BetMGM reports $1.9B in net revenue for previous year

BetMGM Update 203
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BetMGM is continuing to drive growth as one of America’s largest gambling operators.

The casino and sports betting brand posted $1.96 billion in net revenue in 2023, a 36% increase year-over-year. The full-year results met the expectations of BetMGM’s previous guidance that projected net revenue in 2023 to range between $1.8 billion and $2 billion.

Despite the promising year, BetMGM estimates an EBITDA loss of around $67 million in 2023. The operator is looking to drastically improve with a target of roughly $500 million of EBITDA by 2026.

BetMGM’s attributed its uptick in revenue to growth across key metrics in both its iGaming and sports betting businesses. Those key metrics for BetMGM included hold percentages, average monthly active users, bonus levels, net gaming revenue per active user, and other factors.

“Our performance in 2023 demonstrates our commitment to delivering on our promises,” said BetMGM CEO Adam Greenblatt in a statement. “We were able to achieve strong organic growth while executing against key strategic initiatives that lay the foundation for 2024 and beyond.”

BetMGM added four new sports betting markets in 2023, which included Ohio, Massachusetts, Kentucky and Puerto Rico. The additions brought BetMGM’s total reach to 28 markets across North America, which provides the operator with access to 49% of the adult population.

As a sports betting and iGaming operator, BetMGM has a market share of 14% as of the end of FY2023. FanDuel and DraftKings are America’s largest sportsbooks at both over a 40% share. BetMGM closed the fiscal year with a 22% market share as a gambling operator in Ontario.  

The company will continue to expand in 2024 with the looming arrival of sports betting in North Carolina. BetMGM inked a deal with Charlotte Motor Speedway to offer sports betting in the Tar Heel State when wagering goes live on March 11. BetMGM will join at least 6 other operators.

The company’s efforts in 2023 were recognized as BetMGM was named Digital Operator of the Year by Global Gaming Awards and Casino Operator of the Year by SBC Awards North America.