A strong second half in 2023 has sports betting and iGaming operator BetMGM eyeing a huge 2024.
The jointly owned MGM Resorts International and Entain company announced Thursday a net revenue of $1.96 billion for the 2023 fiscal year.
A 36% year-over-year revenue increase helped BetMGM reach the upper end of its $1.8 billion-to-$2 billion guidance.
"Our performance in 2023 demonstrates our commitment to delivering on our promises,” BetMGM CEO Adam Greenblatt said. “We were able to achieve strong organic growth, while executing against key strategic initiatives that lay the foundation for 2024 and beyond.”
BetMGM also reached positive EBITDA in the second half of 2023 with yearly EBITDA losses expected to be roughly $67 million.
BetMGM, which operates mobile sportsbooks in 21 U.S. states and online casinos in six, reported 14% same-state growth net revenue in digital operations.
The online gaming operator, which is also live in Ontario, also saw FY23 increases in average monthly actives, first-time depositors, hold percentages, bonus levels, NGR per active, and cost per acquisition.
Other 2023 highlights
Revenue growth came in a variety of ways for BetMGM in 2023.
The operator increased its market size with online and retail launches in Ohio, Kentucky, and Massachusetts. It also began operating online in Puerto Rico.
BetMGM reported a 14% market share in the U.S. and 22% in Ontario for 2023 while also securing access to North Carolina through its partnership with Charlotte Motor Speedway when online sports betting launches on March 11.
BetMGM also enhanced its mobile app’s speed, introduced new iGaming options, and executed single-account wallets in 21 markets before the NFL season.
Off to a strong start
BetMGM is already making improvements to its products in 2024. It launched a new app last month with single-wallet functionality coming later this year.
Greenblatt feels BetMGM is set up well to accomplish its 2024 goals.
“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 omnichannel advantages,” Greenblatt said. “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."
