BetMGM, the online sportsbook and casino brand bearing the name of one of the world’s most recognisable entertainment companies is enjoying a stellar 2023, and there’s more to come.
It’s been a notable year for the joint venture between MGM and Entain. A refocused strategic approach and the delivery of an improved betting experience (at what was already one of the best sportsbooks around) is now bearing fruit for BetMGM.
Posting its highest weekly takings from sports betting in New York since March Madness, in the seven days to November 5, BetMGM is forecast to report a second consecutive profitable quarter when Q3 figures are released soon.
In the three months to June, the company entered the black for the first time since launching in 2019.
MGM Resorts and Entain have targeted a 25% market share in both the online sports betting and casino industries in the US. That aim is built on targeting existing key markets but also expanding into new territories, buoyed by a parallel powering in its burgeoning overseas interests.
BetMGM has entered the ring in states recently launching legal sports betting, including Maryland, Ohio, Massachusetts and Kentucky. MGM has also made a first foray into the UK, one of the most competitive markets in global gambling.
BetMGM’s UK operations are backed by LeoVegas rather than Entain. That in itself is a noteworthy move given LeoVegas’ reputation as one of the most innovative gaming providers of recent years.
The face of Jamie Foxx, BetMGM’s long-time brand ambassador and a familiar one to customers of the brand in North America, has greeted new sign-ups in Great Britain. Chris Rock fronted BetMGM’s UK ad campaign in a market dominated by long-standing operators and in which new entrants repeatedly fail to make headway.
In addition, BetMGM has for some time been eagerly eyeing opportunities in the United Arab Emirates. Rumors have been building that UAE lawmakers will soon relax its ban on in-person and online gambling in the region.
Dubai, the capital of the Middle Eastern country, had a Caesars Palace until a couple of months back. The resort without a casino rebranded to Banyan Tree in September after Vegas major Caesars departed amidst the continued speculation about the prospects for legal gambling in the UAE.
The recent approval of Wynn Resorts' planned multibillion-dollar property in the Ras Al Khaimah Emirate hints at renewed industry optimism for the UAE as a territory described as having the potential to become the world’s next big gambling mecca.
In its most recent financial update at the beginning of November, BetMGM highlighted an overall market share of 18% for the markets in which it operates, excluding New York.
That combined figure compares with its worldwide 19% share at the end of 2022, a percentage point dip. That’s perhaps partly explained by the stubbornness of New York, the nation’s biggest gambling market, as a tough one to crack.
Indeed, in New York, BetMGM has hovered between five and seven per cent of the total betting handle in the state throughout this year. BetMGM stands in fourth spot in the Empire State ‘big quartet’ standings behind DraftKings, FanDuel and Caesars.
Where BetMGM has experienced big gains is NFL betting in particular. Purposefully unveiling a bunch of upgrades to its sports betting apps and wagering options ahead of the pro football season, BetMGM recently revealed a 26% yearly increase in NFL betting on its platforms.
Coming back to New York, BetMGM’s future is an intriguing one and a journey to watch with interest. The quickly established status quo in the state - one dominated by FanDuel and DraftKings - may wind up being a short-term one.
Fanatics is coming soon and may be followed by ESPN BET, a brand operated by Penn Entertainment. Bet365 will undoubtedly also be aiming to launch into New York as soon as it can.
With BetMGM talking up its arrival in the UK, using terms like ‘disruptor’, we may even consider that it will view New York in the same way - just like any newcomers.
It’s sure to be an intriguing coming 12 months assessing just how loudly the lion is still to roar in the Empire State.
