BetMGM CEO expects "enormous" 2024 for brand amid online gaming expansion, Super Bowl in Las Vegas

BetMGM CEO Adam Greenblatt said 2024 is set to be an “enormous” year for the brand and the online sector amid the continuing push for gaming legalization in the US and as Las Vegas prepares to host major sporting events. The chief executive of MGM Resorts' mobile sports betting and iGaming brand made the remarks in conversation with Yahoo Finance Live ahead of the upcoming March Madness tournament, which Greenblatt said will be “even ahead of this year's Super Bowl” for the company.

Greenblatt called March Madness one of the tentpole events of the year for BetMGM, and said the firm expects to see more action over the course of the college basketball tournament than that seen over the Super Bowl collectively. “This year will be leaps and bounds ahead of any prior, and even ahead of this year's Super Bowl,” he affirmed.

The executive tackled the importance of offering an omnichannel experience to customers, in particular in Las Vegas, where both March Madness and the upcoming Super Bowl will be held. “Omnichannel is central to BetMGM's strategy,” he said. “In all of MGM's properties in Las Vegas, you will find a BetMGM sportsbook. And what we do is we recruit players who are in Vegas [...] to digital as part of their retail experience.”

In this way, BetMGM develops an active relationship with its customers that continues once the patron gets home or goes to a sports betting state, Greenblatt noted. And in the other direction, the deployment of an effective omnichannel strategy permits the brand to drive traffic to MGM Resorts properties, which seems to already be occurring: the company found in 2022 that about 50% of new MGM Resorts Rewards members were driven by BetMGM.

As for Vegas-specific insights, Greenblatt told Yahoo he expects 2024 to be “enormous” for BetMGM, with the gambling mecca set to host the upcoming Super Bowl. “In Vegas, MGM is king,” said the CEO. “We're very much looking to capitalize on the fact that MGM accounts for about 40% of hotel stock along the Strip.”

Las Vegas' Allegiant Stadium

Also to MGM’s benefit is the fact that Allegiant Stadium, where Super Bowl 2024 is going to take place, is just across the highway from some of MGM’s most iconic properties like Mandalay Bay. In consequence, the company expects a huge number of people to walk through MGM properties as part of the Super Bowl ‘24 experience. “I think next year's Super Bowl is going to be the best yet,” said Greenblatt.

As for March Madness, in anticipation of the college basketball tournament, BetMGM has been focusing on efficiency within the brand, investing less in those who are more interested in promotional participation and more in those patrons who are “sincere” sports bettors that like the brand and product. “In terms of volumes, there's a plus and a minus,” the BetMGM boss said. “So net-net, my expectation is we'll probably be about 20% up on bet count. But I think that's a conservative estimate.”

Greenblatt’s latest remarks come amid a period of growth for the BetMGM business. The brand finished Fiscal Year 2022 with a strong financial performance, as net revenue from operations amounted to $1.4 billion – ahead of prior guidance of over $1.3 billion. MGM and its joint venture partner Entain now expect BetMGM to turn profitable in the second half of the current year.