BetMGM is one of the most aggressive marketers in the legal sports betting industry in the United States. A new BetMGM parlay builder feature within the app/website could work toward its goal of increasing its market share in places like New Jersey.
The parlay builder tool aims to allow bettors to painlessly construct custom same-game parlays. Whether it will make a difference for the brand remains to be seen.
Details about BetMGM parlay builder feature
The builder is an extension of an existing partnership between BetMGM and Betgenius, a software company that services sportsbooks. Details about the new product were announced via press release.
Basically, BetMGM customers primarily need to know two things about the new tool:
- It’s only for same-game parlays
- It costs nothing to use the feature
A same-game parlay is when each leg of the parlay is part of the same sporting event. For example, NJ sports betting users might be curious about a parlay wager for the upcoming Washington Football Team at New York Giants game including these legs:
- A total on the yards Giants quarterback Daniel Jones will throw for in the game
- The first quarter spread
- Whether the final score will be an even or odd number
When you choose your legs, the builder will give you lines on each. Then you’ll decide how much you want to stake and the parlay builder will quote you odds. It’s then up to you whether you pull the trigger.
At the very least, the parlay builder could act as an educational tool for novice bettors. The unfortunate truth about parlay wagers is in that many instances, they don’t make sense for the bettor.
That’s because by adding legs to your wager, you exponentially increase the risk of losing your bet. For that reason, the potential payout if you win should be exponentially higher than it would if you bet each leg on its own.
This component of the sportsbook will help you determine whether a parlay is a smart bet. For BetMGM, it’s another feature that it hopes will drive customer loyalty and registration.
Providing a better experience for bettors
In the ongoing battle for market share in the NJ sports betting biz, BetMGM has work to do. The latest numbers showed just a 10% share of Garden State sports betting handle for BetMGM.
September numbers are being released on Thursday.
BetMGM isn’t content with that piece of the pie. It plans to spend nearly all of its revenue for this year on advertising, operating at a loss to try to improve that metric.
Some of it is coming in the form of The King of Sportsbooks ad campaign.featuring Jamie Foxx.
Boasting different and new features like a parlay builder is a key to such advertising. For the most part, the experience of browsing markets and placing a bet on most sportsbook app/websites is pretty similar regardless of the brand.
This parlay builder could give BetMGM a leg up on bettors seeking to wager this way. Sportsbooks love to spread the word about bettors who put a few dollars down on a longshot parlay and get lucky, claiming thousands of dollars in profit on a small wager.
While those aren’t necessarily the best bets for bettors to place, it’s great advertising fodder. Marketing is pivotal for the brand’s growth, so adding this feature is a means to an end for BetMGM.