BetMGM, jointly owned by Entain plc and MGM Resorts International, has disclosed its performance update for fiscal year 2023.
The company's unaudited results indicate financial growth, with net revenue from operations reaching $1.96bn, marking a 36% year-over-year increase and aligning with the upper end of the $1.8bn - $2.0bn guidance range.
Key highlights of BetMGM's fiscal year 2023 performance include:
Financial Growth: BetMGM's net revenue from operations witnessed a 36% year-over-year increase to $1.96bn. Same-state growth in net revenue from digital operations stood at 14%.
Operational Milestones: BetMGM achieved positive EBITDA in the second half of 2023, with an expected EBITDA loss of approximately $67m for the fiscal year.
Market Expansion: BetMGM strengthened its position as an operator in North America, operating in 28 markets and accessing 49% of the adult population. During fiscal year 2023, the company expanded its operations into four new markets: Ohio, Massachusetts, Puerto Rico and Kentucky.
Strategic Partnerships: BetMGM forged strategic partnerships, such as the collaboration with Raw iGaming in Ontario, aiming to enhance its gaming offerings and improve player experiences. By incorporating Raw iGaming's mechanics and game engines, BetMGM aims to provide new gaming experiences for its customers.
Future Outlook: BetMGM is reported to now focus on driving growth and innovation in the sports betting and iGaming sectors. The company's strategic roadmap for 2024 includes expanding its sports offering, enhancing gaming experiences and leveraging omnichannel advantages, particularly in Las Vegas, Nevada.
Adam Greenblatt, BetMGM CEO, commented: “Our performance in 2023 demonstrates our commitment to delivering on our promises. We were able to achieve strong organic growth, while executing against key strategic initiatives that lay the foundation for 2024 and beyond.”
Greenblatt added: “The attainment of EBITDA profitability over the last three quarters of 2023 validates the effectiveness of our business model and provides the basis from which to invest further in expanding our sports offering through the integration of Angstrom and leveraging our largely untapped Las Vegas omnichannel advantages.
"With this comprehensive roadmap in place, we can focus on driving accelerated player acquisition and retention and strengthening our current market position.”
BetMGM plans to remain dedicated to promoting responsible gaming practices, evidenced by its partnerships with NFL teams and initiatives such as the GameSense program.
