Revenue for the 12 months to 31 December 2023 amounted to $1.96 billion. BetMGM forecasts a full-year revenue between $1.80 billion and $2.00 billion, with various developments driving growth in the finance sector. Despite expecting negative EBITDA of $67 million for 2023, BetMGM remains on track to achieve a positive EBITDA of $500 million by 2026, as stated in its business update in December.
In 2023, BetMGM experienced improvements in key metrics for igaming and online sports betting compared to the previous year. Average monthly actives, first-time deposits, hold percentages, bonus levels, net gaming revenue per active, and cost per acquisition all saw positive growth.
BetMGM successfully expanded its presence in North America and is now active in 28 markets across the region. It launched online and retail platforms in Ohio, Massachusetts, and Kentucky, as well as online operations in Puerto Rico. Further expansion is expected with a deal in place in North Carolina. BetMGM’s market share includes 14% in sports betting and igaming in the US and 22% in Ontario, Canada.
“Our performance in 2023 demonstrates our commitment to delivering on our promises,” said BetMGM CEO Adam Greenblatt. “We achieved strong organic growth and executed key strategic initiatives, laying a solid foundation for 2024 and beyond. The profitability of our EBITDA over the last three quarters validates our business model and enables further investment in expanding our sports offering and leveraging our untapped Las Vegas omnichannel advantages.”
BetMGM remains dedicated to its strategic roadmap outlined in December, focusing on technology, product enhancements, and capability improvements. The company executed single account single wallet across 21 markets and expanded its sports betting and igaming offerings last year. Using Angstrom, a sports data provider acquired in July, BetMGM plans to enhance products like same game parlay (SGP), SGP+, and new LIVE SGP products when the 2024 NFL season begins.
BetMGM is also committed to providing more personalized and differentiated gaming experiences and increasing investment in marketing and player acquisition. The company recently launched its new app in Nevada, aiming to drive accelerated player acquisition and retention and strengthen its market position.
The update does not mention the launch of BetMGM in the UK, where it went live in August. Although the UK venture does not involve Entain, MGM’s collaboration with LeoVegas has been successful. BetMGM is still considered a strategic part of Entain and MGM, as highlighted by Entain’s support. In 2021, MGM’s £8.10 billion bid for Entain was rejected.
In 2023, MGM faced challenges impacting the wider group, including a cyberattack in September that led to the shutdown of systems across its US properties. MGM Resorts CEO Bill Hornbuckle described the incident as a significant setback, resulting in a revenue loss of $100 million.
