Latest Gambling News: MGM Resorts takes global leap with BetMGM launch in UK

Hospitality and entertainment company MGM Resorts International is expanding globally by launching the BetMGM iGaming and online sports betting brand in the United Kingdom. This move marks the initiation of MGM Resorts’ broader vision to launch the BetMGM brand into international markets.

The international launching plan has been brewing since the company acquired the Swedish-based gaming powerhouse, LeoVegas, last year. BetMGM aims to recreate its huge success in the U.S. and Canada by starting its international expansion in the U.K.

MGM Resorts CEO and President Bill Hornbuckle expressed his thoughts about the company’s foray into the international market.

“BetMGM is a proven brand in the sports betting and iGaming space, and we look forward to welcoming international players into our platforms designed specifically for them,” Hornbuckle said.

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

The BetMGM U.K. online offers customers a range of new features, including frequent large-scale jackpots, loyalty rewards, sports promotions, and exclusive slots.

The new sports and casino experience leverages the BetMGM brand and MGM Resorts’ top-tier entertainment legacy in Las Vegas, which promises a safe and engaging online experience in the U.K.

It is currently accessible on desktop and mobile web, with additional mobile applications and functional improvements scheduled before a national media launch in mid-September.

BetMGM as third-largest sportsbook

Since its 2019 launch, BetMGM has solidified its position as one of the leading names in the U.S. iGaming sector. It achieved this status following the repeal of Professional and Amateur Sports Protection Act (PASPA) in 2018, which opened the doors for legal sports betting across the country.

BetMGM currently ranks as the third-largest online sportsbook in the U.S. by market share, following FanDuel and DraftKings. It’s poised to reach profitability in the latter half of this year, a long-standing goal shared by its joint venture partners – MGM and Entain.

Yet, the prospect of success in the UK remains uncertain. This market already boasts several well-established brands with decades of operation. BetMGM will actively compete with Entain’s existing properties, Ladbrokes and Coral, both renowned operators on the UK high street and in the digital realm.

However, it is worth noting that the UK market is stable and, despite ongoing regulatory changes through the government’s Gambling Act review, it continues to yield high gross gambling returns.

MGM emphasized that while it will independently operate BetMGM in the UK using LeoVegas’ technology and Kambi’s platform, the BetMGM LLC joint venture will maintain its operations in the U.S. and Canada with Entain’s technology.

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

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

With favorable market momentum and a comprehensive range of online and offline services, BetMGM’s revenues are projected to reach $1.8 billion and $2 billion in 2023. BetMGM achieved its first positive EBITDA in the second quarter of 2023 and is poised to replicate this success in the second half of the year.