BetMGM Reports Growth and Strong Financial Performance in 2023
LISTEN TO THIS ARTICLE:BetMGM, the sports betting and iGaming operator, announced the release of an update on the trading results for 2023, where a strong performance saw net revenue hit a mark of $1.96 billion, which is a rise of 36% in a year-on-year comparison.
Other financial indicators in the statement included a positive EBITDA figure in the second half of the year. BetMGM boasts this points to operational strength and profitability, and the operator achieved the upper end of its forecast for the financial year. BetMGM enjoyed several high-profile partnerships and lunches into new jurisdictions including a deal with X (formerly known as Twitter).
BetMGM Launches in New Markets
The trading report highlighted that BetMGM made great strides in 2023 to increase growth in North America. During this period the operator launched in four new markets in North America, these were Ohio, Massachusetts, Puerto Rico, and Kentucky.
There are also plans to expand to the newly regulated US state of North Carolina, and the operator has partnered with Charlotte Motor Speedway. This agreement will give BetMGM access to the gaming markets in North Carolina.
Our performance in 2023 demonstrates our commitment to delivering on our promises. We were able to achieve strong organic growth while executing 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.
BetMGM Issues Roadmap for Growth in 2024
The global operator intends to use technology and product improvements to fuel future growth and aims to give customers an enhanced sports betting experience. BetMGM outlined its iGaming plans, with new in-house and exclusive gaming content including its Big Game title featuring America’s most popular athlete, Tom Brady, as well as other famous personalities like Wayne Gretzky, and Vince Vaughn.
The operator launched a new app in January which has the improvement of a single wallet functionality. The company has plans to continually update the app throughout the year. As part of the roadmap for future strategies for this year, BetMGM states it wants to focus on increasing both player acquisition and player retention which will stabilize the company’s market share.
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