BetMGM Revenue Hits Nearly $2 Billion in 2023

BetMGM, the collaborative effort between Entain and MGM Resorts, has reported a staggering revenue of nearly $2 billion in 2023, marking a significant milestone for the company. The revenue figure, totaling $1.96 billion for the 12-month period ending on December 31, 2023, comfortably reached the upper end of the projected guidance range.

Despite forecasting negative EBITDA of $67 million for the year 2023, BetMGM remains optimistic about its future prospects. The company is steadfast in its commitment to achieving a positive EBITDA of $500 million by 2026, as outlined in its business update from December. Notably, BetMGM has seen encouraging growth in various key metrics for both its iGaming and online sports betting segments, including average monthly actives and net gaming revenue per active.

BetMGM has significantly expanded its footprint across North America, now operating in 28 markets throughout the region. Recent launches in states such as Ohio, Massachusetts, and Kentucky, alongside ventures into Puerto Rico, have contributed to this expansion. Additionally, a partnership with Charlotte Motor Speedway in North Carolina is poised to further bolster BetMGM's presence in the coming months, pending regulatory approval.

Looking ahead to 2024, BetMGM remains committed to its strategic roadmap, focusing on technology enhancements, product innovations, and market expansion. The integration of Angstrom, a sports data provider acquired by BetMGM in July, is expected to enhance its offerings, particularly in sports betting. Furthermore, BetMGM aims to deliver more personalized gaming experiences and invest further in marketing initiatives to drive player acquisition and retention.

While BetMGM's performance in 2023 showcases its resilience and growth potential, challenges persist, including cybersecurity threats and operational disruptions. Despite setbacks such as the cyberattack on MGM Resorts in September, the company remains determined to overcome obstacles and deliver long-term value for shareholders.

BetMGM's impressive revenue figures for 2023 underscore its position as a leading player in the online gaming and sports betting industry. With a strategic roadmap in place and a commitment to innovation and expansion, BetMGM is poised for continued success in the years to come.