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BetMGM Q1 revenue reaches 90% of 2020 total as JV aims for $1bn by 2022


Online sportsbook BetMGM recorded revenue of $163m for the first three months of 2021 – 90% of its entire 2020 total. 

At an investor day event, the MGM-Entain joint venture announced it posted net revenue of $178m for the entirety of last year, but it appears set to eclipse that total by early Q2.

Looking further ahead, the operator forecast annual revenue of over $1bn 2022 with a 20-25% US market share of a market it estimates to be worth $32bn.

It has already seen a 400% increase in monthly GGR from September to March, and has doubled its market share since October.

The operator said it is now ranked number one overall in the US for igaming, and number three for sports betting.

BetMGM CEO Adam Greenblatt said: “BetMGM has secured market access and demonstrated our ability to launch on day one in an effective way, so we will be there on day one wherever possible.

“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.”

BetMGM started 2020 live in three states, but its market access has expanded significantly.

The company has market access in 24 states and is now live in 12, with minimal market access costs due to its affiliation with MGM Resorts.

It is ranked number one in three of those states; Michigan with regards to online sports betting, iGaming and retail, Colorado for online sports betting and New Jersey for iGaming.

In addition to the return of sporting events, the various marketing deals BetMGM has signed over the past year have aided its revenue explosion.

Deals with IMG Arena’s Golf Event Centre, Buffalo Wild Wings, and Borussia Dortmund among others has seen BetMGM expand its reach.

Earlier this year, BetMGM part owner MGM attempted to acquire its joint venture partner Entain with a bid that would value the Ladbrokes and PartyGaming operator at approximately $11.00bn (£8.11bn/€8.97bn).

However, after Entain’s board said this undervalued its business, MGM declined to make a higher offer.