BetMGM: 'Winds Are Turning' For Casinos' Stance On Online Gambling
BetMGM CEO says the "winds are turning" in favor of online gambling. North American lawmakers are noticing the success of the online casinos in Michigan, New Jersey and Pennsylvania.
Greenblatt was on Wednesday's BetMGM call to provide an update on performance and outlook for 2022.
Greenblatt predicts what will happen as online casino operators look to expand into new jurisdictions in the coming years.
Land-based casinos no longer oppose online casinos. Stakeholders realize both can thrive in today's market. Greenblatt highlighted how BetMGM’s success helped MGM”s bottom line.
BetMGM expects to deliver net revenue from operations of more than $1.3 billion during 2022. It is the market leader in US online gambling with 30% market share in its four iGaming states. Greenblatt says all of the iGambling states are successes and pleasant surprises.
Online casinos in Michigan, New Jersey and Pennsylvania will generate more than $3 billion in gross gaming revenue during 2021. BetMGM's Michigan and New York operations are already contribution positive. The company's other states are moving toward that territory too.
BetMGM is interested in Indiana's online casino legislation. Ontario was supposed to launch a privatized iGaming marketplace at the end of 2021, but the go-live date is now expected later this year. Indiana lawmakers are moving forward with two online gambling proposals.
iGaming in Indiana will modernize the industry and keep it competitive with neighboring states. iGaming will enhance the connection with existing customers and enable them to meet new ones in ways never before possible.