BetMGM has posted its FY24 results with growth in its iGaming division resulting in a 7% year-on-year (YoY) increase.
The net revenue total reached $2.1 billion, with iGaming generating $1.4 billion for the year, outperforming online sports and retail.
Divided into H1 and H2, the second half of the year surpassed the first, with total revenue reaching $1.1 billion, compared to $999 million generated in the first half of the year.
Other notable figures from the operator’s results are the huge drop in EBITDA, which fell by 118%, from negative $62 million to negative $244 million. However, the company stated that this was consistent with predictions as 2024 was earmarked as a year for investment.
The substantial increase in iGaming accounted for $1.49 billion of the overall revenue figure, which is up 13% from 2023.
H2 2024 was the company’s most profitable period with $784 million generated in iGaming revenue, which is a 15% increase from H2 2023. Revenue from iGaming also increased 10% YoY in H1 hitting $695 million.
Online sports betting saw a more modest increase, rising 4% YoY and generating $554 million.
Retail revenue was hit hard, with revenue falling 50% YoY for BetMGM and generating $70 million.
Internationally, the operator further expanded in Europe, entering the Swedish market in October 2024. The company had previously found success with launches in the UK and the Netherlands.
On the financial results, Adam Greenblatt, CEO of BetMGM, commented that 2024 was a year of investment and rebuilding momentum. He pointed to the successes in iGaming and highlighted opportunities in online sports. As a result of this, Greenblatt expects to achieve positive EBITDA in 2025 and has confidence in a $500 million EBITDA “in the coming years.”
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