BetMGM Claims to be the Second Biggest Online Gaming and Sports Betting Brand in the US

Last week, BetMGM officials made the claim that their company is currently sitting at number 2 in of growth and size in two of US most advancing gambling segments – sports betting and online gaming.

They have emphasized further opportunities for growth in the coming years. BetMGM is a 50:50 t venture between MGM Resorts, US casino behemoth, and Entain plc, gaming operator from UK.

Assuming the Position

The company is adamant that they will be operating in 20 states by the end of 2021 and that by the end of 2022, they will generate $1 billion in net revenue.

During the virtual investors day seminar, BetMGM CEO, Adam Greenblatt, predicted that US and Canada’s iGaming market could be worth $32 billion in net revenue.

After the presentation, JP Morgan gaming analyst Joe Greff said:

“There was no timeline associated with this market size assumption. But we estimate their thinking is 2030, plus or minus.”

Carlo Santarelli, Deutsche Bank gaming analyst, said that BetMGM puts forth quite aggressive market share targets as they want to position themselves as a top two in US iGaming pecking order.

Entry into Other Markets

BetMGM is operated by Roar Digital, based in New Jersey, is live in 12 states’ sports betting markets. The company anticipates market access and agreements in 24 states in which there is a sports betting legislative movement.

MGM Resorts and Entain (then known as GVC Holdings) each invested $100 million to launch Roar Digital in July 2018. Last year, the owners invested a combined $450 million in the operation.

New York is one of the states BetMGM is targeting. In it, there is a plan to add online sports betting through two platforms with four operator tops, but this has been heavily criticized by the pundits.

California is another, where BetMGM claims to have market access, despite the fact that sports betting referendum that tribal gaming coalition proposed does not contain mobile betting.

Source:

“Analysis: BetMGM says it’s No. 2 in an online gaming market it expects to be worth $32B”, cdcgamingreports.com, April 26, 2021.