Operator BetMGM announced its FY24 financial results, emphasizing a 7% year-over-year increase in net revenue, reaching $2.1 billion, with iGaming being the main revenue driver, generating $1.49 billion for the year.
As highlighted by the data released by BetMGM today, compared to the results of 2023, last year's revenue grew by 7%. Regarding these latest results, the operator ended the year with strong momentum, as its total revenue for the second half of 2024 reached $1.1 billion, surpassing the first half's $999 million.
However, the EBITDA figures for the year significantly dropped by 118%, from a negative $62 million in 2023 to a negative $244 million in 2024. The company stated that this figure was in line with forecasts, as 2024 was a year of investment, including a $50 million negative impact from favorable consumer performance in December.
Moreover, this figure is almost twice the EBITDA figure of negative $123 million reported in the first half of 2024 by the operator.
FY24: Online Gaming
The online gaming sector brought a leading edge to BetMGM in 2024, accounting for $1.49 billion of the total revenue, a 13% increase from the previous year's performance.
The second half of 2024 was the most profitable period for BetMGM, with iGaming revenue reaching $784 million, a 15% increase compared to the second half of 2023. Additionally, the operator generated $695 million in revenue in the first half of 2024, a 10% increase year-over-year. At the end of the year, BetMGM's iGaming business held a 22% share of the GGR.
FY24: Online Sports
Furthermore, the operator's online sports betting revenue also rose by 4% year-over-year, reaching $554 million. The total betting volume also increased from $10.9 billion in 2023 to $13.1 billion in 2024.
In the second half of 2024, BetMGM's total betting volume reached $7.2 billion, reflected in the $292 million revenue generated during this period—a 2% increase from the previous year. Additionally, the operator's GGR hold rate at the end of the year was 8.6%.
It is worth noting that in December, BetMGM announced the appointment of Casey Hurbis as the company's CMO.
FY24: Retail
Compared to other industry sectors, BetMGM's retail revenue in 2024 decreased by 50% year-over-year, totaling $70 million. Moreover, this was the only specific industry that started stronger at the beginning of 2024 than at the end, with total revenue of $42 million in the first half of the year—highlighting the rapid decline in engagement over the past few months.
Highlights of 2024
2024 was a busy year internationally for BetMGM, with the operator launching its mobile sports betting in additional jurisdictions in Washington D.C. during the summer. Moreover, the operator turned its attention to European expansion in the fourth quarter of 2024, entering the Swedish market in October. This market entry followed successful product launches in the UK and the Netherlands.
BetMGM CEO Adam Greenblatt commented on these latest results, stating: "2024 was a year of investment and rebuilding momentum for BetMGM. Our successful strategic improvements allowed BetMGM to operate at an encouraging key metric run rate and a break-even EBITDA trend in the fourth quarter on a normalized basis. Our leading iGaming business continues to grow strongly and deliver substantial returns.
"We also have exciting opportunities in the online sports sector, where we made meaningful progress in 2024. Our improved products, accelerated growth, and increased efficiency have driven our positive contribution expectations for online sports in FY25. With BetMGM accelerating again in iGaming and online sports, we expect to achieve positive EBITDA in 2025, and our leading position in the world's largest gaming markets solidifies our confidence in achieving $500 million EBITDA in the coming years."
