With a revenue of $1.96 billion for the fiscal year that ends on December 31, 2023, BetMGM, a major leader in the online gaming and sports betting industry, has released its financial performance. BetMGM maintains optimism over its long-term growth possibilities in spite of a few short-term obstacles.
BetMGM is optimistic in its trajectory towards profitability even if it anticipates negative EBITDA of $67 million for 2023. As stated in its prior business report from December, the company reiterated its goal of attaining positive EBITDA of $500 million by 2026. BetMGM’s strategic measures are designed to ensure long-term development and profitability, even in the face of the recent setback.
Highlights and Expansion Efforts
BetMGM reported several positive developments in 2023, including notable improvements in key metrics for igaming and online sports betting. Average monthly actives, first-time deposits, hold percentages, bonus levels, net gaming revenue per active, and cost per acquisitions all showed year-on-year improvements, indicating growing engagement and customer acquisition.
In terms of expansion, BetMGM significantly increased its presence in North America, operating in 28 markets across the region. The company launched in new markets such as Ohio, Massachusetts, and Kentucky, both online and through retail channels. Additionally, BetMGM expanded its online operations to Puerto Rico and secured a partnership deal with Charlotte Motor Speedway in North Carolina, poised for launch pending regulatory approval in March.
Adam Greenblatt, the CEO of BetMGM, acknowledged his delight with the company’s 2023 performance and emphasized their dedication to keeping their word and seeing rapid organic development. The integration of Angstrom and utilizing omni-channel advantages in Las Vegas are just two of the strategic initiatives that BetMGM has highlighted that set the stage for future growth and innovation.
In order to provide stakeholders and consumers with long-term value, BetMGM continues to be laser-focused on fostering sustainable development, improving its sports offering, and seizing market possibilities.
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