BetMGM ended 2023 with nearly $2 billion in revenue, with the joint venture between Entain and MGM Resorts having generated $1.96 billion spanning from January to December 2023. BetMGM’s forecast predicted a revenue of between $1.8 billion and $2 billion for the year and ended 2023 at the upper end of its guidance range.
BetMGM remains on track to reach a positive EBITDA of $500 million by 2026, despite posting a negative EBITDA of $67 million in 2023. Over the year, the sportsbook improved its year-on-year metrics by boosting its average monthly active users, first-time deposits, hold percentages, bonus amounts, and net gaming revenue per active user while lowering its acquisition cost.
Here is more on BetMGM revenue in 2023.
BetMGM to Continue Expansion Across North America
BetMGM expressed its desire to continue expanding across North America. It is currently active in 28 markets across the United States and has access to 49% of the adult population in these states. The sportsbook launched in four new markets during the year, including Ohio (online and retail), Massachusetts (online and retail), Kentucky (online and retail), and Puerto Rico (online).
To continue its expansion trajectory, BetMGM will consolidate its position in the North Carolina market next. It has formed a partnership with the Charlotte Motor Speedway, which if approved, will allow the sportsbook to enter the state. “We have been eagerly awaiting legal, safe, regulated online sports betting in North Carolina, a state with more than 10 million people and one of the most vibrant sports environments in the country,” BetMGM CEO Adam Greenblatt said. “BetMGM’s partnership with Charlotte Motor Speedway meets a great demand for entertainment from North Carolinians. Together we will deliver a premier and responsible gaming product that benefits many state agencies.”
Under the agreement, funds generated from the partnership will contribute to the state’s public colleges, and a major event fund which will allow the state to recruit national sports and entertainment events. Depending on regulatory approval, BetMGM hopes to offer North Carolina sports betting as soon as the state officially starts allowing wagers in early 2024.
Under BetMGM’s expansion plans, gambling education remains a key focus area for the future. The sportsbook provides numerous resources to help customers play responsibly. GameSense, a class-leading problem gambling monitoring software, is integrated with the BetMGM platform. The tool will work in tandem with the sportsbook’s existing responsible gambling tools.
BetMGM to Continue With Current Roadmap
In its statement, BetMGM highlighted that it carried out a single account wallet setup across 21 markets ahead of the 2023 NFL season. Adam Greenblatt, CEO of BetMGM, commented:
“Our performance in 2023 demonstrates our commitment to delivering on our promises. 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.”
In 2024, BetMGM plans on employing the technology it acquired through its takeover of Angstrom, a sports data provider, by using its modeling to support products like player-popular same-game parlay (SGP), SGP+, and its new LIVE SGP products. With the December results, BetMGM turned a profit for the first time in its existence in the second half of 2023.
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