Sports Betting

BetMGM Anticipates Massive Revenue Jump

BetMGM anticipates net revenue of $1 billion in 2022.
That would be double its expected 2021 revenue, and more than five times its 2020 revenue.

Apr 21, 2021 | 04:57 pm

BetMGM/Design: Alex Brooks

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.

What to Read

Sports are shown on TVs behind a bar as guests enjoy the grand opening of DraftKings Sports & Social in Ohio.

by Ben Horney

DraftKings, FanDuel Interested in Sports Prediction Markets

Sports betting giants are eyeing sports “prediction” markets.

May 4, 2025; Iowa City, IA, USA; Indiana Fever guard Caitlin Clark (22) looks on with head coach Stephanie White during the third quarter against the Brazil National Team at Carver-Haweye Arena.

by Colin Salao

If Caitlin Clark, Fever Realize Title Dreams, WNBA Will Win Big

Caitlin Clark addressed the media on Thursday.

by Eric Fisher

FanDuel Misses Projections As Betting Favorites Dominate

FanDuel is hit by customer-friendly betting outcomes during March Madness.

by Margaret Fleming

Sovereignty Wins Kentucky Derby, $3.1M Purse

The total purse was raised to $5 million last year.

Featured Today

by Hilary George-Parkin

The Arms Race to Create the Wildest Ballpark Concessions

Forget the score—did you see the milkshake?

Apr 18, 2024; Los Angeles, CA, USA; Stanford Cardinal vs Grand Canyon University Antelopes during the MPSF Men's Volleyball Championship at Galen Center.

May 10, 2025

‘What Just Happened’: Inside the Abrupt End of Grand Canyon Men’s Volleyball

Inside Grand Canyon’s shocking decision to cut men’s volleyball.

Mar 26, 2025; New York, New York, USA; Actor and filmmaker Spike Lee (l) greets former professional boxer Floyd Mayweather Jr. during the game between the LA Clippers and the New York Knicks at Madison Square Garden.

May 9, 2025

‘Friends of the Garden’: Inside the NBA’s Most Exclusive Celebrity Suite

“Among the titans of industry, deals are done at Suite 200.”

exclusive

May 9, 2025

Shams Charania on Draft, Breaking Dončić Trade, ‘Whirlwind’ ESPN Tenure

Charania will work on his first NBA draft lottery for ESPN on Monday.

More in Sports Betting

United States District Court, District of New Jersey. Federal Courthouse in Newark. on Thursday Feb. 11, 2021. Newark Federal Courthouse

by Ben Horney

Kalshi Gains More Legal Momentum With Early New Jersey Win

Kalshi has begun racking up early legal victories as it defends its sports event contracts.

The sun rises behind the New York skyline seen from the Jersey City waterfront on Thursday morning Dec. 10, 2020.

April 22, 2025

N.Y. Sports Betting Faces Major Limits Under New Proposal

Newly proposed legislation would impose daily betting caps and limit advertising.

Apr 22, 2025; Los Angeles, California, USA; Los Angeles Lakers guard Luka Doncic (77) shoots the ball over Minnesota Timberwolves forward Julius Randle (30) during the third quarter of game two of first round for the 2024 NBA Playoffs at Crypto.com Arena.

April 23, 2025

Kalshi’s Offensive Blitz Continues With Suit Against Maryland

Kalshi previously sued regulators in Nevada and New Jersey.

Game On: Portfolio Players Stories, Brought to You by E*TRADE from Morgan Stanley

Portfolio Players is our bi-weekly spotlight on the athletes and investors reshaping the business of sports. This week, venture capitalist Kai Cunningham unpacks why athletes land top deals and how the usual investing rules don’t always apply.