BetMGM is set to launch single wallet functionality in up to 14 states by the end of the week, according to MGM Resorts CEO Bill Hornbuckle.
Beyond borders
The single account software will allow BetMGM customers to use the same account across multiple US states where online sports betting and online casino is legal.
The 14-state rollout will cover more than 50% of the brand’s active customer database in states such as New Jersey, Pennsylvania and New York, among others.
“As we roll out single account wallet across the country, MGM will be able to truly activate our unparalleled footprint in Las Vegas as part of our omni-channel strategy,” said Hornbuckle.
“We expect acquisition and engagement metrics to grow as players get to enjoy a seamless experience using the BetMGM app across state borders.”
Hornbuckle said MGM plays a key role in the brand’s omni-channel opportunity by welcoming 37,000 potential new customers per night to its Las Vegas properties.
“All of our resort guests are exposed to BetMGM marketing throughout their stay and on average, BetMGM acquires 30,000 customers monthly that originated from or had a prior relationship with MGM Resorts,” he added.
Angstrom advantage
During MGM’s Q2 2023 earnings call, Hornbuckle also touched on Entain’s recent acquisition of sports pricing and analytics specialist Angstrom Sports.
He described the purchase as a “positive step” that would improve the BetMGM product while driving customer satisfaction and ultimately margins.
BetMGM is aiming for at least a 10% sports betting margin once Angstrom is fully deployed.
“Angstrom will drive more product, more parlay, more frequency and more recency around bets, both in-game and otherwise, and those are big margin businesses,” said Hornbuckle.
One analyst asked whether the integration of Angstrom would help BetMGM close the gap on competitors such as FanDuel and DraftKings, who currently lead the US market in part due to their superior margins.
“If you look at the businesses, the biggest delta between the two is the product offering,” said Hornbuckle. “But we’re going to have more high-margin bets available for customers as we deploy Angstrom.”
BetMGM generated positive EBITDA throughout all of Q2 2023 and revenue of around $475m according to a trading update released in July. Elsewhere, MGM Resorts achieved an all-time net revenue record of $3.9bn.
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