BetMGM CEO Adam Greenblatt recently shared information about the company during an Investor Day. He said 2024 “is the year we unlock Las Vegas.”
This refrain was repeated throughout the Investor Day presentation. Surprisingly, the company with 12 hotels inside of eight casinos in Las Vegas hasn’t been very active in the market since launching in 2018.
That will change next year. BetMGM expects that having the same app in Las Vegas as the rest of the country will increase business.
The company also plans to integrate the MGM Resorts partnership with Marriott Bonvoy rewards into BetMGM Rewards. Linking everything should help grow BetMGM’s business in 2024.
Additionally, the company is looking to improve its online casino.
New BetMGM app launching soon in Las Vegas
BetMGM is working with Nevada gaming regulators to launch a new app in Las Vegas in 2024. The company didn’t pinpoint a specific date but expects the new BetMGM app to launch during the first half of the year.
While the app will be new to Nevada, this will be the same online sportsbook app available around the country. The move follows Caesars bringing its latest online sportsbook app technology available in the rest of the country to Nevada earlier this year
Unlike most states that offer legal sports betting, Nevada requires customers to register for mobile apps in person at a full-service casino. There was no indication that this would change with the new app.
Customers in Las Vegas who don’t already use the BetMGM app will still have to visit one of the following MGM Resorts Las Vegas casinos when signing up for an online sportsbook account:
- Mandalay Bay
- New York-New York
- MGM Grand
- Park MGM
There’s only one online casino game legal to play in Nevada. It looks as though BetMGM may get into that game as well.
During his Investor Day presentation, Greenblatt said increased online poker liquidity is “imminent.” He didn’t specifically mention that there would be a new BetMGM online poker room opening in Nevada.
Rumors about a BetMGM online poker room in Nevada have been floating around for a couple of years now.
If nothing else, the expanded liquidity could mean BetMGM online poker players in other states will have larger player pools. Right now, Caesars has the most online poker liquidity with rooms in Nevada, New Jersey, and Delaware.
Single-wallet players are 2.5 times more active with online casinos
During BetMGM’s Investor Day presentation, Greenblatt said that the company has a 17% share of the total online sportsbook and iGaming market.
He touted the capabilities of having a single wallet in helping the growth of BetMGM. Having a single wallet increases the value of customers since they can use the same app in multiple jurisdictions.
Greenblatt noted that multi-state players are 2.5 times more active on the BetMGM app. These customers are also 1.5 times more valuable to BetMGM than other customers.
The company finds that customers who play at both online and land-based casinos have three times the value of those who only engage in one platform.
This omni-channel marketing approach will come full circle as BetMGM brings Las Vegas more into its online gaming platform.
Putting everything together
The company has more than four million unique visitors to MGM Resorts in Las Vegas. It also has more than 40 million MGM Rewards members worldwide.
MGM Resorts has a unique advantage over some online casino operators by using its Las Vegas assets in combination with BetMGM. When a customer visits an MGM Resorts casino they can sign up for a BetMGM account.
This includes being enrolled in BetMGM Rewards. To sign up for a BetMGM account the customer has to be enrolled in MGM Rewards.
The omni-channel marketing approach will allow a player to earn MGM Rewards inside a Las Vegas casino. When they go home and play online they can earn BetMGM Rewards.
Next year they can turn the points from both rewards programs into Marriott Bonvoy points where they can book hotel rooms. This is a strong point for any online sportsbook and online casino operator with retail casinos.
This will all include more activations in Las Vegas. The Las Vegas Grand Prix was the most bet F1 event in the history of BetMGM.
After a massive investment, the F1 race resulted in record revenue for MGM Resorts. There will be more investments like this for the Super Bowl and other sports events in Las Vegas.
Improving the BetMGM Online Casino
BetMGM’s online casino consists of 3,600 games. This includes unique games created in-house as well as popular land-based casino games like Aristocrat’s Buffalo and IGT’s “Wheel of Fortune” brand games that launched exclusively on BetMGM.
Next year, the company will increase the number of games created in-house to create a larger proprietary library. BetMGM will also look to continue adding exclusive titles from name-brand slot machines coming online.
BetMGM recently launched NHL Gold Blitz in its online casino. This is the first-ever NHL-endorsed online slots game. The game is only available in New Jersey right now and will expand into other jurisdictions in the future.
In addition to adding more games, BetMGM plans to create a better user experience. One of the improvements for the BetMGM online casino includes creating a more personalized experience for players. For example, the app will recommend games based on previous play.
So far this year, BetMGM has awarded more than $125M in progressive jackpots in its online casino. The company looks to continue building large progressive jackpots for players through its large global network.
The personalization will also offer player progression and accomplishment journeys similar to some social online slots. This will all be tied together with better rewards for players.