iGaming and sports betting operator BetMGM achieved record growth and the industry's first milestone in 2024, consolidating its position as a major force in the iGaming and sports betting arena.
This year witnessed many milestones, such as the full integration of Entain's sports modeling and analytics company Angstrom, the launch of exclusive league-branded casino games like NBA Gold and MLB Rising Rewards, and a record-breaking $6.5 million jackpot—the largest in the history of legal online casinos in the United States.
In an interview, BetMGM Chief Revenue Officer Matt Prevost reviewed the company's main achievements, key industry trends, and plans for 2025.
He outlined BetMGM's focus on expanding into new markets such as Alberta and Missouri, further enhancing its position in comprehensive online casinos, poker, and sports betting, and adapting to the rapidly evolving live gaming and real-time engagement landscape.
Looking back at 2024, it seems to have been a year full of milestones for BetMGM. What were the main takeaways from the past 12 months?
BetMGM designated 2024 as a year of investment and growth, focusing on improving our products and highlighting the core that truly sets our brand apart. We were able to do this by adopting a strategy of listening to customer feedback; providing a better, smoother experience for our customers; and creating memorable experiences for our customers through our unique omnichannel products.
We fully integrated Entain's sports modeling and analytics company Angstrom in 2024. Angstrom drove the expansion of our betting options, achieving nearly unlimited betting combinations, and enhanced the market availability of our sports betting app. In fact, this season we offered over 1,000 futures markets and about 450 betting types for NFL and college football.
This year's highlight was also BetMGM's record jackpot, which was unparalleled in the industry. At the end of August, a player at BetMGM New Jersey won a $6.5 million jackpot—the largest to date in the history of legal online casinos in the United States.
In 2024, BetMGM took its exclusive games and first-to-market games to the next level. Through a partnership with Atlantic Digital, BetMGM Casino became a hub for TV and movie-themed slot machines, including titles like "Cheers" and "Ace Ventura." BetMGM also launched league-branded games such as NBA Gold and MLB Rising Rewards.
This year was particularly memorable for our poker products. In early November, BetMGM merged its player pools in the New Jersey and Michigan poker markets. This merger brought more players, tournaments, and larger prize pools. It propelled BetMGM Poker to the forefront of the U.S. online poker market.
With the launch of an app called "Born in Las Vegas," we successfully unlocked Nevada, creating a more seamless customer journey with a single wallet feature that allows users to register in person in Nevada once and then carry their funds to other states where BetMGM operates. We also expanded our operations to North Carolina, further enhancing our leadership position in North America's iGaming and sports betting sectors.
In 2024, BetMGM partnered with some of the world's most renowned and significant brands. We established an unprecedented partnership between a top social media brand and a sports betting operator by becoming the exclusive Live Odds sports betting partner for the social media platform X.
Additionally, our collaboration with Marriott Bonvoy marked an unprecedented cooperation between a sports betting/online gaming operator and a hotel industry leader, offering millions of customers real-world rewards and the opportunity to earn points for valuable experiences, including future stays.
Perhaps most importantly for BetMGM in 2024 was our continued commitment as a founding member of the Responsible Online Gaming Association (ROGA), steadfastly dedicated to responsible gaming. ROGA promoted responsible online gaming through supporting independent research, sharing best practices, and advancing consumer and industry education and awareness, which was one of the most significant achievements this year.
What industry issues and trends became the focus of discussion this year?
The past year was filled with innovative and creative product approaches. The popularity of BetMGM's live dealer products reflected a trend towards greater interactivity and players' expectations of being truly connected to the game.
We heard a lot about cumulative jackpots and expanding prize pools—BetMGM began merging the New Jersey and Michigan poker markets' player pools in November, a significant milestone that provided players with an enhanced poker app, larger promotions, and more online poker events. Another trend last year was the discussion about what constitutes legal online gaming.
As unregulated matches became increasingly popular and well-known in the market, legislation, oversight, and tax revenue were repeatedly discussed. Responsible gaming, age verification, and other best practices dominated this discussion and will continue to do so.
What are the expectations for the company in 2025? What are the main challenges and opportunities facing the gaming industry in the next 12 months?
Like the entire industry, BetMGM will face significant changes in 2025.
In the coming year, we will continue to build a comprehensive gaming experience that covers online sports betting, online casinos, and poker. New Jersey, Michigan, and Pennsylvania are powerhouses in the U.S. online casino industry, with substantial tax revenues. Undoubtedly, they will serve as models for other states to offer legal, regulated online gaming and poker next year.
We already know that Alberta will launch sports betting and iGaming in 2025. With strong brand recognition and product offerings, BetMGM is in a leading position in Ontario, so we look forward to leveraging expansion opportunities. Missouri recently legalized sports betting, representing another new market with passionate, engaged fans supporting teams like the Super Bowl champion Kansas City Chiefs and Major League Baseball's Royals.
As we offer legal, regulated sports betting to new players, the entire potential market continues to expand, which is truly exciting. They are familiar with the BetMGM brand, and now they will experience our sports betting, iGaming, and rewards ecosystem.
In terms of technology, 2025 will depend on how operators adapt and implement, as well as speed. Live betting continues to be popular, requiring optimized uptime. Ensuring that products continue to evolve to meet player needs will be crucial.
