Adam Greenblatt
BetMGM and Arizona Cardinals Debut First Sportsbook at NFL Stadium
BetMGM, a leading sports betting and iGaming operator, and the Arizona Cardinals debuted the first sportsbook at a National Football League (NFL) stadium. The BetMGM Sportsbook at State Farm Stadium is a two-story, 17,000-square-foot entertainment destination featuring state-of-the-art sports wagering amenities, concert-hosting facilities, a gourmet grille and bar, and a variety of screens to watch games.
“The BetMGM Sportsbook at State Farm Stadium is one of the most revolutionary additions an NFL stadium has seen in decades and unlike anything fans have encountered on gamedays. BetMGM shares the Arizona Cardinals’ vision in pursuing new ways to break barriers and entertain fans,” Adam Greenblatt, CEO of BetMGM, said.
Located on The Great Lawn, the BetMGM Sportsbook at State Farm Stadium will operate on both event and non-event days, offering guests a massive 265-square-foot video wall, 38 televisions, and indoor-and-outdoor dining options. All of this can be found steps away from trading windows and user-friendly betting kiosks conveniently placed throughout the space.
Throughout the year, the BetMGM Sportsbook at State Farm Stadium also will serve as an outdoor music and comedy concert amphitheater, hosting events for audiences gathered on The Great Lawn.
Cardinals owner Michael Bidwill said: “We are proud and thrilled to be the NFL’s first team to offer its fans this type of unprecedented amenity and innovative experience. The BetMGM Sportsbook at State Farm Stadium gives us a chance to engage current and potential fans on a year-round basis in a fun, entertaining and responsible way.”
Adam Greenblatt
Marriott Bonvoy and BetMGM Unlock a New World of “Play, Earn, Stay” with New Rewards Connection
Marriott Bonvoy, Marriott International’s award-winning travel program, and BetMGM, a leading sports betting and iGaming operator, launched an unprecedented rewards collaboration in the online sports betting and iGaming industry, giving fans an extra stake in the game.
Players in licensed states can link their Marriott Bonvoy and BetMGM accounts and earn BetMGM Rewards points when they wager using the BetMGM sports betting app or play at the award-winning online casino. They can then exchange BetMGM Rewards points for Marriott Bonvoy points, up to 100,000 points annually, which they can then use to redeem extraordinary experiences, including future free nights with Marriott Bonvoy’s more than 30 hotel brands and 10,000 destinations globally.
“The collaboration with Marriott Bonvoy is a monumental differentiator for us. This partnership will extend our brand to millions of potential new customers while offering our players the unique benefit of utilizing their gameplay to tap into the world of Marriott Bonvoy’s unrivaled portfolio of experiences,” said BetMGM CEO Adam Greenblatt.
BetMGM offers a seamless user interface to earn BetMGM Rewards points and then transfer those points for Marriott Bonvoy points through the app’s rewards store. Linked accounts will have access to participate in exclusive games, experiences, and offers on the BetMGM platform.
“This landmark collaboration between Marriott Bonvoy and BetMGM goes beyond hospitality and gaming, unlocking new opportunities for members to ignite their passions and deepen connections with the people and places they love. We are excited to welcome BetMGM members with more global access to more than 30 hotel brands,10,000 locations and a growing portfolio of exclusive and curated member experiences including sports, music, art, and culinary events around the world,” Peggy Roe, EVP and Chief Customer Officer at Marriott International, said.
Adam Greenblatt
BetMGM Announces North Carolina Market Access Agreement with Charlotte Motor Speedway
BetMGM, a sports betting and iGaming leader, and Charlotte Motor Speedway, the iconic motorsports and entertainment venue, announced a new market access agreement enabling BetMGM to bring its online sports betting platform to North Carolina once legalized sports betting launches.
“We have been eagerly awaiting legal, safe, regulated online sports betting in North Carolina, a state with more than 10 million people and one of the most vibrant sports environments in the country. BetMGM’s partnership with Charlotte Motor Speedway meets a great demand for entertainment from North Carolinians. Together we will deliver a premier and responsible gaming product that benefits many state agencies,” BetMGM CEO Adam Greenblatt said.
In addition to supporting many of North Carolina’s publicly funded colleges, tax revenues from sports betting will also support a major event fund, allowing the state to recruit national sports and entertainment events to drive additional tourism, job creation, and economic impact.
“BetMGM has established itself as a signature source for sports betting with partnerships in every major league sport and with venues across the country. With Charlotte Motor Speedway’s history of innovation, we wanted to move forward into this new era of sports entertainment with a progressive sportsbook. This partnership with BetMGM will bring sports fans new ways to enjoy their favorite events while expanding North Carolina’s tax base, supporting colleges and facilitating recruitment of major events for the future,” Greg Walter, Executive VP and General Manager of Charlotte Motor Speedway, said.
Adam Greenblatt
BetMGM Targets $500M EBITDA in 2026
Entain, the owner of betting firm Ladbrokes, announced that it aims to achieve a core profit of $500 million in 2026 for its U.S. sports-betting service, BetMGM, which it jointly owns with MGM Resorts.
The 2026 goal was set after BetMGM revealed it expects to be at the higher-end guidance for 2023. According to CEO Adam Greenblatt, revenue should be between $1.80 billion and $2.00 billion in the current financial year.
Greenblatt also said the operator sees 2024 as an “investment period,” having already proved profitability this year. While BetMGM expects to achieve a profitable H2 in 2023, the company expects negative EBITDA for 2024. It is, however, hoped the business will be EBITDA-positive in 2025.
BetMGM is now available in 28 markets in North America. Greenblatt noted North Carolina will be the brand’s next entry, with further opportunities in New York, Maryland, and Illinois.
As for market share, the CEO said BetMGM is now the third-largest online operator in the US, holding a 17% market share in total, behind only FanDuel and DraftKings.
To fortify BetMGM’s offerings, Entain completed the acquisition of US-based Angstrom Sports in July, with a potential consideration of up to £203 million ($256.3 million).
In addition to its partnership with MGM Resorts, Entain has been extending its footprint into Canada, the Netherlands, and other European regions through various acquisitions. The company continues to position itself strategically in response to evolving market dynamics.
The resurgence of live sporting events post-pandemic has contributed to the recovery of the online sports betting sector. Following the U.S. Supreme Court’s overturning in 2018 of a federal law prohibiting most states from engaging in sports betting, gambling firms have been intensifying their presence in the US.
However, Entain recently lowered its online profit margin forecast for 2023 after posting a revenue drop in Q3, leading to a decrease in its share value. Online net gaming revenue for the quarter was up 9% on a reported basis, but down 6% on a proforma basis.
This downward revision in profit margin is a reflection of some ongoing challenges faced by gambling firms, including stricter regulations and the impact of a cost-of-living crisis. In its announcement, Entain revealed that its online core profit margin for the year is expected to be approximately 25%, down from the 27.1% reported last year.
Entain has also set its sights on a return to growth in 2024. The operator expects that online net gaming revenue will start growing on a pro forma basis in the next year. Specifically, the company forecasts low single-digit growth in online gaming revenue, with online core profit margin expected to range between 24% and 25%.
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