MGM Resorts International has launched its online sports betting and iGaming brand, BetMGM, in the United Kingdom. This expansion marks the brand’s first venture outside the United States and is part of a broader strategy.
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BetMGM: Huge opportunities for sports betting market ahead
MGM Resorts’ CEO and President, Bill Hornbuckle, highlighted that it is a well-established name in the sports betting and iGaming realm. He expressed excitement about welcoming international players to their platforms tailored for them. This move is a significant step in the company’s international growth plan, which gained momentum after the acquisition of LeoVegas, a Swedish gaming company, for $604 million last year.
The UK rollout includes several new features, including prominent jackpots, loyalty rewards, exclusive sports promotions, and slot games. The product is currently accessible on desktop and mobile web platforms, with mobile apps set to launch in mid-September.
The partnership with LeoVegas is pivotal to BetMGM’s UK entry. LeoVegas, an established European gaming brand with over 1,000 employees, provides online casino, live casino, and sports betting services across 10 brands in nine jurisdictions.
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Talk on profits
It’s important to note that this UK launch is distinct from MGM’s partnership with Entain, a collaboration concentrated on North America. Unlike the Entain venture, BetMGM’s UK expansion relies on its in-house technology not shared with the US and Canada operations.
Though a BetMGM takeover of Entain has been speculated, particularly after the brand reported strong Q2 earnings, the current focus remains on BetMGM’s independent expansion.
The UK online gambling market held a value of $7.8 billion in 2022. BetMGM aims to replicate its success achieved in the US and Canada in this mature online gaming market.
Gary Fritz, President of MGM Resorts International Interactive, expressed confidence in BetMGM’s ability to thrive in the UK. He stated that the BetMGM brand would resonate with both sports bettors and iGaming enthusiasts, capitalizing on the brand’s strength.
Projections for the UK online gambling market remain optimistic, with an estimated value of $11 billion by 2028. This forecast implies a compound annual growth rate of 5.4% from 2023 to 2028, highlighting the potential for continued expansion and success in this market.
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