BetMGM’s New York Mobile Launch Was Best in Company's History
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BetMGM’s entry on Monday into mobile sports betting in New York was the company’s most successful launch ever, a company executive said Wednesday.
“It was the best first day of any live launch,” BetMGM CEO Adam Greenblatt said during a conference call for investors.
On Monday, BetMGM became the fifth online bookmaker to begin taking sports bets in New York.
Four other national online bookmakers accepted the state's first-ever legal mobile sports wagers on Jan. 8. The first four operators were Caesars, DraftKings, FanDuel and BetRivers.
BetMGM Gets Regulatory Approval to Take Mobile Bets
BetMGM got started more than a week after the first four because the company first needed approval from state regulators. That regulatory and statutory approval came on Monday.
The later start did not seem to slow BetMGM’s entry into mobile sports betting in the nation’s fourth most-populous state, home to 20 million residents. New York is the largest state with legal sports betting.
BetMGM’s launch came in time for Monday night's NFL playoff game between the Los Angeles Rams and visiting Arizona Cardinals, which the Rams won, 34-11.
Greenblatt said BetMGM is “delighted” at how the mobile operation is going in New York, including a record opening-day handle and number of registrations, and zero glitches with the app.
“Our technology performed flawlessly,” he said.
BetMGM on Positive ‘Trajectory’
During the conference call, Greenblatt noted that BetMGM New York expects to launch online sportsbooks during the first three months of 2022 in Illinois and Louisiana.
He also said BetMGM is opening a retail sportsbook in Puerto Rico during the first quarter of the year, and, later this year, an online sportsbook and iGaming operation in the Canadian province of Ontario.
“We’re excited about the trajectory of our business,” he said.
iGaming a Part of Company’s Online Growth
Among other statistics, BetMGM on Wednesday released the following information:
- The company is in 19 jurisdictions, including four with iGaming and 19 with sports betting.
- The company expects to have reached about 40% of the U.S. adult population once Illinois and Louisiana come on board.
- The company’s net revenue from operations in the fiscal year 2021 is expected to be $850 million, up almost five times from the previous fiscal year.
- The company is the iGaming market leader, with 30% market share for the three months to November 2021 in the markets in which it operates.
- The company is the No. 2 operator “for sports betting and iGaming across the markets in which it operates, with a 24% market share for the three months to November 2021.”
Regarding the growth of iGaming, which includes legislation under consideration in Indiana, Greenblatt said “incumbent land-based” casinos have been resistant to that segment of the industry, but such resistance “is going away.”
Greenblatt said the company anticipates achieving profitability in 2023. He noted that BetMGM in May would provide investors and analysts with additional information on the company’s overall performance.
Successful Mobile Launch in New York
The launch of mobile sports betting in New York has generated the most new accounts that the geolocation firm GeoComply has seen during a launch, according to a news release. GeoComply is a Vancouver, Canada-based company providing geolocation compliance and fraud-security services.
From the Jan. 8 launch in New York through BetMGM’s Jan. 17 start date, 1.2 million accounts were set up statewide. Of that total, 770,840, or 87.8%, were “brand new to regulated online sports betting,” according to GeoComply.
Four More Online Bookmakers Looking to Accept Bets Soon in New York
The number of accounts in New York is expected to grow soon, after four additional online bookmakers receive the OK to start accepting bets.
The remaining four bookmakers are BallyBet, WynnBet, PointsBet and Genting’s Resorts World. These operators were among nine approved late last year to offer mobile sports betting in New York. They are awaiting regulatory and statutory approval from the New York State Gaming Commission.
New York already allowed in-person wagering at sportsbooks inside casinos, but the only ones offering that service are in upstate New York. The nearest one to New York City is 100 miles away.
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