BetMGM, a major player in the sports betting and iGaming industry, has revealed its financial performance for 2023 with impressive results. The company, which is a joint venture between MGM Resorts and Entain, reported gaming revenue of nearly $2 billion, surpassing expectations and reinforcing its dominant market position.
A focal point of the financial report is the company’s goal of achieving a positive EBITDA of $500 million by 2026, despite an expected negative EBITDA of $67 million for the full year of 2023. BetMGM attributed its strong 2023 results to significant improvements in iGaming and online sports betting compared to the previous year. It saw positive momentum in various operational areas, such as first-time deposits and bonus levels, while also enhancing the balance between revenue and costs.
Throughout 2023, BetMGM expanded its presence across North America, establishing a foothold in 28 regional markets. This expansion included new launches of both retail and online operations in Ohio, Massachusetts, and Kentucky, as well as the initiation of online operations in Puerto Rico. In line with its growth strategy, the company partnered with Charlotte Motor Speedway in January 2024 to expand its operations in North Carolina by March. By the end of 2023, BetMGM had captured a 14% sports betting and iGaming market share in the US, along with a 22% share in Ontario, Canada.
CEO Adam Greenblatt expressed satisfaction with the company’s 2023 performance, emphasizing BetMGM’s commitment to delivering on its promises and achieving strong organic growth. He also underscored the importance of EBITDA profitability over the last three quarters of 2023, positioning the company to further invest in expanding its sports offerings through the integration of Angstrom and leveraging untapped omnichannel advantages in Las Vegas.
Looking ahead, BetMGM is dedicated to strategic advancements in technology, products, and expertise, particularly in its offerings such as single account single wallet availability in 21 markets to coincide with the NFL season, as well as expanded bet types and game offerings. These efforts will continue through 2024, supported by the recent acquisition of sports data provider Angstrom and the rollout of a new app in Nevada in January, with plans to expand to other markets soon.
Greenblatt affirmed the company’s focus on driving accelerated player acquisition and retention, strengthening its market position, and building long-term, sustainable value for shareholders with this clear strategic direction in place. BetMGM’s strong 2023 performance sets the stage for continued growth and success in the years to come.