BetMGM generates nearly $2 billion in revenue in FY 2023

Sports betting and iGaming operator BetMGM, jointly owned by Entain and MGM Resorts, generated nearly $2 billion in revenue in 2023, reaching the upper end of its guidance range.

Revenue for the 12 months to 31st December 2023 amounted to $1.96 billion. BetMGM forecast between $1.80 billion and $2 billion for the full year, with several developments helping to drive growth.

In line with its business update in December, BetMGM notes that it remains on track to reach a positive EBITDA of $500 million by 2026, despite expecting to post a negative EBITDA of $67 million by 2023.

The highlights for BetMGM in 2023 feature key metrics for igaming and online sports betting, which improved year-over-year. These included average monthly actives, first-time deposits, hold percentages, bonus levels, net gaming revenue per active, and cost per acquisition improved.

BetMGM is live in 28 markets with additional plans for expansion for 2024

BetMGM says that it was able to expand its presence in North America and is currently active in 28 markets across the region, with access to 49% of the adult population. The four new markets that were launched during the year include Ohio (online and retail), Massachusetts (online and retail), Puerto Rico (online), and Kentucky (online and retail). 

BetMGM eyes further expansion in North Carolina. It struck up a partnership with Charlotte Motor Speedway which is set to launch in March, pending regulatory approval.

Where its market share is concerned, the operator states that it has a 14% sports betting and online gaming share in the US. The operator also says it holds 22% of the market in Ontario Canada.

Adam Greenblatt, CEO of BetMGM, commented:  "Our performance in 2023 demonstrates our commitment to delivering on our promises. We were able to achieve strong organic growth while executing against key strategic initiatives that lay the foundation for 2024 and beyond. The attainment of EBITDA profitability over the last three quarters of 2023 validates the effectiveness of our business model and provides the basis from which to invest further in expanding our sports offering through the integration of Angstrom and leveraging our largely untapped Las Vegas omni-channel advantages. 

With this comprehensive roadmap in place, we can focus on driving accelerated player acquisition and retention and strengthening our current market position. This clear strategic direction underpins our confidence in achieving our targets and building long-term, sustainable value for shareholders." 

BetMGM noted that it remains committed to the strategic roadmap set out in December. This includes technology, product, and capability enhancements across its offering.

BetMGM highlighted that last year it executed a single account single wallet across 21 markets in time for the 2023 NFL American football season. It also expanded sports betting with new markets and bet types and added more games to its igaming offering.

For 2024, the company has plans lined up, which include utilizing Angstrom, the specialist sports data provider it acquired in July, which will be fully enabled during the start of the 2024 NFL season. BetMGM states that it plans to leverage Angstrom modeling to support products such as player-popular same-game parlay (SGP), SGP+, and new LIVE SGP products.

The operator says that it is also committed to more personalized and differentiated gaming experiences, as well as more investment in marketing and player acquisition. As part of its latest development, BetMGM launch its new app last month, which most recently went live in Nevada.