BetMGM reports rise in net revenue for 2024
Revenue was up 7 per cent compared to 2023.
US.- BetMGM, the US joint venture owned by MGM Resorts International and Entain, has reported net revenue of $2.1bn for 2024. That’s a rise of 7 per cent year-on-year. Igaming generated a record $1.4bn, outperforming online sports and retail sports betting.
The company reported a drop in EBITDA, which fell from negative $62m to negative $244m. BetMGM said this was consistent with predictions as 2024 was earmarked as a year for investment.
The online casino segment remains the primary driver, contributing 71 per cent of revenue. The company cited a 55 per cent increase in average monthly active users in the fourth quarter. Meanwhile, the online sportsbook segment generated $554m in revenue from a handle of $13bn for a hold percentage of 8.6 per cent. Retail revenue fell 50 per cent year-on-year to $70m.
CEO Adam Greenblatt stated: “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 trended towards breakeven on a normalised basis.”
BetMGM revenues between $2.4bn and $2.5bn in 2024. The company anticipates a $250m improvement in EBITDA, seeing positive figures for the first time.
