BetMGM FY24 net revenue increases 7% to $2.1bn
The CEO said it was a year of rebuilding and investment.
Key Points
- The company reported growth in online sports and iGaming during the year
- iGaming net revenue set a record during 2024
Sports betting and iGaming operator BetMGM has released its performance update for FY24.
The company posted a net revenue of $2.1bn during 2024, reflecting 7% year-over-year growth.
BetMGM reported growth in both its iGaming and online sports segments as well.
During the year, online sports revenue totaled $554m and rose by 4% when compared to results from the previous year.
Meanwhile, iGaming revenue reached an all-time high last year for BetMGM. The company posted $1.5bn in iGaming net revenue during 2024, up 13% year-over-year.
iGaming Net Revenue
Online Sports Net Revenue
Good to know: MGM Resorts International and Entain jointly own BetMGM
Company CEO Adam Greenblatt described 2024 as “a year of investment and rebuilding of momentum.”
He further commented, “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.
“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.”
Greenblatt also discussed BetMGM’s goals for 2025.
He concluded by saying, “Our improved product, accelerating growth and enhanced efficiency drive our expectation of online sports being contribution positive for FY25.
“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 $500m EBITDA in the coming years.”
In other company news, The Pennsylvania Gaming Control Board (PGCB) recently levied a $260,905 fine against BetMGM for allowing those placed on a self-exclusion list to gamble on its sites.
The PGCB reported that the interactive operator permitted self-excluded individuals to gamble online in 152 instances.
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