BetMGM reports US market share of 23%, on course to take number two spot
BetMGM, a US joint venture between MGM Resorts and Entain, said on Wednesday it was targeting net revenue of $1 billion in 2022, and that both partners were expected to invest $450 million in the sports betting operator this year, which is on top of the $210 million already invested up to the end of 2020.
The company provided a business update as part of the investor day, when it said it has been the market leader across the US iGaming market during the three month period to February. With a market share of 23% over that period, the firm said it is on course to take the number two spot in US sports betting and iGaming overall. BetMGM now expects that it will drive long-term market share of approximately 20% - 25% in the U.S.
Entain said BetMGM now expects the total addressable market in the US and Canada to be approximately $32 billion in the long term.
“BetMGM has demonstrated strong momentum, building a leading position in iGaming and is on track to be the number two operator across sports betting and iGaming in the U.S.,” BetMGM Chief Executive Adam Greenblatt stated.
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