BetMGM FY 2023 Net Revenue Hits $1.96 Billion, Up 36% Yearly

BetMGM reported a solid financial performance for FY 2023, with a 36% year-over-year growth in net revenue from operations, hitting $1.96 billion.

The company emphasized positive EBITDA (earnings before interest, taxes, depreciation, and amortization) in the second half of 2023.

A joint venture between MGM Resorts International and Entain, BetMGM operates online casinos and online sports betting in five markets, as well as sports betting only (combined online and retail) in 23 markets.

MGM Resorts announced it would disclose its financial results for the fourth quarter and full year 2023 on Feb. 13, after the market closes. As usual, the conference will include a brief discussion of the results followed by a question-and-answer session.

BetMGM expanded its business into 28 markets

Established as one of the leading operators across North America, BetMGM is live in 28 markets with access to 49% of the adult population. 2023 highlights include:

Expanding presence in four new markets:
1. Ohio (online and retail)
2. Massachusetts (online and retail)
3. Puerto Rico (online)
4. Kentucky (online and retail)
Establishing a 14% market share in the US sports betting and online casino sector, and 22% in Ontario
Securing market access with Charlotte Motor Speedway in the newly legalized North Carolina sports betting market, ahead of anticipated March 2024, pending regulatory approval

CEO of BetMGM, Adam Greenblatt commented in the BetMGM news release:

“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.”

BetMGM will focus on driving accelerated player acquisition and retention

BetMGM hopes live betting and same-game parlay technology investments will attract new customers.

The company launched the new, improved app in January with single wallet functionality (one account for all states where the BetMGM Casino and sportsbook apps are available) expected later in 2024. Greenblatt further 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 omni-channel advantages.

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.”

The company plans to target approximately $500 million of EBITDA in 2026.

Several other BetMGM accomplishments in 2023

The company also emphasized that during last year, it secured the following:

Five-year extension with the GameSense program, providing players with tools and capabilities to play responsibly
Nine partnerships with NFL teams to promote responsible gambling in stadiums during games
Piloted the program with Kindbridge Health to evaluate the efficacy of offering self-excluded individuals’ referrals for problem gambling treatments

The release further states that, during 2023, BetMGM received: