BetMGM on track after top-end 2023 revenue

Finance News

BetMGM LLC one of the leading sports betting and iGaming operators across North America, jointly owned by Entain plcand MGM Resorts International has provided an update on performance for FY 2023.

BetMGM delivered a strong FY 2023 financial performance (based on unaudited results) EBITDA positive in the second half of 2023 with expected FY 2023 EBITDA loss of approximately $67 million

Established as a leading operator across North America, live in 28 markets with access to 49% of adult population. Further operational progress supported by technology, product and capability enhancements, positions BetMGM to drive growth going forward.

December 2023 business update of targeting approximately $500 million of EBITDA in 2026. Ongoing commitment to industry leadership in player safety and responsible gaming.

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.”