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BetMGM Posts Negative H1 EBITDA Amid Investment Year
BetMGM continues to enhance its products, aiming to offer improved player experiences and better gambling products
Gaming and betting giant Entain has published a report concerning the BetMGM brand’s performance in the first half of 2024 (H1). Co-owned by Entain and MGM Resorts International, the operator recorded accelerating momentum through the year.
Negative EBITDA Is in Line with Expectations
The H1 update highlighted net revenue from operations of 1 billion, up 6% year-on-year. Entain added that BetMGM’s Q2 net revenue increased 9% year-on-year.
In H1, BetMGM also recorded an EBITDA loss of $123 million, which was consistent with the expectations for 2024 to be an investment year.
In H1, BetMGM occupied 13% GGR market share in the US and Ontario across the sports betting and iGaming sectors. Speaking of which, Entain also noted that online sports betting NGR and iGaming activity increased in Q2 2024. This was very noticeable within the MLB SGP market, which saw its volume of weekly bets double versus H1 2023.
An additional highlight includes the record-breaking $5+ million online jackpot BetMGM offers in New Jersey. This is notably set to be the largest iGaming jackpot in US history.
The number of iGaming players was up 18% YOY, marking continued growth despite no new state launches. BetMGM’s results are in line with its expectation for 2024 being an investment year. H2 EBITDA is expected to be similar to the H1 results. However, the company believes that it is still on track to generate an annual EBITDA of $500 million in the coming years.
BetMGM Seeks Better Customer Experiences
In terms of markets, BetMGM’s products are currently available in 29 North American jurisdictions. Earlier this month, the company secured entry into the District of Columbia, expanding its reach.
In the meantime, BetMGM continues to enhance its products, aiming to offer improved player experiences and better gambling products. To that end, the company further integrated Angstrom capabilities, adding new MLB and NBA features.
Additionally, the company now offers enhanced betting and SGP+ journeys, landing pages and multiple new features. BetMGM also added non-traditional LuckyTap and crash-style games to its offering, allowing it to appeal to even more players. Moreover, the company formed deals with suppliers such as GameCode and White Hat Gaming in order to further improve its offering.
Speaking of partnerships, BetMGM teamed with key media giants, such as X and the Associated Press, as well as Marriott Bonvoy. BetMGM also onboarded Brian Christopher Slots as its exclusive ambassador.
BetMGM, reflecting its leadership position, improved its safer gambling efforts by becoming one of the founding members of the Responsible Online Gaming Association and expanding its Kindbridge Health program to eight additional jurisdictions.
In H1, BetMGM was named both Employer and Sports Betting Operator of the Year at the EGR North America Awards. The company secured a Top 20 for Best Workplaces in New YorkTM award by Fortune and the Best Sports Betting Partnership (X/Twitter) and Best Communications Strategy awards by Hashtag Sports.
A Year of Investment for BetMGM
BetMGM CEO Adam Greenblatt commented on the results, saying that H1 was very important in laying the groundwork for BetMGM’s future. He emphasized that 2024 is a year of investment that will see BetMGM focus on improving its customer experience.
We are encouraged to see this strategy delivering accelerating momentum. We have exceeded our goals for both acquisition and retention, which should lead to higher year-over-year revenue growth for the second half of this year into 2025.
Adam Greenblatt, CEO, BetMGM
Greenblatt added that its online sportsbook players have been enjoying the Angstrom-enabled product capabilities. He also noted that Single Account Single Wallet will be an important driver of the customer experience moving forward.
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