Entain and MGM's joint venture, BetMGM, announced its financial results for the first half of 2024, showing a 6% year-on-year revenue increase, reaching 1 billion USD, while the EBITDA for the first half was a negative 123 million USD.
The increase in revenue was somewhat offset by the less favorable EBITDA results for the first half of 2024. However, BetMGM stated that the EBITDA was in line with its forecasts for the period, as the company is in an investment phase that will continue throughout the calendar year.
According to the announcement, the operator also released a series of results for the second quarter of 2024. The second quarter net revenue increased by 9% year-on-year, and also saw a 3% increase compared to the revenue reported in the first quarter of 2024.
Adam Greenblatt, CEO of BetMGM, commented on the performance: "The first half of this year has been very important in laying the foundations for BetMGM's future. 2024 is a year of investment, focusing on improving the customer experience and increasing our investment in players.
“We are excited to see this strategy accelerating. We have exceeded our customer acquisition and retention targets, which will result in a higher year-on-year revenue growth rate from the second half of this year through 2025.”
In the second quarter of 2024, BetMGM's iGaming average monthly active users also grew by 18%, as recent expansion efforts in the US market also helped the organization to acquire a 22% share of the US iGaming market. Moreover, the operator currently holds a 13% market share in both iGaming and sports betting total gaming revenue (GGR) in the US and Ontario markets.
