Sports betting and iGaming operator BetMGM, the joint venture between MGM Resorts and Entain, will lay off 83 employees at its Jersey City headquarters due to slowing growth in the sports betting industry.
The job cuts, set to take effect on May 27, were disclosed in a public notice filed with the New Jersey Department of Labor in late February, NorthJersey.com reported.
Citing data from the American Gaming Association, the report highlighted that nationwide sports betting revenue fell 29% in December compared to the same period a year earlier amid a series of customer-friendly results.
“The flurry of jurisdictions legalizing and launching sports wagering has slowed — slowing the rapid growth of the industry overall as much of the population has now gained access to legal sports wagering channel,” said Jane Bokunewicz, an associate professor at Stockton University’s Lloyd D. Levenson Institute of Gaming, Hospitality, and Tourism.
As of 2025, sports betting is legal in 39 states, but experts suggest that the initial boom—fueled by the transition from illegal sportsbooks and the pandemic-driven surge—has started to level off.
BetMGM has also faced stiff competition from industry giants FanDuel and DraftKings, which built strong customer bases through daily fantasy sports.
“BetMGM is relying mostly on MGM Resorts’ retail customer database, which transfers more naturally to online casino than to sports betting,” said Corey Sharp of PlayNJ.com.
Despite the challenges, BetMGM has seen some success. In January, the company reported a nearly 35% increase in monthly revenue, reaching $28 million—ranking third in New Jersey behind FanDuel ($49.7 million) and DraftKings ($44.1 million).
Bokunewicz noted that layoffs in the gambling industry are common, as gaming organizations periodically review operations and streamline processes for efficiency.
“One incident of layoffs at one operation should not be considered an indication of the health of the overall industry, because there are many reasons why a company may choose to take this action,” she said.
BetMGM, which generated $1.96 billion in revenue in 2023, employs more than 2,500 workers, including contractors, according to its website.
Original article: https://www.yogonet.com/international/news/2025/03/05/97059-betmgm-cuts-83-jobs-at-jersey-city-hq-amid-market-slowdown
