Business By The Books: BetMGM Launches International Sports Betting

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MGM Resorts is expanding the BetMGM brand internationally, starting with online gaming and sports betting in the United Kingdom.

BetMGM went live Thursday on the LeoVegas platform, which MGM acquired last year. The launch puts BetMGM in competition with Entain, the other 50% owner of the brand.

Entain operates multiple online gaming brands in the UK including Coral, Ladbrokes and Foxy Bingo.

“Today’s announcement represents a key step forward in our international growth strategy, which has been advancing rapidly since our acquisition of LeoVegas,” MGM CEO Bill Hornbuckle said.

Will UK market care?

The United Kingdom’s sports betting market is the most mature market that MGM will operate in to date, but that is not a concern at this point.

“We’ve had great success in the U.S. and Canada with our BetMGM brand and we’re confident we can duplicate this success in other markets, beginning with the UK,” said MGM’s president of International Interactive Gary Fritz.

“The UK is a mature online gaming market, and we believe the BetMGM brand will provide distinct relevance to both sports bettors and iGaming consumers.”

Super Group quiet on US sports betting

Super Group is dumping $20 million into a single US sports betting license, but it was never mentioned on its second quarter earnings call.

In fact, Super Group, the New York-listed parent company of Betway, only talked briefly and non-specifically about the US business. The $20 million mobile-only Illinois sports betting license accounts for about 8% of the cash Super Group ended the second quarter with and comes after Betway pulled out of the bidding process the first time around.

“So just on the U.S., I think, as you know, we are currently live with nine states there, four of the states on the Betway Global Technology and the other five we have the plan in place for that migration.

“High level without going to state-by-state detail, we are seeing some very encouraging numbers on the new technology, and the plan there is, like, I say, once we have all the technology in place to begin ramping up the marketing across the states.”

– Super Group COO Richard Hasson

Betway is one of multiple sportsbooks fighting for the little market share left over after DraftKings, FanDuel and other top-five books are done. Hasson acknowledged that while there is a multiyear plan in place for Betway, that does not indicate a multiyear commitment and return on investment is constantly assessed.

RSI wins Delaware bid

Rush Street Interactive will take over online gaming in Delaware after winning a public bid.

Delaware has online casino already but has never launched online sports betting, even though it is allowed.

While the RFP does discuss online sports betting, offering it was not a requirement to win the bid.