A women’s professional sports league is finding favor with the legal sports betting market.
BetMGM has reported a 27% year-over-year increase in the amount of active WNBA bettors across its various online betting sites in the United States. The uptick has been driven by an interest in the WNBA’s top teams, which include the Las Vegas Aces and the New York Liberty.
“The expansion of legalized sports betting and the WNBA’s most-watched regular season in over two decades are definitely key factors driving the increase,” said BetMGM sports trader Seamus Magee in a statement.
The two teams feature some of the league’s top talent, including A’ja Wilson, Kelsey Plum, Chelsea Gray, Jonquel Jones, Sabrina Ionescu, and 2023 WNBA MVP Breanna Stewart.
The Aces have the highest total betting handle on BetMGM to win the WNBA Championship at 39.6%, while the Liberty have the second-highest handle on the betting platform at 23.2%.
Surge in interest
The interest in the WNBA by sports bettors is the result of the growth of women’s sports.
A study by the German Sport University Cologne — which analyzed the economic development of women’s basketball, tennis, and other sports — reported a 20% increase in wagers on women’s soccer from 2017-22. The growth was bolstered by a strong surge in interest throughout 2020.
BetMGM has reported a 40% year-over-year increase in betting on women’s tennis and golf. The sportsbook saw a 30% uptick in handle on the 2023 women’s basketball tournament compared to last year’s competition. The tournament also had a 22% increase in active bettors.
Current state of business
BetMGM is the third largest sportsbook in America in terms of market share at roughly 12%, according to gambling analytics firm Eilers & Krejcik. The gambling operator ranks behind DraftKings, which accounts for a 25% market share. Meanwhile, FanDuel leads all sportsbooks at 46%.
Earlier this week, Entain — BetMGM’s co-owner with MGM Resorts — updated its current trading and online net gaming revenue guidance for FY2023. The revised guidance comes amid a strategy to improve shareholder value and accelerate the performance of business operations.
The company projects an EBITDA guidance of between $1.2 billion and $1.28 billion in 2023. Group revenue, which reached $5.2 billion in 2022, is expected to have low double-digit growth.
Entain expects BetMGM to report between $1.8 billion and $2 billion in revenue in FY2023. In H1 2023, it generated $944 million in revenue, up 55% compared to the same period last year.
Innovation
BetMGM has landed a partnership with Kindbridge Behavioral Health to offer comprehensive mental health assessments and group services in Colorado to people impacted by problem gambling— a first-of-its-kind program.
The deal will see BetMGM and Kindbridge work together to provide access to complimentary services to players who self-exclude from BetMGM.
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