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BetMGM reached the top end of revenue guidance for full-year 2023 as the company approached EBITDA profitability.

The MGM Resorts and Entain joint venture recorded $1.96bn in revenue for 2023, a 36% rise from the business’ 2022 total.

This stood at the top end of BetMGM’s $1.8-$2.0bn guidance range. Excluding the impact of new state launches, the company reported a 14% increase in state revenue.

BetMGM highlighted this revenue growth saw the operator achieve EBITDA profitability in the second half of the year. Overall, it reported a $67m EBITDA loss for 2023.

The joint venture opted to not share its net loss. Profitability has been an increasingly prominent theme in US online gaming operations in recent years due to high-interest rates, the highly competitive nature of the market and other factors.

In a December 2023 investor presentation, the company indicated its long-term goal is to receive $500m in EBITDA from 2026 onwards.

“Our performance in 2023 demonstrates our commitment to delivering on our promises,” said BetMGM CEO Adam Greenblatt.  

“We were able to achieve strong organic growth, while executing against key strategic initiatives that lay the foundation for 2024 and beyond.

“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.”

BetMGM market share

BetMGM previously outlined its ambition to eventually hold a 20-25% share of the total combined US online sports betting and iGaming market.

As part of that goal, the company committed to treating 2024 as an “investment year” to build capabilities and product improvements.

The business reported a 14% US market share for 2023, and a 22% share for Ontario.

The operator has seen a steady decline in its iGaming market share in recent years. BetMGM’s share stood at 24% in November 2023, a fall from the 30% previously reported.

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