BetMGM accrues almost $2B in revenue and 22% Ontario market share

Between Entain plc and MGM Resorts International, BetMGM has amassed a total revenue of almost $2 billion in 2023. 

In addition to this, the operator reported a very strong performance in Ontario during the same year, with a 22% market share in the province. 

This marks a 36% increase year-on-year (YoY) from the total revenue accrued by BetMGM in 2022. 

BetMGM also reported a positive EBITDA (earnings before interest, taxes, depreciation, and amortization) for the second half of 2023. Despite this, however, the projected annual EBITDA loss was calculated to amount to approximately $67 million. 

With these recorded values, BetMGM has reached the upper end of its revenue guidance range. 

Comments made in reaction to this massive increase in revenue 

Adam Greenblatt, the CEO of BetMGM, remarked on the following: 

“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 omnichannel advantages.” 

In addition to this, Greenblatt added the following comment: 

“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.” 

The upper end of its revenue guidance range 

During the 12 months of 2023, up until the 31st of December 2023, BetMGM generated a total revenue that amounted to $1.96 billion. 

Despite expecting to post a negative EBITDA of $67 million for 2023, BetMGM has stated that it remains on track to reach the estimated positive EBITDA of $500 million by 2026. 

The massive growth in revenue experienced by BetMGM is largely attributed to the North American expansion that took place in 2023. 

Thanks to the new launches of the company in various additional iGaming markets located in North America, including both physical and online expansions, BetMGM is now active in a grand total of 28 markets that span this region. 

The presence of BetMGM in the iGaming market 

In 2023, BetMGM has managed to further solidify its presence in the North American iGaming market: 

• A total of 28 regulated markets are operated by BetMGM and 49% of the adult population have been reached by the operator. 

Recently, BetMGM has expanded further into 4 iGaming markets: Ohio, Massachusetts, Puerto Rico, and Kentucky. 

In total, BetMGM has acquired a 14% share of the sports betting and iGaming market in the US. 

The company’s debut outside of North America took place in August of 2023 when BetMGM launched its first sportsbook in the United Kingdom. 

It is evident that this operator intends on continuing to expand its footprint across various iGaming markets, reaching a consistently increasing number of sports betting and iGaming fans along the way.