BetMGM is aiming to regain its footing in the competitive gaming market by capitalising on NFL betting and leveraging new technology. Once a leader in both sports gambling and igaming (online casino gambling), the company has recently slipped to third place in the U.S. sportsbook market by share.
CEO Adam Greenblatt is optimistic that recent technological advancements will help the company reclaim lost ground. Speaking at the Global Gaming Expo in Las Vegas, he highlighted the role of BetMGM’s new tech solutions, including the integration of Angstrom, an AI-driven data analytics platform for risk management and pricing. Greenblatt credited this technology for driving a 209% surge in MLB home run betting earlier this year compared to the same period in 2022.
Another key development is BetMGM’s introduction of a single digital wallet for betting in Nevada, launched in August. This feature allows users to easily access their winnings within the same app, reducing friction and simplifying the betting process. According to Greenblatt, this enhancement has already delivered impressive results during the current NFL season.
“What we’re seeing now is a 125% year-on-year increase in first-time depositors for NFL betting in Las Vegas,” Greenblatt told CNBC. “What’s particularly exciting is that over 50% of those new sign-ups are continuing to bet when they return to their home states.”
Despite its fall from first to third place in the igaming sector, a segment with higher margins and a larger total addressable market, Greenblatt remains confident that BetMGM is on the right path. “Our players are coming back week after week, more engaged than before,” he said.
BetMGM is betting big on these innovations, hoping they will drive its resurgence in the competitive landscape of gaming and sports betting.