BetMGM, a leading online gaming and sports betting company in the U.S., is reportedly Ontario’s top sportsbook and casino with 20% market share, according to Eilers & Krejcik Gaming’s “The EKG Line.”
BetMGM CEO Adam Greenblatt said the sportsbook held a 22% market share in December 2023
BetMGM’s share, which it self-reported last year as roughly 22%, has been exceeding expectations in such a short period of time, considering the regulated market first opened on April 4, 2022.
In a recent interview with BetMGM CEO Adam Greenblatt, the South African credited four things: the strength of the MGM brand in Canada, a strong Android product where Canada over-indexes on Android phones, reliable brand ambassadors like Jamie Foxx and Wayne Gretzky, and concerted investment from day one of the market.
“We weren’t surprised by our performance in Ontario,” Greenblatt said. “We see Ontario as a multiproduct jurisdiction really benefiting from the strength of our offering.”
On Feb. 28, 2024, the Alcohol and Gaming Corporation of Ontario’s new rules went into effect. Operators can still feature athletes and celebrities if those famous are promoting responsible gambling in Canada.
ConnexOntario provides service information and resources for people experiencing problems with gambling, drugs, alcohol, or mental health.
The service is free, confidential, and available anytime. Call ConnexOntario 24/7 at 1-866-531-2600. Problem gamblers are encouraged to also text the helpline at 247247 or chat at www.connexontario.ca.
Ontario market generated NGR of $1.7 billion in CY23
Furthermore, other major NGR shareholders in the province in CY23 include Ontario Lottery and Gaming (via OLG.ca), Penn Entertainment (via theScore), and bet365.
In CY23, the Ontario market generated NGR of $1.7 billion, nearly three-quarters of which was derived from the province’s fast-growing online casino vertical.
Outside of Ontario, Eilers & Krejcik Gaming said Stake.com — the big-spending, crypto-focused operator — was the largest gray market operator in CY23, controlling around 20% of the overall market in GGR share terms.
Other key market shareholders include Super Group and Bodog.
Additionally, iGaming Ontario reported that total online gambling revenue for the 2023-24 fiscal year (Apr. 1, 2023 – Mar. 31, 2024) was $2.4 billion.
At 20% market share, BetMGM’s revenue total for FY 2023-24 was around $480 million. Note that the $2.4 billion does not include figures from the Ontario Lottery and Gaming Corporation.
BetMGM launched in Ontario with its “ON online sportsbook.” This provides sports bettors with the opportunity to wager on their favorite sports and teams.
Ontarians are required to be at least 19 years old to gamble in the province.
