- BetMGM estimates that a launch of online sports betting in California, should it occur, would push its total addressable market (TAM) in the US and Canada to $37 billion at its maturity.
- BetMGM is currently live in 23 jurisdictions. It projects that it will launch in another 10 to 15 markets — likely including California, Kansas, Maine, Massachusetts, Missouri, Ohio, and Texas — by the end of 2023.
- CFO Gary Deutsch said, in Q1 2022, the company “made a concerted decision to pull back in our pursuit of players in New York due to its unfavorable tax environment.”
BetMGM estimates that a launch of online sports betting in California, should it occur, would push its total addressable market (TAM) in the US and Canada to $37 billion at its maturity. But, in a move that could ding those plans, the company also said it has pulled back on pursuing players in New York.
During an investor day presentation on Thursday, BetMGM said it expects online sports betting in the US to account for $17.6 billion of the TAM estimate, including sports betting and iGaming, while US iGaming would be $14.8 billion. It estimates Canada will make up $4.4 billion of TAM.
CEO Adam Greenblatt said BetMGM, a 50/50 joint venture between MGM Resorts International and Entain, projects sports betting in California will account for $2.5 billion to $3 billion of TAM.
