BetMGM, a leading sports betting and iGaming corporation, has released its 2023 financial result. The joint venture of casino and entertainment giants MGM Resorts and Entain reportedly generated almost $2.00 billion in gaming revenue in 2023 to almost exceed expectations. More specifically, BetMGM reached $1.96 billion in revenues for the 12-months period ending on 31 December 2023 to reinforce its leading market position.
Sports Betting and iGaming Driving Figures:
According to a source, the company uses the result to remain focused to reach a positive EBITDA of $500million by 2026 despite the negative EBITDA of $67million expected for full-year 2023. The strong 2023 result was reportedly mainly due to the iGaming and online sports betting improvement in comparison to the previous year. The source reports that BetMGM saw improvements across a wide range of operating parameters, such as first time deposits, bonus levels, and more. Also, the operator reportedly also improved the balance between the revenue and cost side.
In 2023, BetMGM continued its expansion across North America to currently boast the presence in 28 regional markets. These expansions reportedly included new launches of both retail and online operations in Ohio, Massachusetts, and Kentucky. In addition, the company kicked off its online operations in Puerto Rico in the same year aiming to proceed with the trend. Therefore the operator partnered with Charlotte Motor Speedway in January 2024 to follow its strategic plans and expand in North Carolina already in March. In 2023, BetMGM reportedly acquired a 14% sports betting and iGaming market share in the US, as well as a 22% share in Ontario in Canada.
Commenting on the 2023 financial result, BetMGM CEO Adam Greenblatt stated in the press release:“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.“ Greenblatt reportedly added:”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 omnichannel advantages.”
Continued Improvement:
As reported, BetMGM remains committed to continue its strategic improvements in terms of technology, product and expertise regarding its offerings. In 2023, these improved facilities included single account single wallet availability in 21 markets to suit the NFL season, as well as expanded bet types and game offerings. These activities will reportedly continue in 2024, primarily through the recently acquired sports data provider Angstrom and in time for the new NFL season. In line with these plans, the operator rolled out its new app in Nevada in January to go live across other markets soon.
Commenting these plans, Greenblatt reportedly said: “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.”
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