In the fiscal year 2023, BetMGM not only achieved its full-year revenue target but ascended to the upper echelons of the online sportsbook and iGaming elite. The company has recently unveiled an upgraded sportsbook and implemented a single account system for players. BetMGM’s iGaming engine is poised for further acceleration, coupled with plans to expand operations into additional locations and extend its reach among online casinos.
Meanwhile, a steadfast commitment to responsible gaming (RG) takes center stage, with strategic initiatives such as embedding RG guardrails within the app and establishing meaningful partnerships with institutions like Kindbridge Behavioral Health.
In an exclusive interview with Yogonet, Matt Prevost, BetMGM’s Chief Revenue Officer, reflects on the past year and outlines the company’s vision for 2024.
What is your overall assessment of the company’s performance during the closing year?
2023 was an important year for BetMGM as we made a significant step forward in our journey to become a profitable operator. Our online casino continues to be an award-winning industry leader leveraging in-house produced content, partnerships with great suppliers, and our omni-channel advantage with parent company MGM Resorts International.
BetMGM achieved its full-year revenue target of $1.8 – $2.0 billion and we are expecting to hit the higher end of that forecast. During Q2, BetMGM was one of only two operators to report positive EBITDA.
In the third quarter, BetMGM combined for a 17% share in online sportsbook and iGaming across the United States and Ontario, which puts us in the top tier of operators. These are big highlights in an incredibly competitive industry that has seen new entrants in 2023 along with mergers and acquisitions.
What are the main takeaways and highlights from 2023 for BetMGM?
We invested in our product to deliver a more intuitive and enhanced user experience. Some of these highlights are an upgraded sportsbook that is now 25% faster and single account for players. Single account gives players the capability to move seamlessly across states with the same login credentials.
The Global Gaming Awards named us Digital Operator of the Year ahead of the Global Gaming Expo. BetMGM was named “Online Casino of the Year” by SBC North America, EGR North America, and the American Gambling Awards. These are prestigious honors and are a reflection of the relentless work of the team and the support of our parent companies MGM and Entain.
BetMGM really started to flex its omnichannel muscle in 2023. We were the first online casino in the world to offer Buffalo. The slot has enjoyed immense success and player excitement at MGM casinos and now it’s one of our top iGaming products. Wheel of Fortune slots have been a fixture at land-based casinos for decades and in March, BetMGM launched Wheel of Fortune, the first brand-led online casino. It’s currently live in New Jersey and we plan to bring it to Pennsylvania and Ontario in 2024.
The most thrilling experience at a casino is winning – especially a big jackpot – and BetMGM is the place where the joy of jackpots happens. We have one of the largest progressive jackpot networks in the country and awarded $125 million through the first ten months of the year, which smashed the previous year’s total of $100 million.
We are steadfast in our commitment to responsible gaming which is a major pillar of everything we do. We invested resources to improve RG guardrails in-app and announced a first-of-its-kind partnership with Kindbridge Behavioral Health to support individuals facing challenges related to problem gambling. The groundbreaking program is currently available in Colorado and revolutionizes the way problem gamblers access essential mental health services.
What is your assessment of how the gambling sector, and sports betting and iGaming in particular, developed in 2023? Which markets, trends and technologies would you say dominated the conversation this year, and which ones do you expect to gain momentum in 2024?
The legal, regulated sports betting and iGaming industry has grown at an impressive pace. Despite no new iGaming markets in 2023, iGaming is the engine on our drive to profitability and it was a record-breaking year for the iGaming industry.
In 2024, for sports betting, there will be continued growth and it has become part of the narrative around sporting events. We expect North Carolina to go live and be a terrific market. If the regulatory stars align, we are cautiously optimistic about the possibility of Missouri, Maine, Georgia and maybe Minnesota.
For online casino, demand for live dealer remains high. Players gravitate toward games they are familiar with from brick-and-mortar casinos like blackjack, Buffalo, and Wheel of Fortune. BetMGM launched Dual Play Roulette which allows players at the physical Roulette table in the casino and online players to participate in the same game. It is the first Evolution Dual play game at an MGM property in North America. Since August, it has become the most popular table game at Borgata and we plan to introduce more Dual Play in 2024.
For sports betting, single-game parlays and player props took a big step forward and with the addition of more betting markets and SGP+ and other app upgrades, we expect to meet increased demand for player props and parlays in 2024.
In-game/live betting is starting to be a part of the sports entertainment experience for bettors. I believe you are going to see technology develop around “watch and bet” and the live betting aspects of the industry.
What are your expectations for the upcoming year and where will the company’s focus be during the next 12 months? Which priorities, goals, and plans for 2024 do you anticipate?
BetMGM is on a perpetual mission to offer the best customer experience. The upcoming year presents an opportunity to execute strategies, provide engaging omnichannel experiences for our players, and increase market share.
We already have a strong foundation, and the major elements are in place. Sports trading specialist Angstrom will be fully integrated in 2024 and will enhance the product offering for parlays and live betting which are popular with players. Players and their preferences are our “North Stars.” Angstrom is going to enable more markets, accurate pricing, and up-time which is a direct response to player preferences.
MGM Resorts’ presence is weaved into the identity of Las Vegas and 2024 is the year that BetMGM will leverage that to create an omnichannel experience like no other. The Super Bowl in February presents an unprecedented opportunity to show our brand to the world, sports fans, and our players in unique ways that only a place like Vegas and an event like the Super Bowl can offer.
