BetMGM is what you get when a global gambling technology company (Entain) meets a brand that Americans already trust because they have lost money in its Las Vegas casinos (MGM). It is the #3 US sportsbook and probably the most defensible position in the market after FanDuel and DraftKings, because the MGM loyalty program gives it a cross-sell flywheel that purely digital competitors cannot match.
Founded
2018
HQ
Jersey City, NJ
Total Raised
JV between MGM Resorts and Entain (no separate fundraise)
Founder
Adam Greenblatt (CEO), joint venture of MGM Resorts + Entain
Status
Active — consistently #3 in US sports betting, strong in iGaming
Website
betmgm.comTHE ORIGIN STORY
MGM Resorts and Entain (formerly GVC Holdings, the UK-based gambling giant behind Ladbrokes and Coral) formed BetMGM as a 50/50 joint venture to compete in the US market after the Supreme Court's 2018 PASPA repeal opened sports betting nationwide. The strategic logic was clear: MGM had a famous brand, a nationwide casino footprint, and millions of loyalty program members.
Entain had decades of bookmaking technology, pricing algorithms, and operational experience in regulated gambling markets. Together they could build a credible national sportsbook without starting from scratch.
WHAT THEY ACTUALLY DO
BetMGM earns revenue from the sports betting hold — the margin it keeps on all bets placed. It also operates online casino games (poker, slots, table games) in states where online gambling is legal.
BetMGM benefits from the MGM Resorts loyalty program infrastructure, allowing it to cross-sell to existing casino customers who already spend money with MGM.
THE PRODUCTS
BetMGM Sportsbook (sports betting app), BetMGM Casino (online casino), BetMGM Poker, MGM Rewards integration
HOW THEY GREW
BetMGM's differentiation is the MGM loyalty program integration — BetMGM customers earn M life Rewards points when they bet, redeemable at MGM properties (hotels, casinos, restaurants). This creates a cross-sell loop that FanDuel and DraftKings cannot replicate without casino assets.
It has been aggressive in online casino states (New Jersey, Michigan, Pennsylvania) where iGaming revenue is substantial.
THE HARD PART
BetMGM is fighting for the #2–3 position in a market dominated by FanDuel and DraftKings. The US online sports betting market is winner-takes-most in each state — the two leaders capture the majority of bets, and everyone else fights for the remaining market share.
Customer acquisition costs are high and brand loyalty is low (bettors will switch for a better offer). BetMGM also had a chaotic period when MGM made an acquisition offer for Entain that was rejected, creating uncertainty around the JV's future.
WHO BACKED THEM
MGM Resorts International (50%), Entain plc (50%)
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