Fivefold growth in net gaming revenue: BetMGM reports strong 2021 performance
The company also shows good prospects for 2022.
BetMGM’s performance for the year ending December 31, 2021 has been released and, by most measures, the year was a strong one, with the group standing out as one of the preeminent gaming companies in the American market.
The company – whose operations are supported by a 50% joint venture with the European giant, Entain – has shown itself capable of dynamically taking advantage of a fast-liberalizing American gaming landscape.
There were a number of highlights about which the Las Vegas-based company could boast.
With 23% of market share in the fourth quarter of 2021, it was the number two sports betting and iGaming operator in the country. When looking at iGaming alone, BetMGM maintained 29% share for that quarter.
Net gaming revenue reached about $850m, a huge, fivefold improvement on 2020.
With the fine performance comes an upgraded prediction for 2022: net revenue of over $1.3bn, and, looking ahead to 2023, positive EBITDA.
BetMGM’s products reached over 37% of the American adult population.
It is already live in 21 markets, including all-important ones such as New York, New Jersey, Colorado and Pennsylvania. Furthermore, it is due to go live soon in Illinois and the hotly anticipated Ontario market, where gaming will come online on April 4.
Entain CEO Jette Nygaard-Andersen offered some comments on the partner’s performance: “BetMGM in the US has delivered five times increase in net gaming revenue versus the previous and is ready to challenge for the number one position across the markets in which operates.”
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