BetMGM Reports Strong FY 2023 Performance

BetMGM, a leading sports betting and iGaming operator jointly owned by MGM Resorts International and Entain, has announced robust financial results for the fiscal year 2023, according to unaudited figures. The recent report reflected on the performance of some key verticals, providing insights into the operator’s strategy and plans to tackle rising industry challenges.

Most Metrics Recorded Steady Increases

BetMGM witnessed a remarkable 36% year-over-year growth in net revenue from operations, reaching $1.96 billion. This performance was at the upper end of the $1.8-$2.0 billion guidance range. Despite an expected FY 2023 EBITDA loss of approximately $67 million, the operator achieved positive EBITDA for the second half of 2023, indicating impressive growth.

The company demonstrated year-over-year improvement in various key metrics. Same-state growth in net revenue from digital operations was 14%, aligning with improvements in other figures like average monthly actives, first-time depositors, hold percentages, bonus levels, and cost per acquisition. These results bode well for the operator, enabling easier expansion.

BetMGM reiterated its guidance from December 2023, targeting approximately $500 million of EBITDA in 2026. The company will leverage its acquisition of Angstrom to fortify itself against competition with innovative and original products. Increased investment in marketing and player acquisition and a renewed focus on BetMGM’s unique omnichannel advantages should also pay long-term dividends.

BetMGM Sets the Stage for Further Growth

BetMGM has established itself as a leading operator across North America, 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 can further bolster these numbers.

The operator’s continued investments in technological and product enhancements are another keystone for its success, as regular updates bolster 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 achievements validated BetMGM’s business model.

We were able to achieve strong organic growth while executing key strategic initiatives that lay the foundation for 2024 and beyond.

Adam Greenblatt, BetMGM CEO

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 retains its commitment to responsible gaming, forming strategic partnerships to empower a safe and player-focused growth model across regulated jurisdictions.