Positive EBITDA in the Second Half of 2023
LAS VEGAS, Feb. 8, 2024 /PRNewswire/ — BetMGM, LLC (“BetMGM”), one of the leading sports betting and iGaming operators across the U.S., jointly owned by MGM Resorts International (NYSE:MGM) (“MGM Resorts”) and Entain plc (LSE: ENT) (“Entain”) is today providing an update on performance for FY 2023.
BetMGM delivered a strong FY 2023 financial performance (based on unaudited results)
Net revenue from operations grew 36% year over year to $1.96 billion1, at the upper-end of $1.8–$2.0 billion guidance range2
Same-state growth in net revenue from digital operations of 14%
Key metrics across both iGaming and Online Sports Betting improved year over year, including average monthly actives, FTDs, hold percentages, bonus levels, NGR per active, and CPAs3
EBITDA positive in the second half of 2023 with expected FY 2023 EBITDA loss of approximately $67 million4
Established as a leading operator across North America, live in 28 markets with access to 49% of adult population5
Four new markets launched during the year: Ohio (online and retail), Massachusetts (online and retail), Puerto Rico (online) and Kentucky (online and retail)
14% market share in Sports Betting and iGaming in the U.S. and 22% in Ontario6
Secured market access with Charlotte Motor Speedway ahead of expected March 2024 launch of newly legalised sports betting market in North Carolina, pending regulatory approval
Further operational progress supported by technology, product and capability enhancements, positions BetMGM to drive growth going forward
Seamless execution of single account single wallet across 21 markets ahead of the 2023 NFL season
Enhanced sports betting experience with improved speed7, broader market coverage and new differentiated bet types
New in-house and exclusive games, including Dual Play Roulette, as well as largest progressive jackpots underpinning market leading iGaming offering
December 4th BetMGM business update set out strategic roadmap to drive growth in 2024
Expanding the depth and breadth of our sports offering by leveraging Angstrom’s sophisticated modelling to support innovative and original products, including player-popular Same Game Parlay (“SGP”), SGP+ and new LIVE SGP products
Continue to deliver market-leading and engaging gaming experiences that are more personalized and differentiated, including exclusive and MGM-branded content
Increasingly investing in marketing and player acquisition as sports product and player retention continue to improve
Unlocking BetMGM’s unique omnichannel advantages, particularly in Las Vegas, Nevada
Launched new improved app in January with single wallet functionality expected later in 2024
Leveraging Las Vegas sports teams and tentpole events, for example BetMGM’s first Big Game commercial featuring Tom Brady, Wayne Gretzky and Vince Vaughn
Reiterating guidance from December 2023 business update of targeting approximately $500 million of EBITDA in 2026
Recognized as Digital Operator of the Year by Global Gaming Awards, Online Casino of the Year by American Gambling Awards, and Casino Operator of the Year by EGR North America and SBC Awards North America.
Ongoing commitment to industry leadership in player safety and responsible gaming
Secured five-year extension with GameSense program, providing player tools and capabilities to play responsibly
Partnered with nine NFL teams to promote responsible gambling in stadiums during games
Piloted the first of its kind program with Kindbridge Health to evaluate efficacy of offering self-excluded individuals’ referrals for problem gambling treatments
Adam Greenblatt, CEO of BetMGM, commented:
“Our performance in 2023 demonstrates our commitment to delivering …