# Adam Greenblatt **Adam Greenblatt** is the chief executive of [[BetMGM]], the online sportsbook and casino owned half by [[MGM Resorts International]] and half by [[Entain]]. Among the heads of the big U.S. online sportsbooks, he is the one who has kept his company out of prediction markets and argued, on the record, that sports event contracts are illegal betting. ## Background Greenblatt grew up in South Africa and has a business science degree from the University of Cape Town. He is a qualified accountant and worked as a mergers-and-acquisitions banker at Rothschild & Co in London. He then ran corporate development and strategy at Ladbrokes and LadbrokesCoral, working on the 2016 Ladbrokes–Gala Coral merger, and later at GVC Holdings (now [[Entain]]), where he helped create the joint venture with MGM. GVC named him chief executive of that joint venture, MGM GVC Interactive, when it was formed in **October 2018**. It became BetMGM. ## On prediction markets His position has hardened as the cost to his business has grown: - **July 2025: wait and see.** "We have the ability, but we do not have the desire, to be a first mover." He cited opposition from state regulators, tribal partners and attorneys general. - **October 2025: illegal.** "As the law stands today, sports prediction markets are, in essence, illegal sports betting." Entain CEO Stella David backed him. - **February 2026: no material harm yet.** BetMGM remained "steadfast in support" of state-regulated gaming. Greenblatt said nationwide sports contracts undercut state taxes, consumer protection, responsible gaming, integrity and anti-money-laundering rules. He said BetMGM was not yet seeing a material adverse impact. - **July 2026: the main problem.** "The primary macro impact or primary macro impacts are prediction markets." He said rivals were spending on players "in a frankly less commercially rational way" to build prediction-market positions, and BetMGM's $500 million profit target slipped past 2027. ## Why it matters Greenblatt runs the test case for the regulated industry's argument. BetMGM follows the state rules, pays the state taxes and stays out of event contracts, and its online sports revenue was flat in the second quarter of 2026. Whether staying out was principle or a losing bet depends on how the Supreme Court resolves [[KalshiEX v. Flaherty]]. ## See also - [[BetMGM]] · [[MGM Resorts International]] · [[Entain]] - [[Sports Betting Alliance]] · [[American Gaming Association]] - [[Sports Betting]] · [[Prediction Markets]] · [[Prediction Markets and Gambling Sector]]