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In May, the U.S. Supreme Court ruled that states can legalize sports betting, breaking up Nevada's monopoly on the practice.

"As the landscape for sports betting in the U.S. continues to evolve at a rapid pace, MGM Resorts is a proven gaming leader for us to work with on this groundbreaking partnership," NBA Commissioner Adam Silver said.

Silver said the agreement will enable innovative in-game gambling.

"Most of the action outside the United States is moved to what's called in play," Silver said Tuesday on CNBC's "Power Lunch." "In Europe it's 80 percent and higher, and that can be anything to the amount of points a player scores in a particular quarter. It can be based on something like rebounds ... That's really where you get the engagement."

MGM said it will use NBA and WNBA branding across its U.S. properties on a non-exclusive basis and share real-time data with the NBA to protect the integrity of its games.