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Deutsche Bank research analyst Carlo Santarelli said the sports betting landscape will get more competitive when sports returns as he highlighted further investments in BetMGM that positions it to gain market share.

MGM Resorts International and GVC Holding issued a joint statement Wednesday related to their capital commitment to the ROAR Digital joint venture, Santarelli said. The second financing round includes a $250 million contribution from partners, bringing the total investment in the joint venture to $450 million since formation, he said.

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“We believe the deal, if nothing else at present, while sports remain on hold and iGaming remains limited to a small subset of states (New Jersey, Pennsylvania and Michigan) serves as another reminder of just how competitive the sports betting and iGaming arenas will be over the coming years,” Santarelli said in a report. “With the two daily fantasy operators off to a meaningful head start in the race for market share, some critical partnerships we believe to be on the horizon, and large operators putting capital together, we expect an aggressive customer acquisition spending spree upon the commencement of sports.”

MGM Resorts unveiled its new sports betting experiences across its Las Vegas properties in March when it announced the launch of BetMGM in Nevada.

Santarelli said the ability to acquire and retain customers “will be critical over both the near and the medium term, given the commoditization of the offering within the sports vertical. We believe the MGM Resorts brand, its partnerships, and the capital behind the customer acquisition push, positions MGM well to gain share when sports relaunch. Eu casino 15 euro. We also believe the level of investment required to achieve these goals, within the spectrum of MGM and GVC’s footprint and cash flow generation, in a normalized environment, is a strategic advantage relative to certain peer operators.”

BetMGM is projecting more than $130 million in revenue in 2020 despite limited sports betting, Santarelli said. That’s driven primarily by iGaming in New Jersey. The joint venture has licensed access to 19 states that account for about 50 percent of the U.S. population of which seven have launched and four are expected to launch by the end of 2020, Santarelli said.

Management assumes an $8.5 billion in sports betting gross revenue marketing in 2025.

BetMGM generates an 18 percent share of iGaming gross gaming revenue in New Jersey. Borgata gross iGaming revenue through May was $63 million with April and May up 75 percent from the pre-COVID January and February results, Santarelli said.

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The M Life program has 34 million members of which six million reside in states in which MGM plans to have an active online presence by the end of 2020, he said.

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“Upon the relaunch of sports, BetMGM will launch to the 64 million monthly active users of Yahoo, one of the largest domestic daily fantasy platforms,” Santarelli said. “GVC management was direct in its message as it pertains to being aggressive with spend to get to its market share targets over time.”