BetMGM, a well-known sports wagering and online gaming provider jointly owned by Entain plc and MGM Resorts International, has recently disclosed its financial performance for the first half of 2023. The company has experienced considerable growth within the year’s opening six months, fulfilling its financial targets with an overall positive EBITDA in Q2.
In the first half of 2023, BetMGM recorded net revenue of $944 million, showcasing an impressive 25% growth in digital operations within the same state. The company projects that its total annual income will be between $1.8 and $2.0 billion by the end of this year. Furthermore, they anticipate becoming EBITDA positive for all of Q2 and throughout the second half of 2023.
BetMGM is determined to create a successful, financially rewarding business with top-notch products while at the same time ensuring customers have a safe and enjoyable experience. With ongoing product advances, unwavering support from stakeholders, and a talented team of professionals on board, BetMGM remains confident in its prospects for the rest of this year.
BetMGM has seen strong performance and growth due to a range of key elements. In the first half of 2023, same-state cost per acquisition (CPA) increased by 8% in comparison with the prior year. The bonus optimization and player management initiative had an incredibly positive outcome, strengthening Gross Gaming Revenue (GGR) transformation into Net Gaming Revenue (NGR). During 1H 2023, sports NGR margin was boosted by 300 basis points while digital sports 1H revenue per player went up by 65% for participants acquired in 2021 or earlier.
In May, BetMGM reported revenue of $30.1 million in the sports betting industry, an 11% increase from the same time last year. The bets received totaled $527 million, with mobile apps and online sportsbooks accounting for 67.9% of those wagers.
During the past three months ending April 2023, BetMGM had an 18% share in the iGaming and sports betting market. It has a dominating role in iGaming with a 27% share, while its online sports betting sector holds 11%.
The collaboration between Entain and MGM Resorts has been pivotal to BetMGM’s progress and development. The latest acquisition of Angstrom, a pricing and risk specialist by Entain, is projected to advance BetMGM’s sports betting service significantly, especially in regard to parlay and live wagering. In addition to that, the unique loyalty marketing alliance between Marriott and BetMGM will provide customers with chances to gain Marriott Bonvoy points when they play at BetMGM, as well as access exclusive contests and experiences, along with being able to swap theirBetMGM Rewards points for Marriott Bonvoy points.
BetMGM is dedicated to safeguarding players and responsible gambling. It provides customers with information about betting responsibly, setting boundaries, and where to find help if needed. Through its partnership with GameSense the company emphasizes responsible gambling in digital advertisements, on the mobile application, as well as at its retail sportsbooks.
The company has earned widespread recognition for its commitment to excellence, being awarded Casino Operator of the Year by EGR North America for consecutive years and receiving the 2023-2024 Great Place to Work Certification™.
BetMGM has established itself as a premier sports betting and iGaming provider in North America, and they have high expectations for the rest of 2023. They plan on expanding their reach in the gaming industry, with a focus on continued success.