BetMGM publishes FY2022 business update, net revenue reaches $1.44bn
The brand opened several retail sportsbooks and entered six new North American sports betting markets.
Operator BetMGM has released a business update that outlines the company’s performance in 2022, as well as an extensive outlook for 2023.
The company said in its report: “BetMGM is well positioned to achieve net revenue from operations of between $1.8bn and $2bn in FY2023 and be EBITDA positive in the second half of 2023.”
BetMGM finished the fiscal year for 2022 with $1.44bn in net revenue from its operations. The total for 2022 surpassed its prior guidance of $1.3bn. Same-state growth in digital operations net revenue during 2022 reached 51%.
EBITDA loss for the year fell in line with the company’s prior guidance, with a total loss of close to $440m.
The company attributed its higher gross gaming margins for FY2022 to “improved customer experience and other product improvements.”
To date, BetMGM has expanded its reach to include 25 jurisdictions, according to the update. During the fiscal year, the brand launched in six North American markets, including New York, Louisiana, Illinois, Ontario, Kansas and Maryland. It opened four retail sportsbook locations during the year as well, including Nationals Park in Washington DC, Casino del Mar in Puerto Rico, The Cosmopolitan in Las Vegas and at State Farm Stadium, which will host Super Bowl LVII.
BetMGM also got in on the action with the launch of Ohio’s sports betting market earlier this month. The company opened a retail sportsbook at both MGM Northfield Park and at the Reds’ Great American Ball Park.
BetMGM is jointly owned by MGM Resorts International and Entain. Responsible gaming education remains a key focus as BetMGM continues to expand its sports betting platform to new jurisdictions.
The company also provides resources to help customers play responsibly through its ongoing partnership with GameSense, a responsible gaming program first developed and licensed in 2017 by the British Columbia Lottery Corporation (BCLC) to MGM Resorts.
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