BetMGM’s iGaming Revenue Drives Growth in FY24
BetMGM’s FY24 financial results reveal a 7% year-on-year net revenue increase, reaching 2.1 billion, with iGaming leading the charge. The operator’s iGaming sector generated 1.49 billion in revenue for the year.
iGaming Dominates BetMGM’s Revenue
iGaming revenue accounted for 1.49 billion of BetMGM’s overall revenue in 2024, a 13% increase from the previous year.
Moreover, the second half of 2024 was particularly strong, with iGaming revenue reaching 784 million, a 15% increase compared to H2 2023. Consequently, BetMGM’s iGaming operations finished the year with a 22% GGR share.
Online Sports Wagering Sees Uptick
Online sports wagering also experienced growth, rising 4% to 554 million in revenue. Furthermore, overall wagering handle increased from 10.9 billion in 2023 to 13.1 billion in 2024.
BetMGM generated 292 million in revenue from sports wagering in the second half of 2024, up 2% year-on-year. Also, the GGR hold was 8.6%.
Retail Revenue Declines Sharply
Retail revenue experienced a significant decline, falling 50% year-on-year to 70 million.
In fact, the sector generated 42 million in the first half of 2024. This indicates a rapid decline in engagement throughout the year.
Strategic Expansion and Future Outlook
BetMGM launched its mobile sportsbook in Washington DC and expanded into Sweden, the UK, and the Netherlands.
Adam Greenblatt, CEO of BetMGM, stated:
“2024 was a year of investment and rebuilding of momentum for BetMGM. Our successful strategic refinement saw BetMGM exit the year with encouraging run rates across our key metrics and Q4 EBITDA trend towards breakeven on a normalised basis. Our leading iGaming business continues to grow strongly and deliver attractive returns.
“We also have an exciting opportunity in online sports, having made meaningful progress in 2024. Our improved product, accelerating growth and enhanced efficiency drive our expectation of online sports being contribution positive for FY25. With BetMGM’s renewed acceleration across both iGaming and online sports we expect to achieve positive EBITDA in 2025, and our scaled podium position in the world’s largest gaming market underpins our confidence in our pathway to $500 million EBITDA in the coming years.”
