BetMGM is laying off 83 employees at its offices in Jersey City, NJ as a cost-cutting strategy. This comes after the company announced a new commercial staring Jamie Foxx
On February 27, the Entain and MGM Resorts International joint venture filed a notification with the New Jersey Department of Labor informing the agency that it will lay off personnel in late May.
“After carefully reviewing our priorities for 2025, BetMGM has made the difficult decision to reduce headcount across some divisions of the organization,” the company said in a statement to SBC Americas. “We understand the significant impact this has on our staff and their families.
“Our priority is to support those affected while maintaining BetMGM’s strength for the future. We are confident that these changes will position us as an iGaming and online sports betting leader.”
BetMGM still the third largest operator
BetMGM is positioned as the third-largest operator in the United States by market share, after FanDuel and DraftKings by some distance but ahead of second-tier competitors such as Caesars, Fanatics, and bet365.
The corporation stated that it will conclude 2024 with a 22% iGaming market share and an 8% online sports GGR share.
According to the company’s most recent financial statement, net revenue increased 7% to $2.1 billion in 2024, driven by a 13% increase in online casino income.
BetMGM predicts net revenue of $2.4 billion to $2.5 billion in FY25 and positive EBITDA in 2025, following a $244 million loss in 2024.
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During MGM Resorts’ earnings call last month, President Bill Hornbuckle stated that the “single account, single wallet” feature in Nevada, which BetMGM introduced late last year, had helped its parent company improve its omnichannel edge by “driving customer stickiness.”
The brand’s core revenue stream is the online casino, which is fueled by its own brands and supply partners, as well as unique content licensing partnerships with renowned game shows such as Family Feud and The Price is Right.
However, BetMGM CEO Adam Greenblatt stated this month that 2024 “was perhaps the year when we made the most strategic progress in online sports.” BetMGM’s business is presently divided two-thirds iGaming and one-third sports.
The firm also observed an 11.5% increase in cross-selling from online sports to iGaming.
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