As detailed in the operator’s latest figures, revenue grew by 7% compared to 2023.
BetMGM has released its financial results for FY24, reporting a 7% year-on-year increase in net revenue, reaching $2.1 billion. iGaming remained the primary revenue driver, contributing $1.49 billion for the year.
As detailed in the operator’s latest figures, revenue grew by 7% compared to 2023. The company closed the year on a high note, with H2 2024 revenue totaling $1.1 billion, surpassing the $999 million recorded in H1 2024.
However, EBITDA saw a significant decline, falling by 118% from negative $62 million in 2023 to negative $244 million in 2024. BetMGM attributed this to its investment-heavy strategy for the year, including a $50 million negative impact from favorable consumer results in December. The FY24 EBITDA loss was nearly double that of H1 2024, which stood at negative $123 million.
iGaming: Strong Growth in 2024
Online gaming was the standout performer, generating $1.49 billion in revenue—an increase of 13% compared to 2023. H2 2024 proved to be the most profitable period, with iGaming revenue reaching $784 million, up 15% year-on-year. H1 2024 also saw a 10% increase, contributing $695 million. BetMGM ended the year with a stable iGaming GGR market share of 22%.
Online Sports Betting: Steady Expansion
BetMGM’s online sports wagering segment experienced a 4% revenue increase, reaching $554 million for FY24. The operator’s total betting handle rose from $10.9 billion in 2023 to $13.1 billion in 2024.
During H2 2024, total wagers amounted to $7.2 billion, generating $292 million in revenue—up 2% from the prior year. The company closed the year with an 8.6% GGR hold.
Retail Betting: Sharp Decline
Unlike other segments, BetMGM’s retail operations faced a significant downturn, with revenue falling by 50% year-on-year to $70 million. The first half of 2024 saw stronger performance, generating $42 million, but engagement declined sharply in the latter half of the year.
Expansion & Future Outlook
BetMGM continued its international growth in 2024, launching its mobile sportsbook in Washington, D.C., over the summer. The company also expanded into Europe, entering the Swedish market in October, following earlier launches in the UK and the Netherlands.
CEO Adam Greenblatt commented on the results:
“2024 was a year of investment and rebuilding of momentum for BetMGM. 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. 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. Our scaled podium position in the world’s largest gaming market underpins our confidence in our pathway to $500 million EBITDA in the coming years.”
This report comes just weeks after it was announced that MGM was ordered to pay a $45M settlement over data breaches.