BetMGM – FairOdds Network

July 29, 2024

Investment year paying off for BetMGM as H1 NGR hits $1bn

With revenue reaching $1bn in the first half of 2024, BetMGM expects growth to accelerate in H2, underpinned by Angstrom’s product capabilities and leveraging its omnichannel opportunities through MGM Resorts.
In a trading update published today (29 July), BetMGM chief executive Adam Greenblatt described 2024 as an investment year, focused on improving customer acquisition and enhancing player experiences.

Hockey legend Wayne Gretzky, iconic quarterback Tom Brady and Hollywood star Vince Vaughn starred in BetMGM’s Super Bowl commercial
Net gaming revenue (NGR) for the six months to 30 June grew 6% year-on-year. Despite no new state launches revenue grew 9% year-on-year in Q2, following a slower first quarter.

This showed the strategy of investing in players gain momentum, Greenblatt said, with BetMGM exceeding its acquisition and retention targets for the six-month period. This was helped by a successful Super Bowl campaign featuring Tom Brady, Wayne Gretzky and Vince Vaughn and a ..

July 17, 2024

BetMGM, Caesars go live in Washington, DC after short delay

BetMGM and Caesars Sportsbook went live across Washington, DC on Wednesday (17 July). Previously both operators could only offer their platforms in exclusion zones.

The launch is two days later than both operators planned. But they had to await the FY2025 budget being in force.

The budget includes provisions that open the market from a monopoly to a competitive landscape. DC Mayor Muriel Bowser did not sign or veto the budget. Her deadline to do so was 25 July. Instead, she sent it back to the DC Council. The move allows BetMGM and Caesars to begin offering their platforms throughout the city.

Bowser’s press secretary told Sports Handle that Bowser’s non-action “will still permit” the expansion. By sending it back, Bowser was demonstrating that she had “objections to several elements of the budget”. Given the contentious history of sports betting in DC, the expansion could be one of those objections.

Neverthelesss, BetMGM and Caesars Sportsbook announced on Wednesday that they had..

July 16, 2024

Online wagering in US capitol on hold until mayor signs budget; platforms were ready to go Monday

Two sports betting platforms were ready to begin offering their products throughout Washington, DC on Monday (15 July). But Mayor Muriel Bowser still hasn't signed the budget bill that would allow BetMGM and Caesars Sportsbook to go live.

Bowser has until 25 July to sign the budget. If she does not sign or veto it by then, it will automatically go into effect.

BetMGM and Caesars sportsbooks indicated on Monday that they are waiting for the mayor’s signature, but are unsure when it will come. BetMGM cancelled a planned celebration at Nationals Park, a company representative said. As of Monday night, FanDuel, partnered with the DC Lottery, remained the only platform available to those betting in DC.

But according to the Washington Examiner, FanDuel’s platform was unavailable Tuesday (16 May). For now, Washington, DC sports bettors can only place bets in person. FanDuel said in a statement to the Washington Post that it would re-launch once the budget was approved.

On 25 June th..

June 28, 2024

BetMGM enhances Newcastle United partnership as UK betting push continues

BetMGM has announced an enhancement to its existing partnership with Premier League side Newcastle United, becoming an official betting partner of the club.

Newcastle and BetMGM initially entered into a partnership in September 2023 as the operator sought to boost the marketing push for its UK launch.

In its role as a new official betting partner, BetMGM’s brand will feature on screens across Newcastle’s home ground of St James’ Park. BetMGM will also look to offer activations to fans, such as giveaways and unique experiences.

Sam Behar, UK director of BetMGM, said he believes the partnership with Newcastle aligns with the operator’s own values.

“Our BetMGM partnership with Newcastle United has been a success and we are delighted to continue building on this fruitful collaboration,” Behar said. “I can’t wait to get this season started and see Newcastle United continue on their journey.”

Newcastle’s chief commercial officer Peter Silverstone added: “We have helped BetMGM to drive b..

March 27, 2024

Leading US operators launch Responsible Online Gaming Association

Seven of North America's largest operators have joined together to launch the Responsible Online Gaming Association (ROGA) in a bid to promote responsible gaming (RG).

ROGA is aiming to promote best RG practices among the industry. BetMGM, Bet365, DraftKings, Fanatics Betting & Gaming, FanDuel, Hard Rock Digital and Penn Entertainment are all collaborating.

According to the launch announcement, the companies involved represent over 85% of the legalised online sports betting and igaming industry in the US. They have pledged more than $20m (£15.8m/€18.5m) to support ROGA’s objectives over the first year of its existence.

Dr Jennifer Shatley will serve as ROGA’s executive director, tapping into her 25 years of experience within the industry and extensive work as an RG executive to facilitate widespread education on the topic.

Shatley’s work with ROGA will take place alongside her role as president of the Nevada Council on Problem Gambling, as well as her position as a member of t..

March 20, 2024

New Washington, DC bill would allow competitive digital sports betting market

A DC councilman, Kenyan McDuffie, has filed a bill that would allow for an open, competitive market in the nation's capital, where consumers currently have only a single choice for online sports betting.

The bill would create a new Class C licence, under which operators could offer online sports betting citywide.

Currently, the only platform available throughout the district is GambetDC, which has been under fire almost since it was launched. Operated by Intralot on behalf of the Office of Lottery and Gaming (OLG), the platform has a reputation for uncompetitive odds, limited markets and difficult usability.

It is common knowledge among stakeholders that consumers cross the border to Maryland and Virginia – both of which offer at least 10 online sportsbooks – for a bigger selection. BetMGM and Caesars Sportsbook also offer digital sports betting in the district, but are limited to doing so at their partners’ sports stadiums and within a two-block radius.

GambetDC has brought..

