BetMGM reports 15% YOY increase in Q3 on NFL season gains
Operator confirms 18% combined sports betting and igaming market share as parent company Entain reports latest trading update
BetMGM saw its net gaming revenue increase by 15% year on year (YOY) during the third quarter of 2023 to $458m, according to latest data from BetMGM parent company Entain.
Releasing its financial update, the London-listed operator confirmed a BetMGM market share of 18% in markets where it operates, excluding New York, for both online sports betting and igaming.
In respect of igaming in isolation, where BetMGM has historically been dominant, Entain confirmed BetMGM’s market share in igaming amounted to 26% of the US market in Q3.
During the quarter, BetMGM unveiled significant upgrades to its sports betting app, as well as enhancements to UX on its igaming app.
The enhancements to sports betting included integrating a raft of new betting offers such as same-game parlays, so-called ‘elevated’ first-bet offers, and exclusive team-partner-hometown odds boosts.
The revamp release was timed to coincide with the start of the new NFL season, with the operator launching a new advertising campaign featuring brand ambassador Jamie Foxx.
Entain has confirmed the product upgrades led to a successful start to the NFL season for the firm, with customers “enjoying the benefits of significant investment” and resultant enhancements to UX.
Those upgrades are set to continue and should be augmented further by the $265.6m acquisition of London-based data analytics firm Angstrom Sports, bought by Entain ostensibly to bolster the BetMGM brand as it looks to distinguish itself further from FanDuel and DraftKings.
Entain has confirmed that BetMGM full-year net gaming revenue is expected to be at the “upper end” of the $1.8bn to $2.0bn guidance figures, with the firm following up its earlier H1 positive EBITDA with a positive EBITDA into H2.
Entain itself reported a total net gaming revenue (NGR) increase, inclusive of the US market, of 7% YOY, with online NGR growing 9% and retail NGR increasing by 4% over the Q3 period.
Elsewhere, BetMGM has expanded its US sportsbook operations to New Mexico with the opening of a new 4,900 sq ft retail sportsbook at the Isleta Resort & Casino in Albuquerque.
The BetMGM Sportsbook at Isleta features 35 television screens, along with two VIP sections. The sportsbook also includes five betting windows and four betting kiosks.
The launch marks the 28th US state in which the BetMGM sportsbook operates and the first time that the firm has entered the Land of Enchantment.
Adam Greenblatt, chief executive officer, BetMGM, said, “It’s a privilege to enter New Mexico and collaborate with Isleta Resort & Casino. We’re confident sports fans will enjoy the world-class gameday experience that only BetMGM provides.”