It was largely good news for BetMGM, which issued its H1 2023 financials today. The good news was highlighted by positive EBITDA during Q2 of 2023 and the assurance that the company will be self-sustaining in the back half of the year, requiring no additional investments from either Entain or MGM Resorts beyond the $150 million allocated for the year.
“I am pleased with the significant progress we have made during the first half of 2023 as we continue our strong growth and remain on our path to profitability. Our financial guidance for the year remains on track – we expect to deliver $1.8 to $2.0 billion in full year revenue, as well as to be EBITDA positive in the second half of 2023. In fact, we have already achieved positive EBITDA for the full second quarter of this year. Our focus remains on building a sustainable, scalable, and returns-focused business with leading products that our players enjoy responsibly. We look forward to the remainder of the year, buoyed by ongoing product improvements, tremendous support from our shareholders providing access to new assets and partnerships, and – above all – our extraordinary team at BetMGM,” said BetMGM CEO Adam Greenblatt.
Across the first half of the year, BetMGM produced $944 million in net revenues. With that performance, BetMGM stands by the revenue guidance it gave at the start of the year of between $1.8 billion and $2 billion of revenue for FY 2023.
Sports betting numbers continued to improve. Sports revenue per player was up 65% and each BetMGM sportsbook market delivered positive contributions in Q2. The company reported 11% of market share in the US overall with a slightly higher market share of 13% in markets where BetMGM was available from launch.
Additionally, acquisition costs for the company continue to fall. CPAs fell 8% during H1 and the company said its bonus optimization efforts continue to have a positive impact on the bottom line.
Online casino, on the other hand, has fewer high points during the first half of the year. BetMGM prides itself on being the online casino market leader, which it maintained, but market share dropped from 30% as reported in January to 27% for H1 2023.
Combined market share across both iGaming and sports betting in North America amounted to 18%, which solidly puts BetMGM in third place.
The release also touted the tech improvements coming to BetMGM through its renewed partnership with GameSense, its recent initiative with Marriott, the acquisition of pricing company Angstrom, and a forthcoming single account shared wallet.