BetMGM Set to Match 2020 Full-Year Revenue in Q2
Online sportsbook BetMGM is reported to have hauled in US $163 million (£118 million/€135 million) in revenue during the first quarter of 2021, which equates to 90 per cent of its full revenue for 2020.
BetMGM, which is a joint venture between MGM Resorts and Entain, reported net revenue of $178m for the full year in 2020.
The app originally launched as PlayMGM in 2017 and became BetMGM in September 2019. It is currently live in 12 US states.
The firm has forecast revenue growth of more than 400 per cent to $1bn by the end of 2022, as well as the aim of taking a 20 to 25 per cent market share worth an estimate $32bn.
The sportsbook is already reported to have increased its monthly GGR by 400 per cent between September to March, as well as doubling its market share since October.
BetMGM CEO Adam Greenblatt described the company’s performance as “frankly remarkable” and said: “The business is performing well ahead of expectations in both sports and gaming. All of this supports our confidence in achieving $1bn of revenue next year.”
The firm aims to be live in 20 states by the end of this year. It is currently ranked number one in three of the 12 it operates in; Michigan for online sports betting, igaming and retail, Colorado for sports betting and New Jersey for igaming.
Entain reported strong online performance in the first quarter of the year, with net gaming revenue from remote gaming rising by 33 per cent, according to its Q1 figures. Entain’s new CEO Jette Nygaard-Andersen commented at the time that “BetMGM continues to exhibit outstanding momentum with impressive market share growth”.