The lion is roaring in Tennessee
According to figures released by BetMGM during their 4Q investor presentation Wednesday, BetMGM is the number one sportsbook in Tennessee, outpacing the projected big guns — DraftKings and FanDuel — in 2020 revenue in the state.
While Tennessee does not break down revenue by operator, BetMGM knows how much they brought in compared to what the state says the total revenue number is, and as such — and based on BetMGM “assumptions” — their 34% market share leads the pack.
A handle share would be more informative here, as a book’s hold can vary quite a bit over time.
“I’m personally delighted about Tennessee because some suggested that we would excel in iGaming but perhaps not be as strong in sports,” said Adam Greenblatt, the CEO of BetMGM, during the conference call. “For me, Tennessee is the poster child of our ability to compete against the early leaders in the sports market only.”
BetMGM — along with FanDuel, DraftKings, and the Tennessee-only TN Action 24/7 — all debuted on Nov. 1, the first day legalized online wagering came to the state.
Roaring from the start
“Why are we seeing such success? We were there on day one and all of the components of our operating model were there right from the start,” Greenblatt said. “We have the right partners – we are the partners with the Titans. Put all of those things together, obviously combined with product, CRM, all of the acquisition machine working – we’re demonstrating that we can fight and win toe-to-toe with the best.”
And it appears BetMGM is continuing to grow in Tennessee, as the first batch of 2021 numbers were also made part of the presentation. BetMGM saw a 41% GGR (gross gaming revenue) increase from Dec. 2020 to Jan. 2021, and had a January handle of $70 million.
Additionally, BetMGM saw an additional $13 million deposits during the first month of 2021.
“ … [T]hat’s important because that’s the fuel, no deposits, no ability to wager, no ability to play,” Greenblatt said. “The moment of truth is when our players are actually putting hard-earned money into an account to play with us rather than it being purely bonus money or incentive money.”
In the same presentation, BetMGM claimed second place in 2020 market share in Colorado, and third in New Jersey, West Virginia, and Indiana.