MGM Touts Ontario Success
MGM Resorts recently outlined some of the company’s success with its BetMGM Casino wagering platform in Ontario as part of an overall business update presentation. The company offers online sports betting, casino gaming, and poker in the province, and CEO Adam Greenblatt expressed how pleased he was with MGM’s direction in the province.
“We continue to be a market leader with a combined market share in the third quarter of 17% in online sports betting and iGaming across the US and Ontario,” Greenblatt said. “This puts us firmly in the top tier of the industry, with all smaller competitors garnering low- to mid-single-digit shares.”
Zeroing in on Ontario specifically, those numbers improved even more. He reported that MGM has a 22% share of the Ontario iGaming and online sports betting market. Overall, MGM remains a top three operator and BetMGM is now available in 23 markets.
The company noted that its compound annual growth rate is set to reach the high-end of previous estimates with a projected $1.9 billion by the end of 2023. MGM pointed to technology upgrades, an improved sports product, and continued iGaming leadership to reachingthat success.
Management also notes that some exclusive content, such as a deal with Aristocrat to offer the popular Buffalo and Wheel of Fortune slot games, has helped bring in players to the platform. The seamless, omni-channel approach as seen in Ontario allows players to easily play casino, sports, or poker all in one platform either online at a computer or in a mobile environment.
“We’ve established ourselves as one of the leaders in this fast-growing, highly competitive industry,” CEO Adam Greenblatt said of the company’s digital efforts.
Since launching a regulated market in April 2022, Ontario has seen numerous gaming operators enter the province. In October, regulators reported $14.2 billion in wagers for total gaming revenue of $540 million for July 1 – Sept. 30. Taking into account that 22% market share figure, BetMGM’s percentage of that comes in at around $3.1 billion in wagers and about $118.8 million in revenue.
