BetMGM has reiterated “confidence” in achieving its target of US$500m in EBITDA after the Entain and MGM Resorts joint venture operator posted record igaming revenue in 2024.
Online casino revenue was up 13 per cent year-on-year to $1.5bn and has become a major driver of the brand’s growth, especially in the US. Indeed, the company said it now has 22 per cent market share in igaming.
Online sports betting net revenue rose four per cent to $554m, with BetMGM boasting an eight per cent market share.
Those results put 2024 EBITDA at $244m, halfway to the brand’s $500m aim.
“2024 was a year of investment and rebuilding of momentum for BetMGM,” said CEO Adam Greenblatt.
“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 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 FY2025.
“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 $500m EBITDA in the coming years."
BetMGM enjoyed a stronger second half of the year, when net revenue grew 19 per cent compared with six per cent in the first half.
As well as record igaming revenue in 2024, the operator reported record average monthly actives, with the Q4 number up 55 per cent year-on-year.
In sports betting, there was a 41 per cent increase in MLB same-game parlay bets per active and 2.2 percentage point growth in NFL same-game parlay bet mix.
What’s more, BetMGM reported an 11.5 percentage point increase in cross-sell of online sports bettors to online casino players.
BetMGM expects FY25 to be EBITDA positive, with net revenue to be between $2.4bn and $2.5bn.
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