The executive also said the company remained the third largest online gambling operator in the US, with a combined online sports betting and iGaming market share of 17% across the US and Ontario.
According to Eilers & Krejcik Gaming (EKG), FanDuel has recently overtaken BetMGM as the second most popular online casino platform in North America. DraftKings, including its Golden Nugget Online Casino brand, remains on top.
BetMGM said it plans to invest next year to growth, with a long-term view of reaching a 20-25% market share in OSB and iGaming in North America.
“There are no single silver bullets in our industry,” said Greenblatt. “All these accomplishments and milestones combined have resulted in BetMGM being in a position to compete and invest for growth at the highest levels next year and beyond.”
Greenblatt said the investment plan involves three legs: Enhancing the company’s product offering, taking advantage of its omni-channel advantages in Las Vegas, and a data-driven customer acquisition and retention strategy.
2024 product investment
The BetMGM chief said improvements in product will involve integrating the capabilities of Entain’s Angstrom Sports division to boost BetMGM’s offering, including enhanced Same Game Parlays, SGP Plus, as well as new live Same Game Parlay products.
Other product improvements will be delivered through strengthening its in-house and third-party gaming offering, leveraging MGM Resorts’ land-based heritage with dual-play games.
Greenblatt also pointed to increased personalisation during game-play, new engagement tools and enhanced cross-sell as areas of focus.
“We see significant opportunity to invest and grow our sports betting share,” he said. “We also know there are benefits of having leadership positions in both online sports betting and iGaming.
“Examples of these benefits include cross-sell from sport into iGaming and the absolute scale needed to invest competitively in brand.”
Player acquisition strategy
The executive also updated investors in its player acquisition strategy, which will be a focus for the company in 2024.
Greenblatt said this will involve a data-driven flexible approach to marketing investment and predictive value models.
He also said the business was “confident” in its ability to create successful marketing partnerships to continue player acquisition.The executive pointed to MGM’s strategic partnership with Marriott, with the shared loyalty points system an example of this in action.
The final leg of the company’s strategy involves leveraging its advantage in omni-channel, with a particular focus on Las Vegas.
Greenblatt said “2024 is the year that Nevada comes to life for BetMGM.”
The company said it aims to launch its sports betting app in the state, as well as merge Nevada into a single wallet platform.
“Every BetMGM player returning from Vegas to one of our other markets will be able to seamlessly continue playing with their available balance as well as earn reward points which can be applied to their next trip to an MGM rewards resorts property,” said the CEO.
Strength of the t venture
Greenblatt also sought to reassure investors over the strength of the relationship between its two t venture partners Entain and MGM Resorts.
In August, MGM opted to launch its BetMGM brand in the UK using LeoVegas, not Entain technology.
This placed it in direct competition with multiple Entain brands, including Ladbrokes and Coral.
MGM offered to purchase Entain for £8.1bn in 2021, although the offer was rejected due to the UK-based operator’s view its shares were “undervalued.”
CEO Bill Hornbuckle ruled out another bid in February this year.
“I think it’s time to be definitive and give a little direction; the simple answer on Entain is no, we’ve moved on,” said Hornbuckle.
Greenblatt said, due to BetMGM’s scale and success in the highly competitive North American market, that it now represented “a strategic limb” of both Entain and MGM Resorts.
“And the and engagement from each of those organisations reflect that,” he said.
