In the United States and the BetMGM retail and online sportsbetting brand has reportedly announced that it has plans to become the nation’s second biggest player before the end of the year by being live in as many as 20 jurisdictions.
According to a report from CDC Gaming Reports, this assertion came from the New Jersey-based operation’s Chief Executive Officer, Adam Greenblatt (pictured), during a recent virtual presentation to potential investors. The source detailed that the boss moreover predicted that the iGaming market of the United States could soon be producing annual revenues of up to $32 billion thanks to as many as 28 jurisdictions legalizing some form of sports wagering.
BetMGM was reportedly born via a July of 2018 partnership between American land-based casino operator MGM Resorts International and British iGaming behemoth Entain, which was formerly known as GVC Holdings. The operation is now purportedly run by the pair’s Roar Digital joint venture and offers sportsbetting aficionados in twelve states the ability to remotely place wagers on a plethora of sports including action from the National Football League (NFL).
However, the entity reportedly has plans to double this tally via a series of market access agreements while its aim to be in 20 states before the end of December could see its services become available to approximately 40% of the United States’ population. BetMGM reportedly believes that such an outcome would place it into second spot courtesy of a 3% rise in its current national market share up to a commendable 25%.
CDC Gaming Reports explained that this would position BetMGM alongside the other big players in the embryonic American online sports wagering market, FanDuel Group and DraftKings Incorporated, and possibly aid its efforts at gaining access to several as yet closed states including New York and California. The service purportedly pronounced that it leads the new sportsbetting and iGaming markets in Michigan while similarly topping New Jersey’s online gaming vertical as well as the remote sports wagering sector in Colorado.
Macquarie Securities gaming analyst Chad Beynon reportedly told CDC Gaming Reports that DraftKings Incorporated currently holds a 26% share in the states in which it operates while FanDuel Group has an even larger 33% cut. Nevertheless, he purportedly proclaimed that Greenblatt had made a ‘compelling case’ on why BetMGM should be considered as legal sportsbetting evolves in the United States.
Reportedly read a statement from Beynon…
“Bottom line, we continue to believe the BetMGM asset is undervalued.”
For his part and Joe Greff from JP Morgan reportedly told CDC Gaming Reports that BetMGM’s efforts will be furthermore aided by the fact that it can freely exploit the player database utilized by the land-based casinos run by its MGM Resorts International parent in sportsbetting-friendly states including Mississippi, Maryland, Nevada, Michigan and New Jersey. He purportedly asserted that such a facility would give the brand ‘one competitive advantage’ as it endeavors to bring ‘a credible and multi-faceted omni-channel approach to customer acquisition’.
Greff reportedly declared…
“Specifically, MGM-sourced players who have registered at a physical location bet 50% more on average versus non-MGM-sourced players.”
[table id=1 /]