BetMGM Enjoys Strong Progress in Online Gambling
A majority of the US states currently offer sports betting but when it comes to online casino, the number of states where the activity is available is quite low. A total of seven states currently offer legal iGaming but that number may grow in the future in case lawmakers consider benefitting from new revenue-generating activities.
At the same time, the iGaming market isn’t as competitive as the online betting vertical. A newly released report suggests that the duopoly model held by FanDuel and DraftKings in the online betting sector didn’t transfer into the iGaming vertical, at least based on recent data for casino app downloads.
BetMGM Casino App Downloads Grow in September
Eilers & Krejcik Gaming (EKG), the leading research firm, recently quoted by Casino.org, pointed to the growing number of downloads of BetMGM’s online casino app. Based on Sensor Tower data, EKG estimated that BetMGM Casino’s download market share in the first three weeks of this year’s NFL season was 32%. This result marked a notable increase, considering the 21% result from the comparable period in 2023.
In contrast to the dominance of FanDuel and DraftKings in sports betting, BetMGM’s share of downloads in online casino marked growth, whereas the two giants recorded a slight decrease. For this year’s first three weeks of NFL action, FanDuel’s online casino app download share was 42%, marking a 4% decrease year-over-year when compared to the 46% result for 2023.
Similarly, the online casino app download share for DraftKings also recorded a decline. During the first three weeks of NFL action in 2023, the leading gaming and betting giant reported 33% casino app download share. In contrast, for the same period this year, the download market share took a 6% dip to 27%.
The Company Continues to Invest in Online Gambling, Retains Focus on Growth
Per EKG, the online sports betting vertical is much more competitive which is why BetMGM wasn’t able to stand out. However, they wrote: “Casino has long been BetMGM’s stronger suit—our app testers consistently highly rank BetMGM Casino for its depth of content and features — so a harder pivot toward casino, amid BetMGM’s reinvestment year, would make sense.”
As a joint venture between the recognizable gaming and entertainment giants Entain and MGM Resorts, BetMGM recently focused on expanding its presence in online gambling. What’s more, EKG confirmed that the latest results signal BetMGM’s intention to continue growing and investing in the iGaming sector.
This doesn’t come as a surprise as the company has identified the potential of online gambling. A future expansion of iGaming may ultimately position BetMGM among the companies at the helm of the sector. Such an early start may bring long-term benefits, allowing BetMGM to capitalize on the growth of the online gambling sector.