January 8, 2024

DraftKings and BetMGM secure market access in North Carolina

DraftKings and BetMGM have struck market access agreements in North Carolina ahead of the Tarheel State launching its legal sports betting market.

Both arrangements cover sports wagering in North Carolina. DraftKings will partner with stock-car racing series Nascar and BetMGM the Charlotte Motor Speedway in the state.

Under DraftKings’ deal with Nascar, the operator becomes the series’ exclusive daily fantasy sports partner in the US and Canada. DraftKings will also be an authorised gaming operator of NASCAR and secure additional sponsorship benefits across Nascar.

Subject to regulatory and licence approvals, North Carolina will become the 27th US state in which DraftKings is active. This comes after it also secured approval in Vermont last month.

“DraftKings and Nascar have collaborated closely with each other over the years, sharing a like-minded commitment to enhancing the fan experience,” DraftKings’ North America president, Matt Kalish, said. “We look forward to the next chapt..

December 7, 2023

Greenblatt: 2024 the year BetMGM unlocks Las Vegas

Speaking at Morgan Stanley's Global Consumer and Retail Conference, BetMGM's CEO says 2024 will be the year they unlock America's gaming capital.

BetMGM will “unlock” Las Vegas in 2024, according to CEO Adam Greenblatt.

Speaking at the Morgan Stanley Global Consumer and Retail Conference on Wednesday (6 December), Greenblatt says BetMGM will look to capitalise on the influx of sports events in Las Vegas.

Sports and Las Vegas licence to be key

The recent Formula One race in the city attracted 300,000 fans and was a record-breaking weekend for BetMGM. The operator took three times the number of bets than any other F1 race in its history.

“[20]24 is the year we unlock Las Vegas,” Greenblatt stated. “Why that’s important, is because recruiting a player in Vegas costs 27% of the cost of acquiring that player in the open market. They’re also more than 130% as valuable.

“The role of Vegas in player acquisition and retention is really important. Those players we acquire ..

December 5, 2023

BetMGM expects to reach $500m EBITDA by 2026

BetMGM aims to reach 25% market share in the US by 2026, as well as delivering $500.0m (£396.1m/€462.2m) in positive EBITDA.

BetMGM set the 2026 goal after revealing it expects to be at the higher end guidance for 2023. In the current financial year, revenue should be between $1.80bn and $2.00bn, according to CEO Adam Greenblatt.

At an investor presentation yesterday (4 December), Greenblatt detailed how BetMGM, a joint-venture by Entain and MGM Resorts International, was expecting to be self-funding from 2024 onwards.

The business sees next year as an investment period, having already proved profitability in 2023. While it expects to achieve a profitable H2 2023, BetMGM expects negative EBITDA for 2024 in what it bills as an “investment year”.

Investment plans

When pressed on how much cash was available to invest, Greenblatt and CFO Gary Deutsch would not disclose the exact amount. However, the pair said plenty of money is available to “compete and invest for growth at the hi..

November 1, 2023

How Adam Greenblatt is sharpening BetMGM’s competitive edge

Adam Greenblatt set BetMGM on a path to profitability and the business will be self-sustaining in the second half of 2023. How will he make sure the operator stays ahead in the US sports betting market as new competitors emerge?

July’s update on BetMGM’s first half performance confirmed the operator was on the path to profitability outlined by CEO Adam Greenblatt in June.

The business will be self-sustaining in the second half of the year. There will be no additional equity investment from joint venture partners MGM Resorts and Entain, beyond the $150m committed for 2023.

BetMGM CEO Greenblatt believes a new phase of competition could be imminent in the US

Greenblatt believes that BetMGM could operate as a separate business and stand on its own two feet if necessary.

“It could be a permanent state, absolutely,” he says of BetMGM as a self-sustaining entity. “[But] I think whether or not that is indeed a permanent state depends on how we want to ramp up and how quickly we want t..

October 25, 2023

BetMGM seals Sportradar NBA tracking data deal

BetMGM will have access to products and services supported by NBA optical tracking data under an expanded partnership with Sportradar.

BetMGM will use the products to expand its in-play betting markets and its prop and parlay offerings.

Sportradar’s partnership with the NBA gives it access to player tracking data from the start of the 2023-24 season. The new NBA campaign got underway yesterday (24 October). Sportradar also exclusively provides NBA data worldwide and distributes live coverage of the league to sports betting operators globally .

Sportradar chief commercial officer Eduard Blonk said the BetMGM deal will support “the return-on-investment of our partnership with the NBA”.

“We’re pleased our value-add products and services will unlock the potential of NBA optical tracking data for BetMGM,” he said.

The NBA’s agreement with Sportradar was initially announced in 2021. As part of the deal, the league secured an equity stake in the data provider.

Jarrod Schwarz, chief prod..

September 25, 2023

BetMGM signs Hollywood star Chris Rock to support UK launch

MGM Resorts International has signed Hollywood actor Chris Rock to support the launch of its BetMGM brand in the UK market.

As an ambassador, Rock will feature in a range of marketing campaigns to promote the UK roll-out of BetMGM.

The first such campaign is now live, with Rock sharing details of various special offers to market the launch. These include bonuses and prices boosts, as well as information about exclusive content available from BetMGM.

BetMGM has also rolled out a responsible gambling advert specific to the UK market. Both campaigns are active across live sport, TV, out of home, digital, radio and social.

“We are incredibly excited to launch BetMGM in the UK and give customers something new,” BetMGM UK director Sam Behar said. “This campaign leverages the heritage of MGM Resorts’ best-in-class Las Vegas entertainment to deliver a unique proposition to the UK market.

“Alongside standout promotions and our A-list ambassador Chris Rock, this campaign clearly demonstra..

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