BetMGM Targets 10%-15% of NJ Market Share

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Online gaming app BetMGM is aiming to acquire 10% to 15% of market share in New Jersey, five months into its launch in the Garden State. In November last year, Yahoo integrated the app’s odds into Yahoo Sports. Users aged 21 years and above (the minimum age to gamble in New Jersey) can click through the odds to place bets on BetMGM. The free app is currently ranked #143 in the sports category on the App Store.

A JV between MGM Resorts International and GVC Holdings

BetMGM is a joint venture under the name of Roar Digital, between MGM Resorts International and British sports betting and gambling company GVC Holdings. It is a rebranding of MGM’s online gaming app PlayMGM launched in 2017. 

The app offers traditional casino and poker games, and a range of in-play and pre-match bets on professional and college football, basketball, baseball and hockey games. Players can cash out early, to settle a bet before the game ends so as to lock in their wins or cut losses; live scoreboards to track bets in real-time; a convenient wallet to transfer funds within accounts seamlessly across sports, poker and casino; daily boosted bets for all sports; and a choice of payment options, including PayPal, Skrill and Play+. 

MGM is the New Jersey’s third largest online betting site through its Borgata Casino which also has a partnership with online poker card room PartyPoker. Borgata Casino netted $9 million in NJ online gaming revenue in December 2019. FanDuel (at the Meadowlands Racetrack) and DraftKings (through its Resorts Digital Gaming license) are the leading sportsbooks in the state. A total of 10 retail books and 17 sportsbook apps operate out of Atlantic City casinos and racetracks. 

Verizon-Roar Digital Partnership

Making betting on sports even more accessible to fans, Yahoo Sports, which belongs to Verizon Media, announced last year that it would funnel sports wagering through the online gaming platform. The new venture is called Yahoo Sportsbook powered by BetMGM. Yahoo Sportsbook will serve as an affiliate of BetMGM, helping move traffic to the gambling site. Verizon has not yet disclosed the compensation it will receive for steering customers to BetMGM.

MGM expanding partnerships with North American professional sports leagues

MGM Resorts has partnered with pro baseball, basketball and hockey leagues in an attempt to cross promote its casino and sports betting app. Last year, the hospitality and entertainment giant became Major League Soccer’s first gaming partner, essentially making Roar Digital MLS’ official sports betting partner. This is one of the promotional strategies that MGM and other major casinos and sportsbooks have implemented in the light of the Supreme Court’s ruling last year that the nationwide ban on sports betting was unconstitutional. 

BetMGM launching in more states

In the first month of the year, BetMGM launched in West Virginia, in partnership with privately owned and operated casino The Greenbrier, and became Indiana’s second online sportsbook at the Boyd Gaming-owned Belterra Casino. As a young betting app in its rebranded avatar, BetMGM has time on its side to make a difference to GVC’s and MGM’s bottom line.