BetMGM Achieved Nearly $2 Billion Revenue Milestone in 2023

BetMGM, the dynamic collaboration between Entain and MGM Resorts, has reported a substantial revenue of $1.96 billion for the fiscal year ending December 31, 2023, marking a successful year that aligns with its projected guidance range of $1.80 billion to $2.00 billion.

The joint venture is on course to achieve a positive EBITDA of $500 million by 2026 despite anticipating a negative EBITDA of $67 million for 2023.

Key achievements for BetMGM in 2023 include significant year-on-year improvements in essential metrics for igaming and online sports betting, encompassing average monthly actives, first-time deposits, hold percentages, bonus levels, net gaming revenue per active, and cost per acquisition.

Expanding its footprint across North America, BetMGM is now operational in 28 markets, including recent launches in Ohio, Massachusetts, and Kentucky and online expansion in Puerto Rico.

Further growth is anticipated with a pending launch in North Carolina following a recent partnership with Charlotte Motor Speedway.

BetMGM claims a 14% sports betting and igaming share in the US market and boasts a 22% market share in Ontario, Canada.

CEO Adam Greenblatt emphasizes the company's commitment to delivering on promises and highlights strong organic growth and strategic initiatives that set the stage for 2024 and beyond.

Remaining aligned with the strategic roadmap outlined in December, BetMGM plans to leverage Angstrom, a sports data provider acquired in July, for the 2024 NFL season.

The roadmap includes technological enhancements, product developments, and the introduction of personalized gaming experiences, supported by increased marketing and player acquisition investments.

The recent rollout of a new app in Nevada further strengthens BetMGM's position.

While the update doesn't reference BetMGM's UK launch, the company remains a strategic limb of Entain and MGM, showcasing continued collaboration and shared goals despite challenges faced in the wider MGM group, such as a cyberattack in September leading to a temporary shutdown and a $100 million revenue loss.