Signal archive
Customer value signals
Theme: every BrandCapitalWorks iGaming signal tagged Customer value. Each one carries the fact, the enterprise-value read, and the forecast. 2 signals.
BetMGM’s casino now carries 70% of its revenue while the sportsbook sits flat.
Revenue went up and profit went down. The casino and its database did the earning, while the sportsbook took the hits from prediction markets and player-friendly results. BetMGM reported Q2 on 28 July. Net revenue rose 3% to $711M, but adjusted profit fell 14% to $74M. The split tells the story. iGaming grew 8% to $483M and is now about 70% of the business, while online sports was flat at $228M and gave back most of its retail margin to customer-friendly results.
Why do casino operators pay national apps to reach players already sitting in their own database?
Regional and tribal operators built the brand, the loyalty file and the floor traffic the national apps pay heavily to rent. The player they already own keeps paying someone else once they get home. Michigan is the second-biggest online casino market in the US. It brought in $3.1B in 2025, up 29.5%. About 88% of that goes to five national apps: BetMGM, DraftKings, FanDuel, Caesars and Golden Nugget. Around ten local and tribal operators split what is left. Those locals have what no app can buy: a known name, their own player lists, loyalty data, VIP relationships, and people walking through the door every week. In October 2025 one Michigan tribal operator linked its floor loyalty programme so points earn and spend across both the casino and the app. A player you reach on the floor and the app is worth about a third more, and you already own them.
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