BetMGM, a prominent sports betting and iGaming operator co-owned by MGM Resorts International and Entain, has unveiled strong financial results for the fiscal year 2023, based on unaudited figures. The recent report shed light on the performance of various key areas, offering insights into the operator’s strategy and plans to address industry challenges.
Most Metrics Recorded Steady Increases
BetMGM experienced an impressive 36% year-over-year growth in net revenue from operations, reaching a total of $1.96 billion. This performance fell within the $1.8-$2.0 billion guidance range. Despite an anticipated FY 2023 EBITDA loss of around $67 million, the operator achieved positive EBITDA for the second half of 2023, indicating remarkable growth.
The company exhibited year-over-year improvement in several key metrics. Same-state growth in net revenue from digital operations was 14%, consistent with improvements in other figures such as average monthly actives, first-time depositors, hold percentages, bonus levels, and cost per acquisition. These results signal positive prospects for the operator, facilitating easier expansion.
BetMGM reaffirmed its guidance from December 2023, aiming for approximately $500 million of EBITDA in 2026. The company plans to utilize its acquisition of Angstrom to strengthen itself against competition with innovative and original products. Increased investment in marketing and player acquisition, as well as a renewed focus on BetMGM’s unique omnichannel advantages, are also expected to yield long-term benefits.
BetMGM Sets the Stage for Further Growth
BetMGM has established itself as a leading operator across North America, currently operating in 28 markets and having access to 49% of the adult population. The company holds 14% of the US Sports Betting and iGaming market and maintains a 22% market share in Ontario. Expansion opportunities, like the deal with Charlotte Motor Speedway in North Carolina, could further strengthen these numbers.
The operator’s ongoing investments in technological and product enhancements are crucial for its success, as regular updates enhance customer engagement and improve the overall user experience. BetMGM CEO, Adam Greenblatt, expressed confidence in the company’s strategic direction and achievements in 2023, noting that recent accomplishments validated BetMGM’s business model.
BetMGM’s updated strategic roadmap positions the company to focus on accelerated player acquisition and retention, strengthening its market position, and building long-term, sustainable value for shareholders. The operator remains committed to responsible gaming and aims to form strategic partnerships to promote a safe and player-focused growth model across regulated jurisdictions.