BetMGM isn’t being shy about the potential of sports betting.
The sportsbook and iGaming platform said on Wednesday that it foresees net revenue climbing to $1 billion in 2022 – more than five times its $178 million net revenue for 2020, and double the $500 million forecasted for this year.
MGM Resorts and Entain, which jointly own BetMGM, are expected to invest $450 million in the company this year.
While its main competitors in the sports betting world, FanDuel and DraftKings, started as daily fantasy sites, BetMGM has its roots in the casino industry. iGaming — app-based casino-style gambling — is a key component of its revenue stream.
BetMGM has around 16% of the sports betting market, compared to 30% and 35% for DraftKings and FanDuel, respectively, but adding in iGaming brings their share of the online gambling market up to around 23%.
BetMGM is now live in 10 states, while another 10 currently allow sportsbooks and five more have pending legislation on sports betting. Another 21 states, including Texas and California, have introduced legislation to legalize sports betting.
BetMGM sees the North American online gaming market eventually reaching $32 billion — and it’s looking for a substantial piece of that pie.