BetMGM reports revenue figure of $2.1bn for FY24

The operator’s FY revenue figure highlights a rise of 7% year-on-year, with iGaming leading the way over online sports & retail. 

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Key points: 

- BetMGM reports FY24 revenue rise of 7% to $2.1bn

- iGaming was the company's primary revenue driver for the period

- Retail revenue fell by 50% year-on-year

- EBITDA fell to negative $244m during 2024

Operator BetMGM has posted its FY24 financial results, highlighting a net revenue rise of 7% year-on-year to a total of $2.1bn, with iGaming as the primary revenue driver, generating $1.49bn for the year.  

As is highlighted in figures released by BetMGM today, revenue rose by a total of 7% during the last calendar year when compared to results from 2023. Regarding these latest results, the operator finished the year strong, as its H2 2024 total revenue reached $1.1bn, surpassing the $999m generated in the first half of the year.  

However, EBITDA figures for the year fell by a notable 118%, declining from negative $62m in 2023 to negative $244m in 2024. As stated by the company, this figure remains consistent with predictions as 2024 was a year of investment and includes the $50m negative impact of December’s favourable consumer results. Further, this figure is almost exactly double the EBITDA figure of negative $123m reported in the operator’s H1 2024 results

FY24: iGaming 

The online gaming sector led the way for BetMGM over the course of 2024, accounting for $1.49bn of the overall revenue figure, a 13% rise in comparison to results from the year prior. 

The second half of 2024 proved to be the most lucrative period for BetMGM, with revenue from iGaming reaching $784m, up by 15% when compared to figures from the second half of 2023. Additionally, the operator generated $695m during the first half of 2024, highlighting a year-on-year increase of 10%. With regard to market share stabilisation, BetMGM’s iGaming operations finished the year with a GGR share of 22%. 

FY24: Online Sports 

Elsewhere, online sports wagering also experienced an uptick year-on-year for the operator, rising by 4% to generate revenue of $554m. Overall wagering handle also increased, from $10.9bn in 2023 to a total of $13.1bn wagered with the operator during 2024.  

A total of $7.2bn was wagered with BetMGM during the second half of 2024, a fact that is reflected in the $292m revenue generated during the period – up 2% from the year prior. Moreover, the operator finished the year with an 8.6% GGR hold.  

Good to know: In December, BetMGM announced the appointment of Casey Hurbis as company CMO 

FY24: Retail 

In juxtaposition to results from other industry sectors, retail revenue fell by 50% year-on-year for BetMGM over the course of 2024, generating $70m. Further, this was the only specified sector which enjoyed a stronger start to 2024 in comparison to the year's conclusion, generating $42m of its overall revenue during the year’s first half – highlighting a fast decline in engagement over the course of the past few months.  

2024 Highlights 

It was busy year internationally for BetMGM in 2024, with the operator launching its mobile sportsbook in the additional jurisdiction of Washington DC over the summer. Further, the operator set its sights on European expansion during Q4 2024, entering the Swedish market in October. This market entry came in the wake of additional successful launches in both the UK and the Netherlands.  

Commenting on these latest results, Adam Greenblatt, Chief Executive Officer of BetMGM, said: "2024 was a year of investment and rebuilding of momentum for BetMGM. Our successful strategic refinement saw BetMGM exit the year with encouraging run rates across our key metrics and Q4 EBITDA trend towards breakeven on a normalised basis. Our leading iGaming business continues to grow strongly and deliver attractive returns.

“We also have an exciting opportunity in online sports, having made meaningful progress in 2024. Our improved product, accelerating growth and enhanced efficiency drive our expectation of online sports being contribution positive for FY25. With BetMGM's renewed acceleration across both iGaming and online sports we expect to achieve positive EBITDA in 2025, and our scaled podium position in the world's largest gaming market underpins our confidence in our pathway to $500 million EBITDA in the coming years." 

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