A second round of investment in US sports betting has been agreed between major supplier GVC Holdings and US operator MGM Resorts International for their online gaming platform BetMGM.
Roar Digital, operating at BetMGM now has investment totalling $450m, after the initial $200m put into the venture by the two big groups. It will quickly elevate BetMGM into a leading player in the rapidly-growing US sports betting and igaming markets.
BetMGM’s parent, Roar Digital, was launched in 2018 and will offer facilities in 11 US states by the end of this year. It obviously benefits from the financial strength of its two backers and the recognition given to the MGM Resorts brand.
Adam Greenblatt, CEO at Roar Digital, said: “We launched this business to combine the best of MGM Resorts and GVC and establish BetMGM as a leading brand in the US sports betting and igaming markekts. With broad market access secured, our long-term technology foundations now firmly established and a high performing team in place, this further unequivocal support from our two shareholders will ensure that we can achieve leading market positions in this industry that is growing even faster than our initial expectations.”
He added: “BetMGM is on track to generate over $130m of net revenues this year, predominantly from igaming in New Jersey, given the impact of Covid-19. With the return of sports and our growing operations across the US, we anticipate rapid growth in the coming year.”
