In its 2023 end-of-year financial report, BetMGM has shown a strong performance with net revenues of US$1.96 billion. The operator also reported strong performance in Canada, with a 22% market share in Ontario.
BetMGM, a joint venture between MGM Resorts International and Entain plc, announced a 36% increase year-on-year, positioning it at the upper end of its guidance range. This growth was complemented by a positive EBITDA in the second half of 2023, despite a projected annual EBITDA loss of approximately US$67 million.
The operator solidified its market presence in North America in 2023, operating in 28 regulated markets and reaching 49% of the adult population. The operator recently expanded into four new markets: Ohio, Massachusetts, Puerto Rico and Kentucky. To date, BetMGM has a 14% share of the sports betting and igaming market in the US.
The company’s strategic focus has been on technological enhancements and product innovation. Initiatives such as the seamless integration of a single account, single wallet access across 21 markets, and the launch of new in-house and exclusive games have contributed to its operational success.
In August 2023, BetMGM launched a sportsbook in the UK, marking its debut outside of North America. This move leveraged the technology and platform acquired through MGM’s purchase of European operator LeoVegas. Back in the States, BetMGM continues to expand its reach to sports fans with a renewed deal with the NHL.
“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,” Adam Greenblatt, CEO of BetMGM, commented.
“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 omnichannel advantages,” he added.
“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.”