Interactive SPORTS BETTING USA BETMGM - MGM RESORTS & GVC
BetMGM: it’s time to change the game
A unique collaboration between MGM Resorts and GVC, Adam Greenblatt, Chief Executive Officer at BetMGM, explains how the company is tapping into the entertainment legacy of the former and the technology of the latter to change the US sports betting landscape.
Adam expresses his belief that online poker’s best days are yet to come and exults over the potential new addressable markets facilitated by 5G.
How has BetMGM evolved since its formation in 2018?
Te business started as a twinkle in my eye. I was sitting in GVC and imagining how to build the biggest business and get the best out of a regulating US market. We then theoretically put together the most intuitive combination of assets, capabilities and expertise. If I look at the contributions from both parents, MGM and GVC, we cover tech, product, market access, brand, customer reach, operational expertise, and trading - the whole gamut that would be required to be a leader in the market.
Since formation, we now have a team of over 250 people strong, we’re winning market share in the eight states BetMGM is currently live in and have plans for launches in more states coming very shortly. I'm feeling very optimistic about our prospects centred around our hero brand, BetMGM.
Which states are you entering over the coming months?
Chronologically, we launch in Tennessee on November 1st. We are then hoping to be live in Pennsylvania with a gaming casino and poker. Shortly thereafter, depending on the sequencing and how long the regulatory processes take, we will be live in Michigan with a digital sports and gaming offer encompassing both casino and
poker. Tere are a very busy few weeks ahead and we have Iowa and Virginia earmarked for January.
How does BetMGM tap into the entertainment legacy of MGM and the technology of GVC?
It’s like baking a cake – you’re balancing the milk and the flour, adding the ingredients in
Tere are synergies in both directions built around our relationship with MGM, the brand, its properties and the loyalty scheme, all of which is underpinned by technology and product.
Based in New Jersey, how is the sports betting market developing two years after PASPA was overturned?
It’s even better than we imagined! Even beyond New Jersey, we’re seeing more states adopting, enabling and introducing regulation. It's happening quicker and where there is accommodating legislation and regulation, we're seeing markets grow at a faster rate than we thought possible. To sweeten it all we are also seeing a trend towards more iGaming states. Te outlook is very positive.
How much of that success should be attributed to an openness for mobile betting?
It’s not just mobile betting but the combination of channel availability. Yes, digital is absolutely critical but it's not only the fact that digital is available but New Jersey has shown that untethering mobile on-property sign up and enabling remote deposit and withdrawal is one of the critical ingredients to the fast pace of growth that we've seen. New Jersey has also benefited from the fact that New York State hasn't introduced mobile - some analysts estimate about 25 per cent of the value in the New Jersey
We’re seeing more states adopting, enabling and
introducing regulation. It's happening quicker and where there is accommodating legislation and regulation, we're seeing markets grow at a faster rate than we thought possible. To sweeten it all we are also seeing a trend towards more iGaming states. The outlook is very positive.
such a way to bake the perfect cake and that's what we're doing here. Critical to customers experience of our brand is the product so the technology underpins that, and the incredible support and focus from GVC allows us to tailor our products to the US market. We've got an exciting suite and new product updates upcoming, so we are really leveraging GVC on the technology and product side just as they are leveraging the US opportunity.
On the MGM side, it's in our DNA. Our hero consumer brand is BetMGM and when you wrap that identity with integration to MGM’s loyalty program, added to the fact that all of MGM's physical sports books are now branded as BetMGM Sportsbooks, we are showing great success in acquiring players and building out our omnichannel strategy. Tis means acquiring players to digital in retail and encouraging our digital-only players to redeem loyalty rewards in a physical environment on an MGM property.
market is driven by New York State residents. It has also benefited from having untethered mobile, a sensible tax rate and a fairly broad sports betting product catalogue. All of those things have come together to support the growth we've seen.
Should we be wary of huge mobile revenues or recognise that is how customers want to consume betting?
I’m a free marketeer. I'm one that embraces consumer choice and so we can’t fight a pervasive trend. Nor is this limited to our own industry. Mobile is the channel of choice to increasingly consume leisure and content. It is the future and we are absolutely happy to embrace it.
How much of a threat does over taxation pose to the regulated American market?
Our objectives are to create a great customer NEWSWIRE / INTERACTIVE / MARKET DATA P87
Page 1 |
Page 2 |
Page 3 |
Page 4 |
Page 5 |
Page 6 |
Page 7 |
Page 8 |
Page 9 |
Page 10 |
Page 11 |
Page 12 |
Page 13 |
Page 14 |
Page 15 |
Page 16 |
Page 17 |
Page 18 |
Page 19 |
Page 20 |
Page 21 |
Page 22 |
Page 23 |
Page 24 |
Page 25 |
Page 26 |
Page 27 |
Page 28 |
Page 29 |
Page 30 |
Page 31 |
Page 32 |
Page 33 |
Page 34 |
Page 35 |
Page 36 |
Page 37 |
Page 38 |
Page 39 |
Page 40 |
Page 41 |
Page 42 |
Page 43 |
Page 44 |
Page 45 |
Page 46 |
Page 47 |
Page 48 |
Page 49 |
Page 50 |
Page 51 |
Page 52 |
Page 53 |
Page 54 |
Page 55 |
Page 56 |
Page 57 |
Page 58 |
Page 59 |
Page 60 |
Page 61 |
Page 62 |
Page 63 |
Page 64 |
Page 65 |
Page 66 |
Page 67 |
Page 68 |
Page 69 |
Page 70 |
Page 71 |
Page 72 |
Page 73 |
Page 74 |
Page 75 |
Page 76 |
Page 77 |
Page 78 |
Page 79 |
Page 80 |
Page 81 |
Page 82 |
Page 83 |
Page 84 |
Page 85 |
Page 86 |
Page 87 |
Page 88 |
Page 89 |
Page 90 |
Page 91 |
Page 92 |
Page 93 |
Page 94 |
Page 95 |
Page 96 |
Page 97 |
Page 98 |
Page 99 |
Page 100 |
Page 101 |
Page 102 |
Page 103 |
Page 104 |
Page 105 |
Page 106 |
Page 107 |
Page 108 |
Page 109 |
Page 110
