BetMGM reports $1bn in net revenue for H1
The company registered EBITDA of negative $123m.
US.- BetMGM has released its H1 and Q2 financial results, highlighting a 6 per cent yearly rise in H1 2024 revenue to $1bn. H1 EBITDA was negative $123m.
In Q2, net revenue grew 9 per cent year-over-year. Online sports betting net gaming revenue (NGR) increased 16 per cent year-over-year. The firm launched digital sports betting in North Carolina in March and district-wide in the District of Columbia in July. It says its igaming market share is now at 22 per cent.
Adam Greenblatt, chief executive officer of BetMGM, said: “The first half of this year has been very important in laying the groundwork for BetMGM’s future. 2024 is a year of investment, focusing on improving our customer experience and stepping up our level of investment in players. We are encouraged to see this strategy delivering accelerating momentum. We have exceeded our goals for both acquisition and retention, which should lead to higher year-over-year revenue growth for the second half of this year into 2025.
“Our online sportsbook players have been enjoying Angstrom-enabled product capabilities since the start of the baseball season, and we look forward to players enjoying this across our wider sports offering leading into the NFL season. We are also very excited to bring our unique omnichannel opportunities to players by fully leveraging MGM Resorts’ presence in Las Vegas.”
