Leading gambling operator BetMGM is ramping up measures to counter the mounting competition from rivals like Fanatics and ESPN Bet as such companies pose emerging threats in several key jurisdictions. BetMGM remains confident in its market dominance and has prepared to counteract increasing pressures by identifying several avenues to bolster its market position and guarantee enduring success.
Rising Upstarts Threaten BetMGM’s Position
BetMGM currently represents the third largest online gambling brand in the US, but recent months have seen a notable reduction in its market share. Company CEO Adam Greenblatt shared his thoughts on the current situation in an interview with Business Insider, outlining several strategies and initiatives to regain ground and make substantial strides in 2024 despite heightened competition.
Addressing the burgeoning rivalry, Greenblatt acknowledged the intensifying competition for the third and fourth spots in the market. The newly launched ESPN bet is the newest emerging threat, surpassing 1.1 million downloads in its first week online. Fanatics is another growing operator, launching its sportsbook offering in West Virginia with substantial success.
We’ve got some pretty well-organized and well-financed, branded players coming to the market.
Adam Greenblatt, BetMGM CEO
Greenblatt stressed that while formidable players stake their claims, BetMGM remains resilient and is committed to maintaining its standing. The operator overhauled its app for the NFL season, bringing many fan-favorite features. Greenblatt noted that customer engagement remained a priority for BetMGM, adding that the company would not give up any further ground.
The Operator Relies on Its Proactive Approach
BetMGM’s focus for 2024 revolves around significant improvements in sports betting, retaining leadership in online casino gaming across North America, and refining cross-selling methodologies to promote a more integrated approach. The recent acquisition of Angstrom by Entain should further augment BetMGM’s sports-betting product, offering diverse and boundaryless betting opportunities.
On the casino side, Greenblatt outlined plans to merge physical retail and digital experiences, leveraging the MGM Resorts brand. This unique and differentiated offering should bolster engagement and lead to potential cross-selling opportunities between casino games and sports betting, leveraging partnerships with teams and leagues. Cross-selling gaming experiences to sports bettors can enhance commercial viability and leverage the team deal renewal cycles.
That’s both fun and also a differentiator for us and uses the MGM assets for the benefit of both parties.
Adam Greenblatt, BetMGM CEO
Despite his optimism, Greenblatt highlighted growing macroeconomic challenges like inflation, rising interest rates, and property costs, which can impact leisure spending. The BetMGM CEO was confident that the operator’s proactive stance and commitment to innovation would be sufficient to overcome potential setbacks and maintain the brand’s leading position.