BetMGM Secures Dominant 22% Market Share in Ontario

Author:

Olivia Phillips

|Published: February 14th, 2024

BetMGM, the joint venture of MGM Resorts International and Entain plc, unveils robust 2023 end-of-year financials, boasting US$1.96 billion in net revenues and an impressive 22% market share in Ontario, Canada.

The joint venture marked a 36% YoY increase, exceeding expectations. Despite a projected annual EBITDA loss of around US$67 million, BetMGM achieved positive EBITDA in H2 2023.

Operating in 28 regulated markets and reaching 49% of the adult population in North America, BetMGM expanded into Ohio, Massachusetts, Puerto Rico, and Kentucky in 2023.

With a 14% share in the US sports betting and igaming market, the company's strategic focus on technological advancements and product innovation, including seamless integration and exclusive game launches, contributed significantly to its success.

August 2023 witnessed BetMGM's UK sportsbook launch, marking its first foray outside North America, leveraging technology acquired by purchasing European operator LeoVegas.

The company continues its expansion in the US, renewing its deal with the NHL and connecting with sports fans.

CEO Adam Greenblatt expressed confidence in the company's performance, highlighting the achievement of EBITDA profitability over the last three quarters of 2023. Greenblatt emphasized the strategic roadmap, including integrating Angstrom and leveraging Las Vegas omnichannel advantages, as a foundation for future growth and value creation.