According to mobile application downloads, BetMGM is advancing in presenting its online casino services to a larger number of bettors. 

According to data from Sensor Tower, Eilers & Krejcik Gaming (EKG) observed that in the initial three weeks of the 2024 NFL season, BetMGM’s casino app downloads increased compared to the same period last year, whereas downloads of similar apps from competitors DraftKings and FanDuel declined. 

For BetMGM, these advancements are crucial as online casinos are generally regarded as one of the operator’s strong points, despite losing some market share in that sector in recent years. Online casinos are regarded as a major long-term expansion opportunity for gaming firms – one that provides better profit margins compared to online sports wagering. 

BetMGM’s iGaming Investments Yielding Returns 

BetMGM is a 50/50 partnership formed by MGM Resorts International (NYSE: MGM) and Entain Plc (OTC: GMVHY). The advancements the operator is achieving in iGaming are significant since it had earlier referred to 2024 as “a year of investment,” possibly indicating a deeper dedication to online casinos.

"We’ve seen similar trends across the entire first month of the NFL season, suggesting BetMGM is investing heavily to capture online casino GGR share this fall,” noted EKG. “BetMGM casino app downloads meanwhile, are up by a very punchy +74% y/y, while FanDuel Casino and DraftKings Casino downloads are up by +24% and +25%, respectively.”

The research company noted that prior to BetMGM’s revitalized iGaming efforts, its portion of the U.S. online casino market dropped to 20%, ranking it third in the second quarter. That decline might have contributed to the renewed focus on the operator's online casino services. 

“However, in the August 8-September 23 period, BetMGM Casino captured 32% download share among this group, up from 25% last year,” according to EKG.

Why iGaming is Important to BetMGM 

The long-term growth prospects of iGaming are essential for operators like BetMGM. At the moment, only seven states — Connecticut, Delaware, Michigan, New Jersey, Pennsylvania, Rhode Island, and West Virginia – allow this type of betting, but that number is anticipated to increase in the coming years as states seek new sources of revenue. 

Particularly for BetMGM, iGaming might be a path that allows the company to differentiate itself from competitors—an area where it has faced challenges in online sports betting (OSB), where DraftKings and FanDuel essentially dominate the market. 

“OSB is a more competitive space where BetMGM has been less of a standout. Casino has long been BetMGM’s stronger suit—our app testers consistently highly rank BetMGM Casino for its depth of content and features — so a harder pivot toward casino, amid BetMGM’s reinvestment year, would make sense,” concluded EKG.

MGM has undertaken a number of bolt-on acquisitions designed to strengthen its iGaming presence, and indications suggest that some of those strategies might yield benefits in the long run.