BetMGM Eyes Up Legal Ontario Betting Market in 2022
BetMGM is one of the leading sports betting brands in the ever-expanding US market. It is a collaboration between the major UK gambling group Entain and the world-renowned casino company MGM Resorts International.
BetMGM’s CEO recently outlined how the brand is set to launch in the Canadian market in 2022. He made these comments during a recent earnings call. He also revealed that another Entain brand, Bwin, could also launch at the same time as BetMGM in the Ontario market and not have any conflict in this regard.
The BetMGM CEO outlined how the operator already has multiple brands operational in certain US states and they have the ability to thrive even if this is the case. Each respective brand would be under the operation of independent teams.
An eye on the iGaming market also
BetMGM also has online casinos live in a number of US states. It will also be looking to bring this side of its offering across the border into the Canadian market. There are some concerns that the BetMGM casino brand might not have much recognition in the Canadian market, which is a challenge the operator plans to face head-on.
It does have a very strong market share in the states where it has online casinos up and running already. It also has a solid market share in terms of sports betting. It is aiming to expand in 2022 in some key markets. As well as branching into Ontario, BetMGM is also looking at getting into the likes of Puerto Rico and Illinois.
Despite its success to date in gaining a good market share, BetMGM does not believe it will be profitable until 2023 at the earliest. There is a lot of marketing costs involved with gaining a foothold in the very competitive sports betting and iGaming spaces at the moment. It has partnerships in place with numerous major personalities, such as Jamie Foxx and Wayne Gretzky.
A lot of operators have a close eye on development in Ontario. This is because it looks set to be the fifth-biggest online gambling market in North America upon launch. Therefore, it is an exciting time for the sector to see where it can go when the likes of BetMGM get launched and start engaging with users.
Written for online-casino.ca by Paul Lucas - 29-01-2022