BetMGM has recorded impressive growth in Q4 and beat estimates by generating $780 million in net revenue, a 33% Q4 year-on-year increase.The company reached $2.8 billion...
BetMGM to end spring with 83 job cuts in New Jersey
BetMGM, a partnership between Entain Holdings and MGM Resorts that offers both land-based and online casino experiences, announced a workforce cut off at its main office in Jersey City, New Jersey, starting May 27.
Slower growth in the sports betting market and fierce competition with industry leaders DraftKings and FanDuel made the company come up with workforce cut off news for 83 jobs.
A filing with the New Jersey Department of Labor confirms that this decision is part of BetMGM’s growth strategy for 2025. While the company accepts it wasn’t an easy move, it believes this move is necessary to stay competitive in both iGaming and online sports betting.
Sports betting market in the USA
Recently, more and more states have legalized sports betting, making the total number of legalized states 39. The American Gaming Association reported a 29% decline in sports betting revenue for December 2024 when compared to December 2023.
Next to these challenges, BetMGM also faces strong competition with Fanatics Sportsbook, which claimed a 6.7% market share in January 2025. Some analysts predict it may soon overtake BetMGM as the third-largest sportsbook in the U.S.
BetMGM’s iGaming sector
Despite these challenges, BetMGM has strong performance in the iGaming sector, where it holds a 22% market share. In 2024, BetMGM’s online casino revenue grew by 13%, contributing $2.1 billion to the total revenue.
BetMGM forecasts a strong 2025
BetMGM expects to generate up to $2.5 billion in 2025 and turn a profit after 2024’s $244 million EBITDA loss.
BetMGM has updated its policy to include anti-harassment measures for athletes, with user accounts to be suspended in case of violations.The revised terms will allow...
