BetMGM reports $944m in H1 revenue – up 55% annually

BetMGM is expected to become self-sufficient in H2 2023 after $150m was committed to it earlier in 2023.

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BetMGM (a joint venture by MGM Resorts & Entain) has posted its H1 2023 report, showing net revenue of $944m – up 55% on H1 2022’s total of $608m.

Its EBITDA, meanwhile, while not fully reported by BetMGM, is stated to have reached a ‘key milestone’ for Q2 2023.

Furthermore, its cost per acquisition (CPA) percentage per state fell by 8% – while the sportsbook also launched in Massachusetts, Ohio and Puerto Rico, meaning BetMGM is now live in 26 North American provinces/states.

BetMGM has stated that it now expects to make between $1.8 - $2bn in full-year revenue due to the strength of its H1 results.

It has also been revealed that BetMGM will also not require any further equity investment from MGM Resorts or Entain (which co-own the sportsbook), as it is expected to become self-sufficient in H2 of this year.

On that note, Barry Gibson, Chairman of Entain, exclusively told Gambling Insider: “We are going to become profitable this year, which is a major milestone – and we see ourselves being a number one or two player within the US in the next couple of years or so.”

Becoming the number one or two player in the US market will be difficult, however. First, because of FanDuel and DraftKings’ dominance in almost every state – and second, because the US sports betting market has become tougher and tougher for operators in the market to survive.

Just this year, PointsBet, the seventh biggest sportsbook in the US, recently sold its US operations to Fanatics as part of a $225m deal.

However, for now, all looks good for BetMGM, with Adam Greenblatt, CEO of BetMGM, stating: "I am pleased with the significant progress we have made during the first half of 2023 as we continue our strong growth and remain on our path to profitability.

“Our financial guidance for the year remains on track – we expect to deliver $1.8bn to $2.0bn in full-year revenue, as well as to be EBITDA positive in the second half of 2023. In fact, we have already achieved positive EBITDA for the full second quarter of this year.”

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