One of the leading companies in the online sports betting and iGaming segment hosted a presentation Wednesday to show where the company stands and is going in the future.
What Happened: BetMGM, a joint venture of MGM Resorts International MGM and Entain ADR GMVHY, shared it is the No. 1 market leader in the U.S. iGaming market with a share of 23% in the three months ending February.
BetMGM has access to more than 35 million members in the MGM Resorts database due to its ownership of 31 destinations worldwide.
Revenue is estimated at $163 million in the first quarter for the BetMGM joint venture.
BetMGM is live in 12 states with a target of 20 total over the next 12 months. The company holds a No. 1 share in Michigan for online sports betting, iGaming and retail sports betting, No. 1 for online sports betting in Colorado and No. 1 for iGaming in New Jersey.
What’s Next: BetMGM said it is on course to take the No. 2 spot in U.S. sports betting and iGaming overall, hinting it could take share from FanDuel and Draftkings Inc DKNG.
The company highlighted a total addressable market of $32 billion for sports betting and iGaming in North America.
BetMGM is seeking to hit long-term market share in a range of 20% to 25% in the U.S. for sports betting.
Over $1 billion is expected in net revenue for BetMGM in 2022. New features such as poker, bingo, horse racing and live dealer games were shared during the investor presentation.
MGM Price Action: Shares of MGM Resorts are up 4.17% to $41.29 Wednesday afternoon.
(Photo: Erik McLean via Unsplash)
© 2022 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Ad Disclosure: The rate information is obtained by Bankrate from the listed institutions. Bankrate cannot guaranty the accuracy or availability of any rates shown above. Institutions may have different rates on their own websites than those posted on Bankrate.com. The listings that appear on this page are from companies from which this website receives compensation, which may impact how, where, and in what order products appear. This table does not include all companies or all available products.
All rates are subject to change without notice and may vary depending on location. These quotes are from banks, thrifts, and credit unions, some of whom have paid for a link to their own Web site where you can find additional information. Those with a paid link are our Advertisers. Those without a paid link are listings we obtain to improve the consumer shopping experience and are not Advertisers. To receive the Bankrate.com rate from an Advertiser, please identify yourself as a Bankrate customer. Bank and thrift deposits are insured by the Federal Deposit Insurance Corp. Credit union deposits are insured by the National Credit Union Administration.
Consumer Satisfaction: Bankrate attempts to verify the accuracy and availability of its Advertisers' terms through its quality assurance process and requires Advertisers to agree to our Terms and Conditions and to adhere to our Quality Control Program. If you believe that you have received an inaccurate quote or are otherwise not satisfied with the services provided to you by the institution you choose, please click here.
Rate collection and criteria: Click here for more information on rate collection and criteria.