CANNIBALISATION SCAREMONGERING EXAGGERATES THREAT
BetMGM CEO Adam Greenblatt says there has been a level of fearmongering by some in the retail sector on the issue of cannibalisation.
“ The concerns around retail to digital cannibalisation, we believe, are totally overstated by the retail incumbents,” Greenblatt told iGB in March.
The BetMGM chief notes a level of distortion, caused by the pandemic, led to lower attendance at casino venues, but longer-term trends have been“ pretty consistent”. iGaming, where introduced, has expanded the tax bases in states that also have retail facilities, Greenblatt says.
“ If you look at the underlying trajectory of the retail facilities in states where iGaming has been introduced, [ across ] the really long-term trends, it’ s been pretty much business as usual.
“ The point here is, I think the scaremongering around cannibalisation is greater than the actual [ threat ].”
Greenblatt understands why retail – and even some omnichannel – operators are pointing to the impact of cannibalisation but notes MGM Resorts’ vision for the future is a combination of retail and digital. Hornbuckle has been vocal about his desire to bridge digital and retail casino innovation.
Hornbuckle noted previously that there is an experiential evolution taking place and the gambling industry is now in that phase.
“ We went through the restaurant evolution, with world-class chefs coming, and then we went through the retail evolution, building out worldclass shopping experiences, and now we’ re in the entertainment revolution,” Hornbuckle said.
To foster this“ revolution”, MGM Resorts / BetMGM has been promoting rewards programmes that see players earn credits across both channels. These can unlock invites to concerts and sporting events or simply just extended stays at MGM on-premise sites.
UPPING STICKS TO THE US
Greenblatt kicked off his gambling career in the UK as a corporate development director at Ladbrokes Coral in London from 2011 to 2018. He joined GVC upon the group’ s acquisition of Ladbrokes Coral in December 2017 in a deal valued at £ 4 billion.
In October 2018, at the dawn of the betting bubble in the US, Greenblatt was among the first European gaming expats to relocate to the US, as he took the helm of the newly formed BetMGM JV. In May 2018 a landmark Supreme Court ruling overturned the Professional and Amateur Sports Protection Act of 1992, which had effectively outlawed sports betting in nearly all US states.
iGB L! VE 2025 • ISSUE 138 • 21