BetMGM, one of the leading sports betting and iGaming operators across the US, jointly owned by MGM Resorts and Entain, has delivered a strong FY 2023 financial performance with net revenue from operations increasing 36 per cent year over year to $1.96bn, at the upper-end of a $1.8 to $2bn guidance range.
The betting operator is now live in 28 markets with access to 49 per cent of adult population. Further operational progress supported by technology, product and capability enhancements, positions BetMGM to drive growth going forward
The company has expanded the depth and breadth of its sports offering by leveraging Angstrom’s sophisticated modelling to support innovative and original products, including player-popular Same Game Parlay, SGP+ and new LIVE SGP products.
It has partnered with nine NFL teams to promote responsible gambling in stadiums during games.
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. 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.”