BetMGM ‘confident’ in 2023 guidance of $1.9bn revenue
In a presentation given by BetMGM CEO Adam Greenblatt, he expressed confidence in guided yearly revenue made possible by this year’s milestones.
BetMGM is ‘confident’ in its guided 2023 yearly revenue of $1.8bn – $2.0bn, as well as its positive H2 EBITDA guidance, citing tech upgrades, improved products and responsible gambling commitments as the driving force behind this growth.
The presentation, hosted by BetMGM CEO Greenblatt, began with an outline of BetMGM’s current market share. Currently available in 28 active markets, 23 online markets and 38 retail sportsbooks, BetMGM holds a notable market share globally and in the US, having 22% of the market share in Ohio for example.
Greenblatt also made note of BetMGM’s intention to come to North Carolina in the summer of next year.
Other achievements this year included industry recognition as the 2023 Digital Operator of the Year by the Global Gaming Awards Las Vegas.
Beyond the end of 2023, Greenblatt made note of the future of BetMGM and upcoming plans to further improve their products and the player experience. One example was the ability to use the technologies of Entain, due to the company being a partnership between Entain and MGM Resorts.
According to Greenblatt, Angstrom, which was acquired by Entain before the football season for $106m, simulates game possibilities in a fraction of a second. It is then able to assess their likelihood and thus allow for an ‘infinite combinations of bets,’ improving same-game parlay and same-game parlay products. BetMGM stated that it intends to integrate Angstrom’s technology into its products fully in 2024.
Greenblatt went on to present an EBITDA goal of $500m in 2026, intending to do so through its products, acquisition and retention and omnichannel offerings. He made note of the developing dual-play roulette tables available at the Borgata Hotel Casino & Spa and the potential they have to bring in customers and revenue.
Other presenters included CFO Gary Deutsch. While diving deeper into the financial aspects of the goals outlined by Greenblatt, he explained that the company’s financial model revolves around long-term players offsetting the cost of onboarding new players. Older cohorts will eventually come to produce a positive EBITDA for the company, which BetMGM believes it will see in H2 2023.
He also noted how Entain has allowed the company to adjust its products to local markets ‘with alacrity.’
Greenblatt concluded the meeting by highlighting the ‘rare and positive culture’ at the company, including Entain as a part of this workplace environment.
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