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BetMGM provided an update on its first-half performance and outlook for full-year 2023, sharing positive EBITDA during Q2 of 2023.
The US online gambling conglomerate also emphasized the assurance that it will be self-sustaining in the back half of the year. BetMGM said it would require no additional investments from either Entain or MGM Resorts beyond the $150 million previously committed for the year.
BetMGM is on its way to positive EBITDA in Q2 2023
BetMGM produced $944 million in net revenue. CEO Adam Greenblatt said he is pleased with his company’s significant progress during the first half of 2023. He commented in the news release:
“Our financial guidance for the year remains on track — we expect to deliver $1.8 to $2.0 billion in full year revenue, as well as to be EBITDA (earnings before interest, taxes, depreciation and amortization) positive in the second half of 2023. In fact, we have already achieved positive EBITDA for the full second quarter of this year.”
Sports betting numbers continued to rise, with sports revenue per player increasing by 65%. The company said each of its online sportsbooks launched from 2019 through 2022 delivered positive contribution profit in Q2.
BetMGM’s acquisition costs continue to fall, with CPAs decreasing 8% during the first half of 2023.
BetMGM prides itself on being a leading US operator
The press release also notes the company continued its geographic expansion in the first half of 2023. Its new online sports betting launches were:
- Ohio
- Massachusetts
- Puerto Rico
BetMGM is live in 25 jurisdictions and Ontario, with access to about 48% of the US adult population.
The company’s market share across iGaming and sports betting verticals was 18%, putting the operator in third place.
BetMGM has also informed it had:
- 27% market share in iGaming
- 11 % share in online sports betting
- 13 % share in markets where it was active from day one
Furthermore, Entain and MGM Resorts contributed new technology, resources and relationships to accelerate BetMGM’s product evolution and access to players. Some enhancements include the company’s renewed collaboration with GameSense, its partnership with Marriott, and the acquisition of Angstorm.
As Greenblatt concluded:
“Our focus remains on building a sustainable, scalable, and returns-focused business with leading products that our players enjoy responsibly. We look forward to the remainder of the year, buoyed by ongoing product improvements, tremendous support from our shareholders providing access to new assets and partnerships, and – above all – our extraordinary team at BetMGM.”
