BetMGM's 2023 net revenue makes a jump

9 February 2024
(PRESS RELEASE) -- BetMGM, LLC, one of the leading sports betting and iGaming operators across the U.S., jointly owned by MGM Resorts International and Entain plc 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 billion, at the upper-end of $1.8-$2.0 billion guidance range
  • 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 CPAs
  • EBITDA positive in the second half of 2023 with expected FY 2023 EBITDA loss of approximately $67 million
- Established as a leading operator across North America, live in 28 markets with access to 49% of adult population
  • 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 legalized 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 speed, 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
- On 4 December, 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+ 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 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."