BetMGM has officially disclosed its FY24 financial results, revealing a 7% year-on-year revenue increase, amounting to $2.1 billion. The company credits its iGaming division as the primary revenue driver, contributing a substantial $1.49 billion, marking a 13% growth compared to 2023. While online sports wagering also saw growth, retail revenue experienced a sharp decline. Despite a notable 118% decrease in EBITDA, BetMGM remains confident in its future profitability and strategic positioning.

BetMGM Reports FY24 Financial Results: Net Revenue Increases by 7% to $2.1 Billion, iGaming Dominates

Financial Performance Overview

Strong Revenue Growth Despite EBITDA Decline

In 2024, BetMGM’s total revenue climbed to $2.1 billion, reflecting a 7% increase from the previous fiscal year. The operator’s H2 2024 revenue totaled $1.1 billion, surpassing the $999 million generated in H1 2024.

However, EBITDA experienced a sharp decline of 118%, dropping from negative $62 million in 2023 to negative $244 million in 2024. The company attributed this decline to increased investments and a $50 million negative impact from December’s consumer results. Notably, this figure nearly doubled the negative $123 million EBITDA recorded in H1 2024.

iGaming: The Leading Revenue Driver

Steady Growth and Market Expansion

BetMGM’s iGaming segment generated $1.49 billion in FY24, accounting for 70% of the company’s total revenue. This represents a 13% year-on-year increase, underscoring the strength of its online gaming operations.

• H1 2024 iGaming revenue: $695 million, reflecting a 10% increase from H1 2023.
• H2 2024 iGaming revenue: $784 million, marking a 15% growth over H2 2023.
• Overall market share: BetMGM’s iGaming gross gaming revenue (GGR) share stabilized at 22% by the end of 2024.

The robust performance of the online gaming division highlights BetMGM’s ability to capitalize on the growing demand for digital casino experiences.

Online Sports Betting: Modest Growth Amid Increasing Wagering Volumes

Revenue and Handle Growth

BetMGM’s online sports betting segment also experienced an increase, albeit at a slower pace. Revenue rose by 4% year-on-year to reach $554 million. Meanwhile, total wagering handle grew significantly, rising from $10.9 billion in 2023 to $13.1 billion in 2024.

• H1 2024 sports betting revenue: $262 million.
• H2 2024 sports betting revenue: $292 million, representing a 2% increase year-on-year.
• Total wagers placed in H2 2024: $7.2 billion.
• GGR hold percentage: BetMGM ended the year with an 8.6% GGR hold.

The operator’s improvements in product offerings and efficiency contributed to the segment’s positive trajectory. BetMGM remains optimistic about further profitability in online sports betting for FY25.

Retail Betting: A Significant Decline

Dwindling Engagement and Revenue Drop

Unlike the online gaming and sports betting sectors, BetMGM’s retail segment faced substantial revenue losses. Retail gaming revenue dropped by 50% year-on-year to $70 million.

• H1 2024 retail revenue: $42 million.
• H2 2024 retail revenue: $28 million, indicating a fast decline in engagement.

The diminishing retail presence highlights changing consumer preferences, with online platforms taking precedence over physical locations.

Strategic Developments in 2024

Expansion into New Markets

BetMGM expanded its presence both domestically and internationally in 2024. Key developments included:

• Launch of a mobile sportsbook in Washington D.C. in mid-2024.
• Expansion into Europe, entering the Swedish market in October, following successful launches in the UK and the Netherlands.

These expansions broaden BetMGM’s global footprint, reinforcing its long-term growth strategy.

CEO Statement and Future Outlook

BetMGM CEO Adam Greenblatt emphasized that 2024 was a year of investment and strategic adjustments, positioning the company for future success.

“2024 was a year of investment and rebuilding momentum for BetMGM. Our successful strategic refinement saw BetMGM exit the year with encouraging run rates across our key metrics, and Q4 EBITDA trended towards breakeven on a normalized 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.”

BetMGM’s Path Forward

Investment and Market Leadership

Despite the challenges posed by declining EBITDA, BetMGM remains committed to strengthening its market position. Key strategies include:

• Enhancing digital product offerings to drive user engagement.
• Leveraging data-driven insights to improve customer retention and acquisition.
• Expanding into additional regulated markets to capitalize on global growth opportunities.

Forecast for 2025 and Beyond

BetMGM projects continued revenue growth and a return to positive EBITDA by 2025. The company aims to achieve a $500 million EBITDA milestone in the coming years, fueled by iGaming dominance and an improving online sports betting segment.

Conclusion: The Financial Results

BetMGM’s FY24 financial results showcase the company’s resilience and commitment to long-term growth. While EBITDA challenges remain, the operator’s strong revenue performance, market expansion, and strategic refinements position it for a profitable future. With iGaming leading the charge and online sports betting gaining momentum, BetMGM is poised to solidify its position as one of the top gaming operators in the world.

FAQs About BetMGM FY24 Financial Results

1. What was BetMGM’s total revenue for FY24?

BetMGM reported a total revenue of $2.1 billion for FY24, reflecting a 7% year-on-year increase compared to 2023.

2. How did BetMGM’s iGaming division perform in FY24?

BetMGM’s iGaming segment contributed $1.49 billion in revenue, marking a 13% year-on-year growth and accounting for 70% of the company’s total revenue.

3. What was the performance of BetMGM’s online sports betting segment?

BetMGM’s online sports betting revenue grew by 4% year-on-year, reaching $554 million. The total wagering handle increased from $10.9 billion in 2023 to $13.1 billion in 2024.

4. Did BetMGM’s retail betting segment grow in FY24?

No, BetMGM’s retail betting segment faced a significant decline, with revenue dropping by 50% year-on-year to $70 million.

5. What happened to BetMGM’s EBITDA in FY24?

BetMGM’s EBITDA declined by 118%, dropping from negative $62 million in 2023 to negative $244 million in 2024. The decline was attributed to increased investments and a $50 million negative impact from December’s consumer results.

6. How did BetMGM’s iGaming market share perform?

BetMGM’s iGaming gross gaming revenue (GGR) share stabilized at 22% by the end of 2024.

7. What were the key expansion efforts of BetMGM in 2024?

BetMGM expanded its presence in:

• Washington, D.C. – Launched a mobile sportsbook.
• Europe – Entered the Swedish market in October after successful expansions in the UK and the Netherlands.

8. What is BetMGM’s outlook for FY25?

BetMGM expects:

• Positive EBITDA by 2025.
• Continued iGaming growth and improved online sports betting performance.
• A long-term goal of achieving $500 million in EBITDA in the coming years.

9. What strategies is BetMGM implementing to drive future growth?

The company is focusing on:

• Enhancing digital product offerings to boost user engagement.
• Leveraging data-driven insights for customer retention and acquisition.
• Expanding into additional regulated markets to capitalize on global growth opportunities.