The company will prioritise its sports betting business amid the ongoing Covid-19 pandemic after strong results from the BetMGM app.
USA.- MGM continues to focus on the expansion of its sports betting business via its BetMGM joint venture with the UK’s Entain.
MGM CEO and President Bill Hornbucke has said the company expects to reach 13 new markets this year.
He said: “BetMGM gained significant market share throughout 2020 while successfully launching in seven new states. We expect to be in 20 markets by the end of the year.”
BetMGM went live in New Jersey in 2018. It has since launched in Virginia, Michigan and Iowa too. Its revenue grew 130 per cent year-on-year in the last quarter of 2020.
New Jersey’s mobile betting numbers soared in 2020, with about 90 per cent of bets placed via mobile.
MGM has been heavily affected by the Covid-19 pandemic effect, reporting losses of $448m as revenue fell 53 per cent year-on-year to $1.5bn in 2020.
BetMGM recently announced a partnership with Richard Childress Racing (RCR) to combine marketing strategies.