BetMGM Is Already No. 1 In Various Markets, What's Next To Conquer?

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.

Related Link: BetMGM Partners With Buffalo Wild Wings, Could The Move Help With Market Share?

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)