BetMGM launches Wheel of Fortune online casino in New Jersey
The company announced the first-of-its-kind launch in June of last year. While other major gaming operators such as FanDuel, DraftKings, Caesars, WynnBet and Barstool have launched their respective, eponymous iGaming sites, no other regulated US company has gone live with a standalone brand via a separate intellectual property agreement.
Speaking during Wednesday’s iGaming Next conference in New York, BetMGM CEO Adam Greenblatt said the Wheel of Fortune launch was part of the company’s expansion into offerings for a diverse range of customers. While the BetMGM brand has resonated with male audiences, the separate Wheel of Fortune casino is intended to better cater to female players.
“The Wheel of Fortune brand is very much focused on the women’s audience and the slot-centric audiences,” Greenblatt said.
BetMGM looks to expand casino dominance
BetMGM’s latest launch is the latest move for the US iCasino leader.
While BetMGM trails FanDuel and DraftKing in sports betting market share, it is the nation’s highest-grossing online casino platform. A 50/50 joint venture between MGM Resorts and European gaming giant Entain, BetMGM has steadily maintained its US leadership spot ahead of its two major rivals.
The BetMGM iCasino platform is live in all four competitive US markets: New Jersey, Pennsylvania, Michigan and West Virginia. Connecticut only offers DraftKings and FanDuel iCasino. Delaware has a lone, state lottery-run platform while Nevada only offers real money online poker.
Though a form of real money online casino gaming is only live in these seven states, these markets are far more lucrative per capita than sports betting. The more than 30 US jurisdictions that took legal sports bets in 2022 generated roughly $7.5bn in operator revenue that year; the online casino markets generated $5bn during that same time.Maryland, New York and New Hampshire are among states considering iCasino legalization bills this year. All could tie into existing MGM brick-and-mortar properties in the respective regions.
MGM operates MGM National Harbor in Maryland, the state’s highest-grossing casino. It also operates MGM Springfield in western Massachusetts. Additionally, MGM is bidding on one of three full-scale New York casino licenses as part of an upgrade for its MGM Yonkers property in New York.
The BetMGM online casino is also live in Ontario, the continent’s most lucrative iGaming jurisdiction.
Additional betting options
The Wheel of Fortune online casino launch adds another high-profile platform to the BetMGM portfolio.
Along with its flagship BetMGM online sportsbook and casino, the company also operates the Borgata online casino in New Jersey. The Borgata is the highest-grossing brick-and-mortar casino in New Jersey.
The company also operates the Party Casino and Party Poker brands.
MGM acquired the LeoVegas online casino brand in 2022 to expand its European operations. MGM officials said during a recent earnings call it would not seek to acquire the other 50% share in the BetMGM joint venture with Entain.