BetMGM is expected to be profitable by the second half of 2023, thanks to the hard work of CEO Adam Greenblatt. Despite new competition emerging in the US sports betting market, Greenblatt believes that BetMGM has the potential to become a separate and self-sustaining entity. However, with new competitors like Fanatics, Penn Entertainment, and Bet365 entering the market, the pressure is on for MGM and Entain to ensure BetMGM remains ahead.
Greenblatt acknowledges the threat posed by these new competitors, but he believes that BetMGM’s competitive advantage lies in its player database and operational expertise. He acknowledges that new entrants have big budgets and well-known brands, but he remains confident that BetMGM’s product and player experience will ultimately win the day in the US sports betting market.
Greenblatt also highlights two key developments that have strengthened BetMGM’s competitive advantages. The first is the deal with hotel giant Marriott International, which allows Marriott Bonvoy members to earn points on certain transactions and gain access to exclusive games, experiences, and offers with BetMGM. The second is Entain’s acquisition of US sports trading specialist Angstrom, which boosts functionality and combinability for BetMGM.
In addition to these developments, BetMGM also benefits from its parent companies, MGM Resorts and Entain. The omnichannel reach of BetMGM, meanwhile, is significant thanks to its connection to brick-and-mortar gaming through MGM Resorts. Greenblatt also highlights the operator’s efforts to promote responsible gambling and collaborate with industry colleagues to protect customers.
In the face of media cynicism towards the betting industry’s efforts in responsible gambling, Greenblatt emphasizes the importance of maintaining a balance between providing entertainment and offering support to those who need help. He believes that the value brought in tax dollars and jobs should not be undermined, and he remains committed to finding ways to combat media cynicism.