BetMGM H1 2024 Financial Results
Date: 2024-07-29 Author: Kirill Zagoruyko Categories: PAYMENT SOLUTIONS
Entain and MGM's joint venture, BetMGM, has released its financial results for the first half of 2024. Despite significant revenue growth, EBITDA remained negative.
BetMGM demonstrated year-on-year revenue growth of 6%, reaching the $1 billion mark in the first six months of 2024. This demonstrates the company's steady growth in revenue and its strengthening position in the market.
However, revenue growth was partially offset by negative EBITDA for the first half of the year, which amounted to -$123 million. BetMGM noted that such results are in line with expectations, as the company is in a phase of active investments aimed at long-term development. The investment phase is expected to last the full calendar year, after which EBITDA should improve.
Q2 Results
In Q2 2024, BetMGM net revenue increased 9% year-on-year and 3% year-on-year, indicating continued growth and effective implementation of strategic initiatives.
BetMGM CEO Adam Greenblatt commented:
“The first half of this year has been critical in laying the foundation for BetMGM’s future. 2024 is a year of investment focused on enhancing the customer experience and increasing our investment in players. We are encouraged that this strategy is accelerating our momentum. We exceeded our customer acquisition and retention targets, which should lead to higher annual revenue growth in the second half of this year and into 2025.”
Increase in Active Users
BetMGM’s average monthly active users (MAUs) for the iGaming platform increased by 18% year-on-year in Q2 2024, demonstrating the growing popularity and demand for the company’s services among users.
BetMGM also strengthened its position in the US iGaming market, achieving a market share of 22%. The company’s Gross Gaming Revenue (GGR) market share in the US and Ontario is 13% for iGaming and sports betting, highlighting the company’s successful market penetration and competitiveness.
Despite negative EBITDA for the first half of the year, BetMGM continues to demonstrate stable revenue growth and an increase in active users. Investments in customer experience and retention lay the foundation for continued success for the company in 2024 and 2025.
BetMGM demonstrated year-on-year revenue growth of 6%, reaching the $1 billion mark in the first six months of 2024. This demonstrates the company's steady growth in revenue and its strengthening position in the market.
However, revenue growth was partially offset by negative EBITDA for the first half of the year, which amounted to -$123 million. BetMGM noted that such results are in line with expectations, as the company is in a phase of active investments aimed at long-term development. The investment phase is expected to last the full calendar year, after which EBITDA should improve.
Q2 Results
In Q2 2024, BetMGM net revenue increased 9% year-on-year and 3% year-on-year, indicating continued growth and effective implementation of strategic initiatives.
BetMGM CEO Adam Greenblatt commented:
“The first half of this year has been critical in laying the foundation for BetMGM’s future. 2024 is a year of investment focused on enhancing the customer experience and increasing our investment in players. We are encouraged that this strategy is accelerating our momentum. We exceeded our customer acquisition and retention targets, which should lead to higher annual revenue growth in the second half of this year and into 2025.”
Increase in Active Users
BetMGM’s average monthly active users (MAUs) for the iGaming platform increased by 18% year-on-year in Q2 2024, demonstrating the growing popularity and demand for the company’s services among users.
BetMGM also strengthened its position in the US iGaming market, achieving a market share of 22%. The company’s Gross Gaming Revenue (GGR) market share in the US and Ontario is 13% for iGaming and sports betting, highlighting the company’s successful market penetration and competitiveness.
Despite negative EBITDA for the first half of the year, BetMGM continues to demonstrate stable revenue growth and an increase in active users. Investments in customer experience and retention lay the foundation for continued success for the company in 2024 and 2025.
