Sportsbook & iGaming operator BetMGM has released its H1 & Q2 financial results, highlighting a 6% yearly rise in H1 2024 revenue figures to $1bn, juxtaposed by an H1 2024 EBITDA of negative $123m.
Q2 2024 net revenue rose by 9% year-over-year, as well as being 3% higher than revenue figures released for Q1 2024. Additionally, Net Gaming Revenue (NGR) also saw a yearly rise of 16% during the second quarter.
EBITDA settled at -$123m for the first half of 2024, however, the company has stated that this figure aligns with its annual predictions, as the organization is currently undergoing a period of investment.
Aside from financial figures, BetMGM has also recorded an increase in iGaming average monthly active users of 18% year-over-year for Q2 2024, up 9% from Q1 of this year. Further, recent launches in North Carolina in March and the District of Columbia in July have helped the company to secure a 13% GGR market share across the US and Ontario for iGaming and sports betting. BetMGM’s overall iGaming market share is now at 22%.
Adam Greenblatt, BetMGM CEO, commented on the results, said, “The first half of this year has been very important in laying the groundwork for BetMGM’s future. 2024 is a year of investment, focusing on improving our customer experience and stepping up our level of investment in players.
“We are encouraged to see this strategy delivering accelerating momentum. We have exceeded our goals for both acquisition and retention, which should lead to higher year-over-year revenue growth for the second half of this year into 2025.
Last month, BetMGM also partnered with Bragg Gaming to help introduce the company to the Pennsylvanian market.