BetMGM reports $944m in H1 revenue

Revenue was up 55.2 per cent compared to the same period in 2022.

US.- BetMGM, owned by MGM Resorts International and Entain, has reported net revenue of $944m for the first half, up 55 per cent on H1 2022’s total of $608m. The company expects annual revenue at the upper end of its previous forecast of $1.8bn to $2bn. 

Adam Greenblatt, chief executive officer of BetMGM, said the company had made “significant progress” towards its goal of profitability: “I am pleased with the significant progress we have made during the first half of 2023 as we continue our strong growth and remain on our path to profitability.

“Our financial guidance for the year remains on track – we expect to deliver $1.8bn to $2.0bn in full-year revenue, as well as to be EBITDA positive in the second half of 2023. In fact, we have already achieved positive EBITDA for the full second quarter of this year,” he said.

BetMGM’s market share stands at 27 per cent for igaming and 11 per cent for online sports betting. It has a 13 per cent share in markets where it was live on the market’s first day. After launching in Massachusetts, Ohio and Puerto Rico, BetMGM is now live in 26 North American provinces and states.

The company said it will not require any further equity investment from MGM Resorts or Entain as it is expected to become self-sufficient in H2.