BetMGM, a major player in the sports betting and iGaming industry, co-owned by MGM Resorts International and Entain, has reported strong financial results for the fiscal year 2023 based on unaudited figures. The recent report highlighted the performance of key verticals and shed light on the operator’s strategy to address industry challenges.
One of the standout figures in BetMGM’s financial report was a 36% year-over-year growth in net revenue from operations, totaling $1.96 billion. This performance exceeded the expected range of $1.8-$2.0 billion. Despite an anticipated FY 2023 EBITDA loss of approximately $67 million, the operator achieved positive EBITDA for the second half of 2023, demonstrating significant growth.
The company also saw improvements in various key metrics, including a 14% year-over-year growth in net revenue from digital operations, along with increases in average monthly active users, first-time depositors, hold percentages, bonus levels, and cost per acquisition. These results position BetMGM well for future expansion.
In alignment with its guidance from December 2023, BetMGM aims to achieve approximately $500 million of EBITDA in 2026. The company plans to leverage its acquisition of Angstrom to enhance its competitive edge through innovative products. Additionally, increased investment in marketing and player acquisition, along with a renewed focus on BetMGM’s unique omnichannel advantages, are expected to yield long-term dividends.
BetMGM has solidified its position as a leading operator in North America, operating in 28 markets and reaching 49% of the adult population. The company holds a 14% share of the US Sports Betting and iGaming market, as well as a 22% market share in Ontario. Expansion opportunities, such as the partnership with Charlotte Motor Speedway in North Carolina, are expected to contribute to further growth.
The operator’s ongoing investments in technological and product enhancements are crucial to its success, as regular updates improve customer engagement and user experience. BetMGM CEO Adam Greenblatt expressed confidence in the company’s strategic direction and achievements in 2023, emphasizing the validation of BetMGM’s business model.
Looking ahead, BetMGM’s updated strategic roadmap prioritizes accelerated player acquisition and retention, strengthening its market position, and creating long-term sustainable value for shareholders. The operator remains committed to responsible gaming, forming strategic partnerships to promote safe and player-focused growth across regulated jurisdictions.