US Regulated sports betting has been very, very good to BetMGM. So good, in fact, that the company is raising its 2022 revenue forecast from $1 billion to $1.3 billion. And company officials are just as bullish on the prospects of 2023’s revenue numbers being even better than 2022’s.
BetMGM, a joint venture of MGM Resorts and Entain, has aggressively moved to shore up significant market share in the US and their strategy has been working extremely well. The sportsbook operator is currently active in 19 states and are adding sportsbooks in Illinois and Lousiana within a couple of months. BetMGM is also planning to enter markets in Puerto Rico and Ontario, Canada, later in 2022.
With outlets across the US, and its borderlands, BetMGM is expecting to reach at least 40 percent American adults by the end of the year. For the period between August-November, 2021, the company was America’s leading igaming operator.
Building this type of success has not been cheap, but investors have been happy with the results BetMGM has shown so far. So happy that the company’s joint venture partners have agreed to pony up another $450 million to fund operations and expansions. That brings Entain and MGM Resorts’ total investment in BetMGM to $1.1 billion.
BetMGM is looking at 2022 as a decisive year that puts them on top of the US sports betting market for good. Company CEO Adam Grenblatt spoke on the importance of this year in a statement reported on by LegalSportsReport saying, “2022 is a critical year, where the leading national operators will reach critical mass, paving the way for the next phase of the sector’s financial evolution. With the support of our shareholders, our technology and data platform, brand and omni-channel strategy, we look to the future with confidence.”