A major legal sports betting operator is launching operations in a U.S. territory.
BetMGM has announced the debut of its online sports betting app in Puerto Rico. The launch, which is in partnership with Casino del Mar at La Concha Resort, marks BetMGM’s second debut in a market outside of the U.S. mainland. The sportsbook also has access in Ontario.
“BetMGM is ecstatic to become the first operator to deliver mobile sports betting to Puerto Rico,” said BetMGM CEO Adam Greenblatt in a statement. “This great collaboration between local officials and Casino del Mar provides a safe, responsible, and entertaining product accessible from anywhere on the island.”
As one of the largest online betting sites, BetMGM has sports betting licenses in more than 20 states, including Pennsylvania and New York — the largest online betting market in America.
In 2022, BetMGM became the first sports betting operator to be awarded a retail wagering license in Puerto Rico. That same year, Casino del Mar opened a $3.5 million BetMGM sportsbook and lounge. The facility features 12 self-service kiosks and five betting windows.
Sports fans in Puerto Rico who are looking to place online wagers with BetMGM will first need to validate their identity in person at Casino Del Mar’s BetMGM Sportsbook to legally bet.
Seeking profitability
BetMGM gaining market access in online sports betting in Puerto Rico comes after its co-owner reported favorable results to start the fiscal year. MGM Resorts, which co-owns BetMGM with sports betting company Entain, generated $3.9 billion in revenue in Q1 2023 — a 36% increase year-over-year. The Las Vegas-based hospitality and entertainment company saw its net income reach $467 million during the quarter — up from a net loss of $18 million in Q1 of 2022.
Despite the growth, MGM’s sports betting business is still eyeing profitability. BetMGM reported an operating loss of $81.8 million in Q1 of 2023, compared to a $91.9 million net loss in Q1 of 2022.
The sportsbook posted $1.4 billion in revenue in FY2022 and expects to turn a profit for the first time by Dec. 31, 2023.
