BetMGM Targets 25% Share of the $32 Billion Online Casino Market | 10BET
BetMGM Sets Ambitious Growth Targets in the Rapidly Expanding Online Casino Market
As BetMGM stays on the leading edge of the online gaming sector, the company has set its sights on achieving a striking 20% to 25% market share in the burgeoning U.S. online casino and sports betting markets. With the online betting landscape evolving rapidly, BetMGM is strategically positioned for substantial growth.
Growing Market Potential
According to recent data released during the operator’s investor day, BetMGM has captured an impressive 23% share of the iGaming market in the U.S. for the quarter ending February 2021. The operator is well-poised to also dominate in the sports betting sector.
A $32 Billion Market Forecast
In a notable prediction, BetMGM estimates that the overall addressable market for internet casinos and sports wagering across the U.S. and Canada will swell to $32 billion. This figure represents a conservative yet ambitious outlook compared to today’s combined market size of approximately $2.4 billion.
- Projected Net Revenue: BetMGM expects to generate $1 billion in net revenue from operations by 2022.
- Industry Insights: The operator highlights the potential of online gaming over betting, with CEOs advocating that iGaming will account for two-thirds of net income in the future.
Competitive Landscape
Should BetMGM succeed in claiming its target market share, it could represent $8 billion in revenue, with a considerable portion flowing to MGM Resorts. In 2019, before the pandemic, MGM reported revenue of $12.90 billion, with over $6.52 billion from casino operations.
Online Gaming Growth and Future Acquisitions
If BetMGM achieves its anticipated growth trajectory, it will be crucial for gaining ground on rival companies such as DraftKings and FanDuel, who collectively possess over 60% of the U.S. online sports betting market.
Additionally, the growth of BetMGM raises questions about potential acquisition discussions between MGM and Entain, previously explored but halted.
Conclusion
BetMGM’s targeting of a 25% share in a projected $32 billion market signifies a bold and strategic play within the gambling sector. As online wagering continues to boom, BetMGM’s focus on expansion underlines the evolving dynamics of the gaming industry.
