BetMGM is laying off 83 workers at its headquarters in Jersey City, NJ in what the company described as a cost-savings measure.
The Entain and MGM Resorts International joint venture filed a notice with the New Jersey Department of Labor on Feb. 27 to inform the government that it will be cutting the workers effective 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 told SBC Americas in a statement. “We recognize the real impact this has on our colleagues and their families.
“As we make these unfortunate but necessary changes, our priority is supporting those affected with care and respect while ensuring BetMGM remains strong for the future.
“We’re confident that this will help position us for continued success as an iGaming and online sports betting leader.”
BetMGM enjoys seat at podium
BetMGM is touted as the third-largest operator in the U.S. by market share, trailing FanDuel and DraftKings by some distance but ahead of second-tier rivals such as Caesars, Fanatics and bet365. The company said it ended 2024 with iGaming market share of 22% and online sports GGR share of 8%.
The company said in its most recent financial update that its net revenue grew 7% to $2.1 billion in 2024, fueled by a 13% surge in online casino revenue. BetMGM anticipates net revenue of $2.4 billion to $2.5 billion in FY25 and expects positive EBITDA in 2025 after reporting a $244 million EBITDA loss in 2024.
On MGM Resorts’ earnings call last month, President Bill Hornbuckle said the “single account, single wallet” feature in Nevada that BetMGM launched late last year has helped its parent company increase its omnichannel advantage by “driving customer stickiness.”
Online casino remains the brand’s primary moneymaker, driven by its own brands and supplier partners as well as exclusive content licensing deals with the likes of iconic game shows Family Feud and The Price is Right.
However, BetMGM CEO Adam Greenblatt said last month that 2024 “was perhaps the year that we made most strategic progress in online sports.” BetMGM’s business is now two-thirds iGaming and one-third sports. The company also saw an 11.5% improvement in cross-sell from online sports to iGaming.
