BetMGM has released its financial results for Fiscal Year 2024, showing $2.1 billion in revenue, a 7% increase from the previous year. The company’s growth was mainly driven by iGaming and online sports betting, with expectations of positive EBITDA in 2025. The BetMGM FY 2024 financial performance highlights strong player engagement and improved market positioning.
- iGaming revenue totaled $1.5 billion, reflecting 13% year-over-year growth. The segment remains a strong performer, contributing 71% of total revenue. BetMGM continues to expand in regulated markets, boosting customer engagement and solidifying its BetMGM FY 2024 financial performance.
- Online sports betting revenue reached $554 million, up 4% from 2023. Growth was supported by improvements in odds offerings, user experience, and customer retention strategies. The company aims to further enhance market share in 2025.
- Total sports betting handle was $13.1 billion, marking a 20% increase. Despite this, the gross gaming revenue hold declined by 90 basis points, settling at 8.6%. Market fluctuations and higher payout rates impacted the margin.
- EBITDA loss stood at $244 million. BetMGM remains confident in achieving positive EBITDA in 2025, citing improved operational efficiencies and cost control measures.
- Monthly active users (MAUs) grew by 14%, reaching 946,000. This increase highlights the platform’s ability to attract and retain players through better promotions and loyalty programs.
- BetMGM CEO Adam Greenblatt commented, “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.”
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