BetMGM, the joint venture between MGM Resorts and Entain, has reported full-year 2024 revenue of $2.1 billion, marking a 7% increase from the previous year. Despite this growth, the company posted an EBITDA loss of $244 million as it continued investing in its online gaming and sports betting operations.
Company executives view 2024 as a strategic year of investment, positioning BetMGM for profitability in 2025. The company’s financial report noted that the second half of the year saw accelerated revenue momentum, with a 19% increase, bringing in $1.1 billion.
However, December’s customer-friendly sports betting results led to a $50 million negative impact, a trend that affected multiple U.S. sportsbooks.
A breakdown of BetMGM’s revenue showed that its online casino segment remains the primary driver of earnings, contributing $1.47 billion, or 71% of total revenue. The company cited a record 55% increase in average monthly active users during the fourth quarter, reflecting growth in player engagement and retention.
Meanwhile, the online sportsbook segment generated $554 million in revenue, up 17% from the previous year. BetMGM reported a total betting handle of $13 billion for the year, with a hold percentage of 8.6%.
The company attributed the sportsbook’s improved performance to increased market access, richer pricing options, enhanced parlay betting features, and cross-selling opportunities between sports betting and online casino gaming.
Going forward, the company is focused on refining its promotional strategy by leveraging predictive modeling and expanding omnichannel opportunities. And as part of its market expansion efforts, BetMGM launched operations in North Carolina and Washington, D.C., in 2024, bringing its online sports betting platform to additional U.S. markets.
CEO Adam Greenblatt
CEO Adam Greenblatt stated: “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 trended towards breakeven on a normalized basis.”
Despite the losses reported in 2024, BetMGM expects a turnaround in 2025, forecasting revenues between $2.4 billion and $2.5 billion. The company anticipates a $250 million improvement in EBITDA, which would push the joint venture into profitability for the first time. Additionally, BetMGM reaffirmed its long-term objective of achieving $500 million in EBITDA in the coming years.
The company also disclosed that it has $150 million available in a revolving credit facility and does not foresee requiring additional financial contributions from its parent companies.
Greenblatt was confident about BetMGM’s future trajectory. “With BetMGM’s renewed acceleration across both iGaming and online sports, we expect to achieve positive EBITDA in 2025, and 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.”
Original article: https://www.yogonet.com/international/news/2025/02/05/94172-betmgm-reports-21-billion-in-2024-revenue-sets-sights-on-profitability-in-2025
