BetMGM provides 2023 business update, yields $1.96bn in net operations revenue

BetMGM has published its financial report for its 2023 fiscal year. The company reported a 36% increase in its revenue from net operations.

Net revenue reached $1.96bn during the fiscal year. The company’s EBITDA reached a positive amount during the second half of the year, according to the report.

During the year, BetMGM reported significant expansion throughout the US. The company launched in three states last year, including Ohio, Massachusetts and Kentucky.

BetMGM also went live in Puerto Rico, giving players access to its online platform. The operator is currently live in 28 markets.

The company reported gaining access to 14% of the iGaming and sports betting market share in the United States, along with 22% in the Canadian province of Ontario.

BetMGM CEO Adam Greenblatt commented, “Our performance in 2023 demonstrates our commitment to delivering on our promises. We were able to achieve strong organic growth, while executing against key strategic initiatives that lay the foundation for 2024 and beyond.

“The attainment of EBITDA profitability over the last three quarters of 2023 validates the effectiveness of our business model and provides the basis from which to invest further in expanding our sports offering through the integration of Angstrom and leveraging our largely untapped Las Vegas omni-channel advantages.”

Greenblatt went on to discuss the company’s direction moving forward.

He said in closing, “With this comprehensive roadmap in place, we can focus on driving accelerated player acquisition and retention and strengthening our current market position.

“This clear strategic direction underpins our confidence in achieving our targets and building long-term, sustainable value for shareholders.” 

Amanda Foster

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