BetMGM, a top player in the online gambling world, recently announced a decision to cut 83 jobs at its main office located in Jersey City, New Jersey. These job cuts, scheduled to start on May 27, come as the company faces slower growth in sports betting and tougher competition from other betting firms. The decision follows a review of the company’s business goals for 2025, and while it was a difficult choice, BetMGM believes this move is essential for maintaining its leadership in iGaming and online sports betting in the coming years.
Industry experts are observing a broader trend of slowed growth in the sports betting market after the initial surge driven by legalization in new states and the heightened interest during the COVID-19 pandemic. As noted by the American Gaming Association, sports betting revenue dropped by 29% in December 2024 compared to the previous year. With 39 states now allowing legal sports betting, the rapid expansion phase appears to be tapering off. BetMGM is particularly feeling the heat from major competitors like FanDuel and DraftKings, who have leveraged their strengths in daily fantasy sports to secure a robust position in the sports betting arena. BetMGM, meanwhile, has capitalized on its relationship with its parent company
Industry experts are observing a broader trend of slowed growth in the sports betting market after the initial surge driven by legalization in new states and the heightened interest during the COVID-19 pandemic. As noted by the American Gaming Association, sports betting revenue dropped by 29% in December 2024 compared to the previous year. With 39 states now allowing legal sports betting, the rapid expansion phase appears to be tapering off. BetMGM is particularly feeling the heat from major competitors like FanDuel and DraftKings, who have leveraged their strengths in daily fantasy sports to secure a robust position in the sports betting arena. BetMGM, meanwhile, has capitalized on its relationship with its parent company, MGM Resorts International, and its existing retail casino clientele—a strategy that has had more success in the online casino sector than in sports betting.
BetMGM’s challenges don’t end there. The rise of Fanatics Sportsbook has been noteworthy, with the company grabbing a notable 6.7% market share as of January 2025. Some experts speculate that Fanatics might soon surpass BetMGM as the third-largest sportsbook operator in the United States, further shaking up the competitive landscape. Despite these setbacks in sports betting, BetMGM continues to remain
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