The online casino industry continues to prosper in New Jersey. One of the leading operators in the US state is BetMGM. They offer both an online casino and the opportunity to also place bets on sport, including baseball.
They are always on the lookout to create new betting opportunities for their customers.That’s been shown by offering more home run markets, a new parlay offer, and the launch of the Grand Slam Jackpot contest.
In recent years, huge advancements have been made in mobile phone technology. A good betting company also requires a strong app for its customers to be able to use on their smartphones and other mobile devices.
The BetMGM app is regarded as one of the best in the business. It now has enhanced data analytics provided by Angstrom. One of the most popular bets on baseball is on the home run market, and the company has been doing excellent business with its new service. In the first month of them being offered, the number of home run bets doubled compared to the total seen last year, and the number of acquired players increased; some experts attribute the growth to the perfect marketing strategy they run, which involves their bespoke betMGM bonus code deals. New users are offered a good package that consists of a no-deposit offer and up to 1500 in bonus bets for sports and casino products.
Another reason for the success is the offering of the best industry prices for home run prop bets, Players using the site can choose from markets such as the longest home run of the day, who’ll score the first one and if a grand slam will occur.
Their Grand Slam Jackpot is a tempting $50,000 and runs from Friday to Sunday throughout the baseball season. A grand slam occurs when a home run is hit, and baserunners are on all three of the bases. This scores four runs and can be great news for those who gamble with BetMGM.
If a grand slam does take place, qualifying customers can win a share of the $50,000 bonus bet prize pool, and that’s happened several times this season.
The company also recently saw the expansion of its mobile sports betting app in Washington, DC. They had previously been limited to a two-block radius around Nationals Park. That’s changed, though, and the app is now available throughout the district.
BetMGM is one of the most successful betting companies in the US. They operate in 29 markets and last year also launched in the UK. The latter was expected as the company was formed via a partnership between MGM Resorts International and British company Entain Plc.
After the launch in the UK last year, BetMGM have also entered into a partnership with English Premier league side Tottenham Hotspur. They are now their official betting partner and will have their logo on the training kit worn by the club’s players.
New Jersey is an important US state for the gambling industry. BetMGM have their HQ in the state. The state continues to record highly impressive figures for the casino industry. They have been renowned for their land-based casinos but their online counterparts are going well too. In June, they recorded revenue of $186.8 million. That was an impressive 25.2% higher than seen in June 2023. It was also only $57.1 million lower than the figure recorded by land-based casinos.
BetMGM have recently published their financial results for the first six months of this year. They revealed an increase in revenue to $1 billion and that’s a 6% rise from the figure recorded in 2023.
However, their EBITDA was negative, at $123 million. That hasn’t upset BetMGM too much, though, as it was in line with the prediction they had made for this time period. That was made due to the costs that are involved in the continued investment that is being made by their business.
Q2 net revenue was 9% higher than in the same period the previous year. It was also 3% higher than the figure recorded in Q1 this year.
The CEO of BetMGM is Adam Greenblatt, and he’s been commenting on the financial figures. He said that the first six months of 2024 have seen the company “laying the groundwork for BetMGM’s future.” He declared that this is “a year of investment” and the strategy is “delivering accelerating momentum.”
The CEO added that they had already exceeded their goals when it came to making acquisitions and retention. With this being so, he believes there should be “higher year-over-year revenue growth for the second half of this year into 2025.”
Their iGaming US market share is now 22% due to their recent expansion. Gross gaming revenue in both the US market and Ontario in Canada for iGaming and sports betting is now 13%.
