- Shareholders in BetMGM have announced the second round of investment into the betting platform making the total investment rise to $450 million
- BetMGM is expected to continue its growth in the US sports betting market by making over $130 million in revenue and operating in 11 states by the end of the year.
LAS VEGAS – Joint owners of BetMGM, MGM Resorts and GVC Holdings, are now more than doubling the commitment to the sports betting platform with the announcement of the second round of investment in the company.
The total investment in BetMGM now sits at $450 million and has increased from the initial $200 million that its shareholders committed.
This increase of financial support in BetMGM put the company in a great position to begin to rise as a top player in the ever-expanding sports betting market in America. With this added round of investment funds, there is over $370 million available to put into the growth of the company.
“We launched this business to combine the best of MGM Resorts and GVC, and establish BetMGM as a leading brand in the US sports betting and iGaming markets,” said Adam Greenblatt, CEO of ROAR Digital, LLC.
“With broad market access secured, our long-term technology foundations now firmly established, and a high performing team in place, this further unequivocal support from our two shareholders will ensure we can achieve leading market positions in this exciting industry that is growing even faster than our initial expectations.”
According to Greenblatt, BetMGM is projected to make over $130 million annual net revenue for 2020 and most of the money will come from iGaming in New Jersey.
To ensure this success, the company will focus on core tenets dealing with market access, customer reach, product and technology, and people. These four strategic principles should give an advantage against the competition in the US legal sports betting market.
“We see enormous potential for the US market and are delighted to have such a strong foothold in it through our partnership with MGM Resorts,” said Kenny Alexander, CEO of GVC.
“Our stake in BetMGM is, by some distance, the most important and exciting investment that GVC has ever made. We are absolutely committed to ensuring that the company has the funding and technical resources needed to achieve long-term market leadership, whilst delivering significant value for shareholders.”
BetMGM is on its way to being a platform for online gaming and sports betting in 11 states by the end of this year. With the help of its shareholders, the company has significantly grown since its launch in 2018.
Adia has a background in sports writing and strives to provide content that gives the readers accurate information. As a storyteller, she also works hard to create stories that are engaging to the audience. Whenever she’s not writing on sports betting news, she is getting her heart broken by every sports team in Georgia.