Revenue was up 36 per cent compared to 2022.
US.- BetMGM, owned by MGM Resorts International and Entain, has reported net revenue of $1.96bn for 2023. That’s a rise of 36 per cent year-on-year. The results met the expectations of BetMGM’s previous guidance that projected net revenue of between $1.8 bn and $2bn.
The company estimates an EBITDA loss of around $67m but is targeting $500m by 2026. BetMGM added four new sports betting markets in 2023: Ohio, Massachusetts, Kentucky and Puerto Rico. The brought BetMGM’s reach to 28 markets in North America, covering 49 per cent of the adult population. Further expansion is also on the horizon with a deal in place in North Carolina.
BetMGM CEO Adam Greenblatt 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 Angstrom and leveraging our largely untapped Las Vegas omni-channel advantages.”