his betting stories are lighthearted, they reveal a lifelong appreciation for sports wagering.

BetMGM sets minimum wager in Illinois

While BetMGM adds to its list of brand ambassadors, the company is also making changes to its operations in Illinois. BetMGM has introduced a $2.50 minimum bet requirement for all users in Illinois, starting July 16. The change directly responds to the state's updated tax structure, which imposes a fixed fee on every online wager, regardless of size.

Under the new rules, Illinois now taxes the first 20 million annual bets at $0.25 each, and every bet beyond that at $0.50. These flat fees apply regardless of the bet amount, whether it is $1 or $1,000, creating significant financial pressure for sportsbook operators.

By setting a floor on wager size, BetMGM is attempting to offset the increasing transactional costs. It's not alone. Hard Rock Bet recently announced a $2 minimum, and FanDuel plans to add a 50-cent flat fee to every bet beginning Sept. 1, a move DraftKings is also adopting.

The shift marks a significant operational adjustment in one of the country's most active betting markets. In April 2025 alone, Illinois sports betting apps took in $1.3 billion in online wagers, according to data from the Illinois Gaming Board.

With costs now embedded into every bet, more operators are expected to follow suit as they seek to maintain profitability in the face of rising state-imposed fees.

Written by:
Ziv Chen

Ziv has over two decades of experience in the igaming and sports betting industry, having served in senior marketing and business development positions with both B2C and B2B companies, including Playtech and Microgaming. In 2019, Ziv decided to pursue his passion for writing and became a fulltime industry journalist, covering casino, sports, and gambling business news. He’s specialties include casino games and technology, US state gambling regulation, company performance, as well as gambling affiliates and marketing. As a Pitt graduate, Ziv is a diehard fan of all Pittsburgh sports teams, with the Steelers at the top of the list. In his free time, he enjoys reading crime fiction, biographies (mainly of sports personalities, but not only) and American history. Ziv’s Favorite quote: “We're going to pursue perfection, knowing full well we won't catch it, but we're going to relentlessly chase it," Mike Tomlin, Pittsburgh Steelers Head Coach.