BetMGM to Reduce Workforce at Jersey City Headquarters

New Jersey. The t venture between MGM Resorts International and Entain filed a notification with the New Jersey Department of Labor on February 27, stating that the job cuts will take effect in late May.

A company spokesperson explained that the decision was made after reviewing priorities for 2025. “After carefully reviewing our priorities for 2025, BetMGM has made the difficult decision to reduce headcount across some divisions of the organization,” the company told SBC Americas. “We recognize the real impact this has on our colleagues and their families.”

The statement emphasized that BetMGM remains committed to ing affected employees while positioning the company for continued success in online sports betting and iGaming.

BetMGM Maintains Strong Market Position

BetMGM is currently the third-largest operator in the U.S. iGaming and online sports betting industry, ranking behind DraftKings and FanDuel. The company reported a 22% market share in iGaming and an 8% share in online sports betting gross gaming revenue (GGR) at the end of 2024.

In its latest financial update, BetMGM reported a 7% increase in net revenue, reaching $2.1 billion in 2024, with a significant 13% rise in online casino revenue. Looking ahead, the company forecasts net revenue of $2.4 billion to $2.5 billion in 2025 and aims to achieve positive EBITDA after recording a $244 million EBITDA loss last year.

MGM Resorts President Bill Hornbuckle noted during an earnings call that BetMGM’s “single , single wallet” feature introduced in Nevada last year has enhanced customer retention and improved omnichannel engagement.

BetMGM’s primary revenue source remains its online casino segment, which has benefited from exclusive licensing deals with well-known brands such as Family Feud and The Price is Right. CEO Adam Greenblatt recently highlighted that 2024 marked significant strategic progress for the company in online sports betting, with an 11.5% improvement in cross-selling from sports betting to iGaming.

Currently, two-thirds of BetMGM’s business is driven by iGaming, while online sports betting s for the remaining third.

Speculation on MGM Resorts’ Future Plans

Analysts at Bloomberg Intelligence have suggested that MGM Resorts may attempt to take full control of BetMGM following the sudden departure of Entain CEO Gavin Isaacs in February. They estimate Entain’s 50% stake in the venture to be worth between $4.2 billion and $5.6 billion.

BetMGM currently holds a 14% market share in the U.S., placing it behind FanDuel and DraftKings. The company also expanded its share of online sports betting handle across five major U.S. markets by roughly two percentage points between Q3 and Q4 of last year.

The layoffs indicate a strategic shift as BetMGM seeks to optimize costs while maintaining its competitive position in the rapidly evolving U.S. online gaming landscape.

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Source:

‘’BetMGM laying off 83 workers in New Jersey to save costs’’, sbcamericas.com, March 04, 2025.