BetMGM reports 36% YoY leap in FY 2023 revenue as H2 turns EBITDA positive
MGM Resorts and Entain JV puts US market share at 14% and reiterates guidance of around $500m in EBITDA in 2026
BetMGM has reported a 36% year-on-year (YoY) leap in full-year (FY) 2023 revenue to $1.96bn (£1.5bn) as the operator became EBITDA positive in the second half of the year.
Releasing a trading update ahead of a full financial disclosure, the MGM Resorts and Entain JV reported that revenue reached the upper end of the previously communicated guidance of between $1.8bn and $2bn.
BetMGM added that same-state growth in net revenue from digital operations rose 14%, while there were improvements to KPIs across sports betting and igaming.
The operator said there was YoY growth across average monthly actives, FTDs, hold percentages, bonus levels, NGR per active and CPAs.
In terms of EBITDA, while H2 delivered a positive return for the business, an estimated FY 2023 EBITDA loss of around $67m is anticipated.
Elsewhere, BetMGM said that it was sitting on a combined 14% market share for sports betting and igaming in the US, with a 22% market share in Ontario.
Ohio, Massachusetts, Puerto Rico and Kentucky all launched last year to give the operator a boost, while North Carolina is due to go live in March in the first sports betting state launch of the year.
The firm has also reiterated its December 2023 guidance of targeting approximately $500m in EBITDA in 2026.
Post-2023, BetMGM launched a new and improved app in Nevada and debuted its first-ever Super Bowl advert.
Adam Greenblatt, BetMGM CEO, said: “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.
“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 [pricing specialist] Angstrom [acquired by Entain in 2023] 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. This clear strategic direction underpins our confidence in achieving our targets and building long-term, sustainable value for shareholders,” he added.