{"id":301664,"date":"2023-12-04T15:20:21","date_gmt":"2023-12-04T21:20:21","guid":{"rendered":"https:\/\/www.casino.org\/news\/?p=301664"},"modified":"2023-12-09T13:50:14","modified_gmt":"2023-12-09T19:50:14","slug":"betmgm-forecasts-2026-ebitda-of-500-million","status":"publish","type":"post","link":"https:\/\/www.casino.org\/news\/betmgm-forecasts-2026-ebitda-of-500-million\/","title":{"rendered":"BetMGM Sees 2023 Sales at Top End of Range, Profitability in Second Half"},"content":{"rendered":"

Online casino and sportsbook operator BetMGM said Monday that its 2023 revenue will come in at the high end of a previously forecast range of $1.8 billion to $2 billion while reiterating it will be profitable for the back half of this year.<\/p>\n

\"Michigan
Actor Jamie Foxx appears on a BetMGM billboard. The operator forecasts a 2026 EBITDA of $500 million. (Image: Detroit News<\/em>)<\/figcaption><\/figure>\n

CEO Adam Greenblatt commented on that effect on a conference call with analysts on Monday. BetMGM is half-owned by MGM,<\/a> with the other 50% controlled by UK-based gaming giant Entain Plc. The operator\u2019s products are available in 28 jurisdictions and at 38 retail sportsbooks in North America.<\/p>\n

This year, we have significantly improved our financial position, growing earnings before, interest, taxes, depreciation, and amortization (EBITDA) by well over $300 million, and achieving EBITDA profitability in the second half, putting us in a position to be self-funded from here on,\u201d Greenblatt told analysts.<\/p><\/blockquote>\n

BetMGM\u2019s ability to self-fund is good news for parents Entain and MGM, which have contributed $1.26 billion to the online gaming unit to date. That figure includes $150 million allocated this year to BetMGM by the owners.<\/p>\n

BetMGM Targets $500 Million in 2026 EBITDA<\/h2>\n

In addition to the 2023 sales forecast and the reiteration of profitability for the final six months of this year, Greenblatt told analysts that BetMGM expects to generate $500 million in EBITDA in 2026.<\/p>\n

\n

BetMGM\u2019s ability to stem losses, turn profitable, and grow EBITDA is crucial at a time when rivals such as DraftKings (NASDAQ: DKNG) and FanDuel, the two largest online sportsbook operators, are achieving impressive financial results. FanDuel is expected to be profitable this year, while DraftKings recently said<\/a> it expects positive EBITDA in 2024.<\/p>\n<\/div>\n

CFO Gary Deutsch also highlighted BetMGM\u2019s iGaming growth<\/a>, a vital arena because internet casinos offer operators better margins and more room for regional growth.<\/p>\n

\u201cWhile discussions of hold percents and win margins often focus on sports, we\u2019ve also seen expansion of our NGR margin in iGaming,\u201d said the BetMGM CFO. \u201cThis is also driven by bonus optimization across our casino players as well as an increase in recreational players that we\u2019ve acquired in the iGaming states. Recreational players tend to prefer slots to table games. Slots are higher margin.\u201d<\/p>\n

He added that in the third quarter, 65% of BetMGM sports bettors also played poker or online casino games in the jurisdictions where the company offers all three products.<\/p>\n

BetMGM Product Advancements<\/h2>\n

With the recent entries of Fanatics and ESPN Bet into the online sports betting fray, well-heeled competition in the industry is as intense as it\u2019s ever been, meaning product development is paramount.<\/p>\n

Additionally, operators need to make the deposit\/withdrawal process more efficient to retain customers. BetMGM is attempting to check those boxes.<\/strong><\/p>\n

\u201cWe continue to invest in making our app more intuitive and discovery easier, including a redesign of the event pages that now feature more markets, while simultaneously elevating the most popular logical groups of content to simplify navigation and creation of Same Game Parlays,\u201d noted Greenblatt. \u201cWe\u2019ve also added new payment methods, making it easier and faster for users to deposit and place a bet or withdraw their winnings with greater than 70% of our withdrawals coming from fast channels such as Visa, Venmo, and Apple Pay.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"

Online casino and sportsbook operator BetMGM said Monday that its 2023 revenue will come in at the high end of a previously forecast range of $1.8 billion to $2 billion while reiterating it will be profitable for the back half of this year. CEO Adam Greenblatt commented on that effect on a conference call with […]<\/p>\n","protected":false},"author":46,"featured_media":255322,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[10,19,1074],"tags":[81903,81871,80968],"acf":[],"yoast_head":"\nBetMGM Forecasts 2026 EBITDA Of $500 Million<\/title>\n<meta name=\"description\" content=\"BetMGM expects 2023 sales at top end of range, sees 2026 EBITDA of $500M.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.casino.org\/news\/betmgm-forecasts-2026-ebitda-of-500-million\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"BetMGM Forecasts 2026 EBITDA Of $500 Million\" \/>\n<meta property=\"og:description\" content=\"BetMGM expects 2023 sales at top end of range, sees 2026 EBITDA of $500M.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.casino.org\/news\/betmgm-forecasts-2026-ebitda-of-500-million\/\" \/>\n<meta property=\"og:site_name\" content=\"Casino.org\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/Casino.OrgNews\" \/>\n<meta property=\"article:published_time\" content=\"2023-12-04T21:20:21+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-12-09T19:50:14+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2023\/01\/76cdc6e5-cdb3-4530-88f6-3b7988a752de-2021-0113-jg-MGM-SportsBet-002.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"876\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Todd Shriber\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@etfgodfather\" \/>\n<meta name=\"twitter:site\" content=\"@Casino_Org\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Todd Shriber\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.casino.org\/news\/betmgm-forecasts-2026-ebitda-of-500-million\/\",\"url\":\"https:\/\/www.casino.org\/news\/betmgm-forecasts-2026-ebitda-of-500-million\/\",\"name\":\"BetMGM Forecasts 2026 EBITDA Of $500 Million\",\"isPartOf\":{\"@id\":\"https:\/\/www.casino.org\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.casino.org\/news\/betmgm-forecasts-2026-ebitda-of-500-million\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.casino.org\/news\/betmgm-forecasts-2026-ebitda-of-500-million\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2023\/01\/76cdc6e5-cdb3-4530-88f6-3b7988a752de-2021-0113-jg-MGM-SportsBet-002.jpg\",\"datePublished\":\"2023-12-04T21:20:21+00:00\",\"dateModified\":\"2023-12-09T19:50:14+00:00\",\"author\":{\"@id\":\"https:\/\/www.casino.org\/news\/#\/schema\/person\/f4cecf70a5032bc4e60eb73fc86d4a85\"},\"description\":\"BetMGM expects 2023 sales at top end of range, sees 2026 EBITDA of $500M.\",\"breadcrumb\":{\"@id\":\"https:\/\/www.casino.org\/news\/betmgm-forecasts-2026-ebitda-of-500-million\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.casino.org\/news\/betmgm-forecasts-2026-ebitda-of-500-million\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.casino.org\/news\/betmgm-forecasts-2026-ebitda-of-500-million\/#primaryimage\",\"url\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2023\/01\/76cdc6e5-cdb3-4530-88f6-3b7988a752de-2021-0113-jg-MGM-SportsBet-002.jpg\",\"contentUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2023\/01\/76cdc6e5-cdb3-4530-88f6-3b7988a752de-2021-0113-jg-MGM-SportsBet-002.jpg\",\"width\":1200,\"height\":876,\"caption\":\"Actor Jamie Foxx appears on a BetMGM billboard. 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