In an industry dominated by the titanic reach of FanDuel and DraftKings, another online sportsbook is well on the way to making it a three-man race at the top.
BetMGM, a partnership between the famous MGM Resorts brand and international sports betting and gambling company Entain had a massive year in 2024, crushing their projections on the way to nearly $2 billion in revenue, a 36% increase from 2022. With a 17% market share, behind only FanDuel (39.3%) and DraftKings (34.1%), the popular betting site has emerged as the clear third option behind the two betting behemoths.
Founded in 2019, BetMGM has seen stable and consistent growth every year since. The company reported $841 million in revenue for the fiscal year 2021, jumped to $1.4 billion in 2022, and nearly cracked the $2 billion barrier in 2023, something they are sure to break in 2024. And if you’re interested in checking out BetMGM and its offerings for yourself, you can refer to Overtime Heroics’ detailed review of BetMGM Sportsbook.
But the question is, how has BetMGM managed to keep up such explosive growth in recent years, and what are the chances of that continuing in 2024 and beyond?
How did BetMGM Grow in 2023?
BetMGM saw solid revenue growth in 2023 mainly because of the expanding reach of the sports betting industry at large. As more and more states take the leap and legalize online sports betting, mainly because of the massive potential tax revenue that comes with it, the entire sportsbook landscape is constantly expanding year by year and will most likely continue until all states have legalized the practice or some unforeseen change in regulation.
For BetMGM specifically, they expanded into multiple new sports betting markets in 2023, namely Ohio, Massachusetts, and Kentucky. With a combined population of over 23 million, these states alone presented a massive new potential customer base roughly equivalent in size to countries like Taiwan and Syria.
BetMGM Revenue Projections 2024
The final question is, what are BetMGM revenue projections looking like for 2024?
So early in the year, it’s hard to give an exact dollar amount but, their continued commitment to expanding into new states, as well as multiple major sporting events happening in Las Vegas during the fiscal calendar, should see the company grow steadily once again.
This year, BetMGM already has plans to expand into Vermont and North Carolina, with the latter being one of the 10 largest states in the US by population and thus a major potential betting market. And, with Super Bowl LVIII in Las Vegas, as well as the Formula One Las Vegas Grand Prix later in the year, BetMGM should see a boost from major sporting events in the city where they hold such a massive sway as one of the largest gambling firms on the strip.
Overall, things are looking up for BetMGM, and the sports betting industry as a whole.
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