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BetMGM has raked in a whopping $2.1 billion in net revenue for 2024 – a seven percent spike from the year before.
One of the leading sports betting and iGaming operator across North America, which is jointly owned by Entain and MGM Resorts International announced the news yesterday (4 February) after publishing its Fiscal Year 2024 (FY 2024) performance.
The giant’s iGaming division spearheaded the most growth, generating $1.49 billion for the year, an impressive 13 percent increase from 2023, while Online Sports net revenue jumped a respectable 4 percent thanks to “strengthened product and enhanced engagement”.
Despite the hefty gains, BetMGM still reported a negative EBITDA (earnings before interest, taxes, depreciation, and amortization) of $244 million – a 29 percent increase drop compared to EBITDA losses in 2023. The company pointed the finger at strategic “investing” for the EBITDA losses, while iGaming Business highlighted a $50 million “negative impact” due to customer-friendly sporting results during the NFL season in December.
However, Adam Greenblatt, Chief Executive Officer of BetMGM, welcomed the news – describing 2024 as a year of “investment and rebuilding of momentum”.
In a company statement, he said: “Our successful strategic refinement saw BetMGM exit the year with encouraging run rates across our key metrics and Q4 EBITDA trend towards breakeven on a normalized basis. Our leading iGaming business continues to grow strongly and deliver attractive returns. We also have an exciting opportunity in Online Sports, having made meaningful progress in 2024.”
Greenblatt added that the “renewed acceleration” across iGaming and Online Sports put the company in good stead to reach its target to achieve positive EBITDA in 2025.
“Our scaled podium position in the world’s largest gaming market underpins our confidence in our pathway to $500million EBITDA in the coming years,” he concluded.
Under the ‘Outlook’ section of the report, BetMGM says it expects FY 2025 to be EBITDA positive, an increase of approximately $250 million Year on Year, with Net Revenue guidance of $2.4 billion to $2.5 billion.
