BetMGM’s overall revenue for the year ended December 31, 2024, was $2.1 billion, a 7% increase over the year before. But compared to the $62 million loss in 2023, the company’s reported negative EBITDA of $244 million was a significant drop. BetMGM blamed this on a “year of investment,” even though revenue was on the rise.
The company’s igaming business grew rapidly, as seen by the 13% increase in net sales to $1.48 billion. Better goods and more engaged customers drove a 4% increase in online sports revenue to $554 million. With an 8.6% hold percentage, the overall betting handle for the year increased by 20% to $13.1 billion.
However, the company faced a $50 million setback due to customer-friendly NFL results in December. Other major operators, including Flutter and DraftKings, also reported similar challenges caused by favorable sports outcomes.
Market Expansion and Future Outlook
In 2024, BetMGM expanded its sportsbook to North Carolina and Washington, D.C. The company maintained a 14% gross gaming revenue (GGR) market share in states where it operates. Within that, igaming held a 22% GGR share, while sports betting captured 8%.
CEO Adam Greenblatt described 2024 as a “year of investment and rebuilding of momentum,” highlighting that key metrics showed promising trends by the year’s end. He stated, “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.”
Looking ahead, BetMGM projects a positive EBITDA for 2025, with an expected year-over-year increase of $250 million. The company forecasts net revenue between $2.4 billion and $2.5 billion and remains confident in reaching its long-term goal of $500 million in EBITDA by 2026.
Greenblatt expressed optimism, saying, “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.”
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