{"id":310065,"date":"2024-02-08T13:23:47","date_gmt":"2024-02-08T19:23:47","guid":{"rendered":"https:\/\/www.casino.org\/news\/?p=310065"},"modified":"2024-02-09T12:43:56","modified_gmt":"2024-02-09T18:43:56","slug":"betmgm-2023-revenue-rises-to-1-96-billion","status":"publish","type":"post","link":"https:\/\/www.casino.org\/news\/betmgm-2023-revenue-rises-to-1-96-billion\/","title":{"rendered":"BetMGM Says 2023 Revenue Jumped 36%, Was EBITDA Positive in Second Half"},"content":{"rendered":"

BetMGM said it posted 2023 revenue of $1.96 billion, a 36% year-over-year increase. That put the online sportsbook operator\u2019s top line at the higher end of a previously disclosed forecast of $1.8 billion to $2 billion.<\/p>\n

\"FanDuel
Wayne Gretzky, Tom Brady, and Vince Vaughn are set to star in BetMGM’s first Super Bowl commercial on Sunday. The gaming company posted $1.96 billion in sales in 2023. (Image: BetMGM)<\/figcaption><\/figure>\n

The operator added that it was earnings before interest, taxes, depreciation, and amortization (EBITDA) positive in the second half of 2023, and that its EBITDA loss for the year is expected to be $67 million. BetMGM is a 50\/50 joint venture between MGM Resorts International (NYSE: MGM) and Entain Plc (OTC: GMVHF).<\/p>\n

The operator\u2019s narrowing losses\/increasing path to profitability could compel MGM to make a takeover offer<\/a> for the half of the online betting entity it doesn\u2019t control, or for Entain itself.<\/p>\n

As for Entain and MGM, investors remain focused on an eventual transaction of some sort, given the underperformance of BetMGM in the current structure,\u201d<\/strong> wrote Jefferies analyst David Katz in a recent client note. \u201cWe remain supportive of MGM acquiring the outstanding stake of BetMGM or the whole of Entain, pending terms.\u201d<\/strong><\/p><\/blockquote>\n

In recent months, speculation has heightened that MGM could make a move on Entain or make a run at the latter\u2019s BetMGM stake. That’s because activist investors<\/a>, including some with direct ties to MGM, have pushed for material change at the UK-based gaming company.<\/p>\n

BetMGM Good News, Bad News<\/h2>\n

In its latest financial update, BetMGM reiterated<\/a> that it expects to achieve $500 million EBITDA in 2026, a clear positive for the operator.<\/p>\n

\u201cOur 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,\u201d said CEO Adam Greenblatt in a statement. \u201cThe 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.\u201d<\/p>\n

\n

Other data points indicate the operator has work to do. BetMGM said it has 14% market share in the U.S.;; sports wagering and iGaming markets, indicating that\u2019s trailing rivals FanDuel and DraftKings (NASDAQ: DKNG) by wide margins.<\/p>\n<\/div>\n

The operator hopes that investments in live betting and same-game parlay technology, as well as single wallet functionality (one BetMGM account for all states in which it\u2019s available), will pay dividends in terms of attracting new customers.<\/p>\n

Potential 2024 Catalysts for BetMGM<\/h2>\n

Some potential catalysts could benefit BetMGM in 2024, including North Carolina joining the online sports betting landscape and a full year of results from Kentucky.<\/p>\n

\n

On the technology front, the single wallet plan, which is expected to debut later this year, could be impactful. That’s because it would allow visitors to MGM\u2019s Las Vegas casinos to continue betting on sports from their mobile devices without the need to sign up for a Nevada account.<\/p>\n<\/div>\n

Regarding iGaming, BetMGM is focusing on new, in-house content, including table games and progressive slots, as avenues for luring and retaining bettors.<\/p>\n","protected":false},"excerpt":{"rendered":"

BetMGM said it posted 2023 revenue of $1.96 billion, a 36% year-over-year increase. That put the online sportsbook operator\u2019s top line at the higher end of a previously disclosed forecast of $1.8 billion to $2 billion. The operator added that it was earnings before interest, taxes, depreciation, and amortization (EBITDA) positive in the second half […]<\/p>\n","protected":false},"author":46,"featured_media":307215,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[10,19,1074,16693],"tags":[81903,81871,80968,82041],"acf":[],"yoast_head":"\nBetMGM 2023 Revenue Rises To $1.96 Billion<\/title>\n<meta name=\"description\" content=\"BetMGM Says 2023 Revenue Jumped 36%, Was EBITDA Positive in Second Half.\" \/>\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-2023-revenue-rises-to-1-96-billion\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"BetMGM 2023 Revenue Rises To $1.96 Billion\" \/>\n<meta property=\"og:description\" content=\"BetMGM Says 2023 Revenue Jumped 36%, Was EBITDA Positive in Second Half.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.casino.org\/news\/betmgm-2023-revenue-rises-to-1-96-billion\/\" \/>\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=\"2024-02-08T19:23:47+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-02-09T18:43:56+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2024\/01\/BetMGM_1.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"800\" \/>\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-2023-revenue-rises-to-1-96-billion\/\",\"url\":\"https:\/\/www.casino.org\/news\/betmgm-2023-revenue-rises-to-1-96-billion\/\",\"name\":\"BetMGM 2023 Revenue Rises To $1.96 Billion\",\"isPartOf\":{\"@id\":\"https:\/\/www.casino.org\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.casino.org\/news\/betmgm-2023-revenue-rises-to-1-96-billion\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.casino.org\/news\/betmgm-2023-revenue-rises-to-1-96-billion\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2024\/01\/BetMGM_1.jpg\",\"datePublished\":\"2024-02-08T19:23:47+00:00\",\"dateModified\":\"2024-02-09T18:43:56+00:00\",\"author\":{\"@id\":\"https:\/\/www.casino.org\/news\/#\/schema\/person\/f4cecf70a5032bc4e60eb73fc86d4a85\"},\"description\":\"BetMGM Says 2023 Revenue Jumped 36%, Was EBITDA Positive in Second Half.\",\"breadcrumb\":{\"@id\":\"https:\/\/www.casino.org\/news\/betmgm-2023-revenue-rises-to-1-96-billion\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.casino.org\/news\/betmgm-2023-revenue-rises-to-1-96-billion\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.casino.org\/news\/betmgm-2023-revenue-rises-to-1-96-billion\/#primaryimage\",\"url\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2024\/01\/BetMGM_1.jpg\",\"contentUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2024\/01\/BetMGM_1.jpg\",\"width\":1200,\"height\":800,\"caption\":\"Wayne Gretzky, Tom Brady, and Vince Vaughn are set to star in BetMGM's first Super Bowl commercial on Sunday. 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