so I cannot be complacent about the potential of these new entrants .
“ Having said that , the competitive moat developed is significant .”
That ’ s not only down to the player databases built up by the likes of BetMGM , DraftKings and FanDuel . “ By now , all of the operational and product aspects of the leaders are fairly well developed ,” Greenblatt explains . “ It ’ s a mature product and a mature service operation that ’ s operating at scale across a number of states .”
New entrants don ’ t have that maturity and experience . But they have wellknown brands and big budgets .
Today ’ s market leaders worry about newcomers “ eating their lunch ” and Greenblatt foresees a return to the days of heavy acquisition spending . He ’ s not sure it ever went away .
Adam Greenblatt , BetMGM CEO
“ Complacency is the death of a leader , so I cannot be complacent about the potential of these new entrants ”
“ We could have invested more in player acquisition and frankly what we saw is the current leaders in sports , even during the summer , were investing significantly more than us in that area .”
AIMING FOR THE BLACK BELT
Even if MGM and Entain decide to loosen the purse strings for another customer acquisition push Greenblatt remains confident that product and player experience will ultimately win the day in US sports betting .
When iGB spoke to Greenblatt last year he listed availability , combinability and functionality as crucial factors in becoming a “ fifth-dan black belt ” in US betting . Thanks to its parent companies , two key developments strengthened BetMGM ’ s ability to enhance these advantages in the third quarter .
ICE LONDON 2024 • ISSUE 135 • 41