SPORTS BETTING
US – BetMGM on course to deliver full year revenue of $1.8 to $2bn
By Phil - 27 July 2023
BetMGM finished the first half of 2023 with a ‘strong financial performance’ comprising net revenue from operations of $944m, on remains on track to deliver at the upper end of its previous guidance range for full year revenue of $1.8 to $2bn.
The bettig operator continued its geographic footprint expansion in 1H 2023, with new digital sports betting launches in Ohio, Massachusetts, and Puerto Rico. It is now live in 26 jurisdictions, including Ontario, with access to approximately 48 per cent of the adult population in the United States and has a market share across iGaming and sports betting of 18 per cent.
Adam Greenblatt, Chief Executive Officer of BetMGM, commented: “I am pleased with the significant progress we have made during the first half of 2023 as we continue our strong growth and remain on our path to profitability. Our financial guidance for the year remains on track – we expect to deliver $1.8 to $2bn in full year revenue, as well as to be EBITDA positive in the second half of 2023. In fact, we have already achieved positive EBITDA for the full second quarter of this year. Our focus remains on building a sustainable, scalable and returns focused business with leading products that our players enjoy responsibly. We look forward to the remainder of the year, buoyed by ongoing product improvements, tremendous support from our shareholders providing access to new assets and partnerships, and – above all – our extraordinary team at BetMGM.”
Future plans include investment in upcoming launches in Kentucky and North Carolina that were not originally planned during 2023.
Entain and MGM Resorts contributed new technology, resources, and relationships to accelerate both BetMGM’s product evolution and its access to players.
