BetMGM Sportsbook Forecasts 2022 Move into Canada

   In a press release issued by BetMGM on Wednesday, the company confirmed that it has completed its application to operate a sportsbook in Ontario. 

   Currently the number 2 operator for both sports betting and iGaming across the markets in which it operates, BetMGM has its sights set on several new jurisdictions in 2022 and beyond. The platform has plans to launch online sportsbooks in Illinois and Louisiana in the first quarter this year.

   In addition to infrastructure investments and projected earning forecasts, the release also highlighted that the operator would be prioritizing Puerto Rico and Ontario as their next new market opportunities. BetMGM believes it can reach “40% of the U.S. adult population” in the 19 jurisdictions it currently operates out of.

   BetMGM posted $850M in net revenue from operations in 2021’s fiscal year. With the expected additions of Ontario and Puerto Rico in the coming months, the company is projecting a bullish $1.3B in net revenue for FY 2022.

   While the Ontario launch doesn’t have a specific timeline at the moment, it appears as though all BetMGM is waiting for is the greenlight from government officials. 

   In the first 10 days since New York sports betting went live, over 1.2M accounts were created, placing over 18M wagers. New York state has an estimated population of 19.45M people, with Ontario not far behind at 14.57M. While no one is predicting the Canadian province will overtake New York anytime soon, if the market is able to do even 50-60% of the volume seen in its bordering neighbor, then it would represent one of the largest sports betting jurisdictions in North America right out of the gate.

   Sportsbooks would have loved to have seen licences issued ahead of the Super Bowl (one of the biggest gambling days on the calendar), however pandemic related restrictions and legislation has bogged down the approval process in Canada.

   BetMGM has already partnered with a variety of sports leagues including the NHL, MLB, NBA, and MLS and will therefore have an existing presence on the Ontario sports scene. The Raptors, Blue Jays, Maple Leafs, Senators, and Toronto FC will play prominent roles in the company’s marketing strategy in the early going.

   The company, unsurprisingly, is also leaning heavily into a hockey-centric approach to its marketing efforts in Canada. In June of 2021 BetMGM announced an exclusive partnership with industry leader The Hockey News to showcase its sportsbooks odds in articles, podcasts, and on its website. 

   “The Hockey News has long been the trusted leader among hockey fans for the best news and analysis,” BetMGM chief revenue officer Matt Prevost stated. “They’re an ideal partner for BetMGM to reach one of the most passionate and knowledgeable fan bases in all of sports.”

   With more than 1M readers of The Hockey News, BetMGM is hoping that readers will translate into subscribers when they receive their long awaited licence. If their latest press release is any indication, it appears as though their sportsbook is ready to hit the ground running when the time comes in Canada.

Written by Kyle Skinner, our Canadian Sports Betting Industry Expert. You can read more about our author's expertise here.

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