After an initial investment of $200 million, BetMGM investors, MGM Resorts International and GVC Holdings have agreed to invest a further quarter of a million to aid in business expansion.
US sports betting and online gaming company Roar Digital LLC, operating as BetMGM, will receive further investment from its shareholders. This underpins the commitment from MGM Resorts International and GVC Holdings to make BetMGM a leading role player in the ever-expanding iGaming and sports betting market.
Prospective Plans
Bringing the investment total to $450 million, the company, which launched in 2018, has made significant progress in its goal to operate in 11 states by the end of 2020.
According to the CEO of ROAR Digital, LLC, Adam Greenblatt:
“With broad market access secured, our long-term technology foundations now firmly established, and a high performing team in place, this further unequivocal support from our two shareholders will ensure we can achieve leading market positions in this exciting industry that is growing even faster than our initial expectations.”
The winning combination of MGM’s brand, physical properties and loyal fan base, together with GVC’s globally proven technology ensures that BetMGM is on the road to success.
Growth and Expansion
Offering a world class web, mobile and desktop platform while also operating in MGM sportsbook establishments, the exclusive BetMGM betting engine gives sports fans the option of placing bets in a safe and secure manner across their preferred platform.
From an iGaming perspective, the company has already established themselves as a market leader in New Jersey, with around an 18% market share and has seen a growth of 210% in the second quarter, in comparison to the same time last year.
Fan Base
Given that MGM Resort Holdings has an established portfolio of properties located throughout the US, BetMGM has access to millions of engaged and loyal customers. And, with their omnichannel approach through partners and affiliates, the company has an even wider reach.
One example of this is M Life Rewards which offers tier status, recognition and rewards to customers who place sports bets and iGaming wagers using the platform.
This MGM loyalty programme which already has 34 million members, 18% of which reside in states where BetMGM plans to be active by the end of 2020, is the perfect market for key learnings and strategic offerings.
Skilled Implementation
Aside from the knowledge and experience supplied by the outstanding MGM Resorts and GVC talent, BetMGM has built an incredible team to perform a wide range of functions, from marketing and technology, to product development, and customer engagement.
With a team that has deep industry experience, hand-picked from around the globe and US specialists in areas where local expertise is vital, like VIP, product UI/UX and customer research, BetMGM has everything they need to ensure epic growth in the years to come.
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