BETMGM set to reach revenue of $2.4 to $2.5 billion
BetMGM the sports betting and iGaming operator co-owned by Entain has reported its financial performance for Fiscal Year 2024, revealing a positive outlook for 2025. The company anticipates an EBITDA-positive year in 2025, with net revenue projections of $2.4 to $2.5 billion.
Throughout 2024, BetMGM experienced a 7% year-over-year growth in net revenue, reaching $2.1 billion. The company’s iGaming sector saw a notable 13% increase, generating record net revenue of $1.5 billion. Online sports betting revenue also grew by 4%, indicating strengthened product offerings and enhanced player engagement.
Despite a $244 million EBITDA loss in 2024, attributed to investment and customer favorable sports results in December, BetMGM’s fourth-quarter EBITDA trended towards breakeven. This upward trajectory is supported by marketing optimization and growing operational leverage.
BetMGM’s market share has stabilized at 14% in active markets, with a 22% share in iGaming and 8% in online sports. The company also expanded its sportsbook offerings in North Carolina and Washington, D.C., during 2024.
The company’s strategic focus on iGaming and online sports betting has led to a record number of average monthly active users, up 14% from the previous year. BetMGM’s commitment to responsible gambling remains a priority, as evidenced by its role as a founding member of the Responsible Online Gaming Association and its responsible gambling marketing initiatives.
BetMGM has secured a $150 million revolving credit facility, which remains undrawn, and does not expect to require additional capital from its parent companies.