BetMGM has established itself as one of the online gambling leaders in North America.
On Monday, BetMGM presented a business update and its success in the province was certainly highlighted.
BetMGM lays claim to 22% of Ontario market
BetMGM CEO Adam Greenblatt touted BetMGM’s 17% market share in the online sports betting and online casino market across the United States and Ontario.
“We continue to be a market leader with a combined market share in the third quarter of 17% in online sports betting and iGaming across the US and Ontario,” Greenblatt said during the presentation. “This puts us firmly in the top tier of the industry, with all smaller competitors garnering low- to mid-single-digit shares.
“Our US-only share is more than double that of the fourth ranked operator. This is likely to be even more pronounced if we take Ontario into account, where we command 22% share across OSB and iGaming.”
Earlier this year we looked at Ontario online gambling revenue over the first year of the province’s regulated market (April 1, 2022-March 31, 2023). When that includes the Ontario Lottery and Gaming’s numbers, that total came in at $1.961 billion in Canadian dollars. That equates to about $1.49 billion American over its first year.
For BetMGM to hold 22% of that market share, that would put it at about $431 million Canadian. That’s an impressive mark to be at considering Ontario is home to 52 operators and more than 70 total online gambling sites. (Note: The number of operators will slip to 51 when Unibet completes its exit of North America).
Even if BetMGM’s announcement that it has 22% of the total Ontario market doesn’t include OLG numbers, and simply counts iGaming Ontario figures, the operator would still have about $308 million in revenue.
“We are particularly pleased with proving we can win there as Ontario is an extremely competitive market, with over 70 brands present, including those from the leading American operators,” Greenblatt said.
Why BetMGM is succeeding in Ontario
That allows them to work in cross-promotions and work customers into both markets.
“The MGM brand counts for a lot,” Greenblatt said. “There is a high degree of awareness in Ontario. We weren’t surprised by our performance in Ontario. We see Ontario as a multi-product jurisdiction really benefiting from the strength of our offering, of our go-to-market offering in iGaming as well as the ever-improving strength of our OSB product.
“Of course, in our multi-product states and Ontario, players often engage in both sports betting and casino gaming. Cross-sell is an important driver of revenue in those markets. And in Q3 this year, around 65% of our sports players in the multi-product states engaged with either casino or poker or both.”
BetMGM has found unique success in one area in Ontario, as it has a stronger Android presence in the province.
“What’s interesting, actually, is that in Ontario our mix between iOS, Android and browser skews more towards Android in that market,” Greenblatt said. “I think that’s actually representative of the US market more generally. But the relative strength of our Android product also cuts through in Ontario.”
What’s coming from BetMGM to Ontario
BetMGM has been working to be an innovator in online casino games in the United States.
That should soon begin branching over to Ontario in the coming year.
Wheel of Fortune Online Casino was launched in New Jersey through BetMGM this year and that should make its way to Ontario in the near future.
“In 2024, we plan to launch (Wheel of Fortune) in Ontario and Pennsylvania, and closely mirror the show’s own promotional calendar to create a truly differentiated iGaming experience and drive further engagement,” Greenblatt said.
Greenblatt noted that 50% of the players of Wheel of Fortune online casino are female, much higher than BetMGM’s average.
Dual-play online table games are something BetMGM has became the innovator of as well. Earlier this year it launched Dual Play Roulette, which combines online players with live, in-person players. Both groups play at the same roulette table at the same time.
New Jersey is the first state in the US to offer this and BetMGM is working on expanding that into other states, as well as Ontario.