Adam Greenblatt has been leading BetMGM, the joint venture between Entain and MGM Resorts, since its formation in 2018. BetMGM is on track to achieve profitability in the second half of the year and is live in 20 states, as well as Washington DC, Puerto Rico, and Ontario in Canada. Since its launch, BetMGM has been able to keep pace with competitors like DraftKings and FanDuel, establishing itself as a top-tier brand in the US without the need for mergers or acquisitions.
Unlike other brands aiming for a top-tier position, BetMGM has maintained consistent execution since its inception. By refining its product and promotional strategy, BetMGM is increasing its returns in existing states and driving towards profitability. The company’s revenue guidance for 2023 is between $1.8 billion and $2.0 billion, and it’s already on track to meet that target with a 76% year-on-year increase in net gaming revenue in Q1 2023.
In order to reach profitability, Greenblatt is focusing on expanding BetMGM’s net gaming revenue margin and reducing the business’ tax burden. The company is optimizing its capital allocation across different states based on their contribution potential. By prioritizing states with higher contributions, BetMGM aims to maximize profitability.
In the competitive landscape of US sports betting, Greenblatt believes that focusing on the core product and providing a superior betting and gaming experience is key. BetMGM aims to excel in betting and gaming before considering diversification into other products and services.
To stand out in the industry, BetMGM focuses on three key stages: availability, combinability, and functionality. The company ensures that a wide range of betting options is easily accessible, provides flexibility for bet customization, and offers features like cashouts and bet editing. By excelling in these dimensions, BetMGM strives to be the best in class.
While BetMGM’s sportsbook has been a standout performer, the operator also excels in the online casino sector, surpassing competitors in several key states. Although the addressable market for online casino has not grown in 2023, Greenblatt sees it as a sign of growing political will for legalization. BetMGM remains committed for the long haul and supports the political processes for future growth.
As the leader of BetMGM, Greenblatt’s focus remains on execution and achieving profitability. With his experience in M&A and keen understanding of deals, Greenblatt has successfully guided the Entain-MGM combination and continues to drive BetMGM towards becoming a dominant player in sports betting and igaming.
