About BetMGM
BetMGM LLC is a North American sports betting and iGaming operator established as an equal joint venture between two market leaders. Total revenue for 2024 increased 7% year over year, with iGaming generating $1,49 billion and online sports betting contributing $554 million.
Founded more than eight years ago, the company was created to capitalise on the regulated US betting market that opened following the Supreme Court’s repeal of the Professional and Amateur Sports Protection Act in the same year. The brand has operated under the same leadership since the joint venture’s inception.
BetMGM combines MGM Resorts’ land-based casino footprint and brand recognition with Entain’s proprietary technology platform and iGaming product infrastructure, which powers BetMGM’s online sportsbook and casino operations. The MGM Rewards loyalty programme provides a customer acquisition channel unavailable to digital-only competitors.
BetMGM operates across online sports betting, iGaming, and online poker, with the partypoker brand deployed alongside the core BetMGM brand in select markets. It then operates iGaming under its DraftKings brand in five states and Ontario, Canada, and under its Golden Nugget Online Gaming brand in four states. BetMGM reported a 22% iGaming GGR market share and an 8% online sports betting GGR share across its active markets in 2024, placing it in a consistent third-place position behind FanDuel and DraftKings by combined revenue.
| Category | Details |
|---|---|
| Founded | 2018 |
| Headquarters | New Jersey, USA |
| CEO / Key Executive | Adam Greenblatt |
| Parent Companies | NYSE: MGM / LSE: ENT — 50/50 JV |
| Key Markets | USA (25+ states), Ontario (Canada) |
| Annual Revenue | $2,1bn (FY2024) |
Market Position & Regulatory Footprint
BetMGM holds state-level licences across online sports betting jurisdictions in New Jersey, Pennsylvania, Michigan, Illinois, and New York, among others, and holds additional licences through its poker and iGaming operations. The group’s online poker product operates on the partypoker US Network platform across New Jersey, Michigan, and Pennsylvania, with shared liquidity enabled through the Multi-State Internet Gaming Agreement. BetMGM launched its sportsbook in North Carolina and district-wide in Washington, D.C., in 2024, continuing its state-by-state expansion as new regulated markets open.
For operators, suppliers, and investors assessing BetMGM as a commercial counterparty, its joint venture structure is the critical context. Technology decisions are substantially driven by Entain, which provides the technology and capabilities that power BetMGM, as well as exclusive games and products developed at its in-house gaming studios. It gives BetMGM a different structural profile than US-native digital operators. Brand strategy and retail integration flow from MGM Resorts. This dual governance means procurement and partnership processes differ from those of independently managed operators. BetMGM reported a 2024 EBITDA loss of $244 million, the product of sustained marketing investment, though the group forecast a return to positive adjusted EBITDA in 2025. The iGaming vertical – where BetMGM holds the largest regulated library in the US market – remains the most structurally advantaged part of the business and the primary driver of margin improvement as the group scales.
