CEO Adam Greenblatt lauded the investment efforts in 2024 and the ramping momentum for the company
Betting and gaming juggernaut BetMGM has published its FY 2024 financials, delivering revenue growth and optimistic EBITDA forecasts. While the brand is still EBITDA negative, it is convinced that 2025 may be a turning point.
BetMGM Hopes to Turn EBITDA-Positive Soon
BetMGM, which is jointly owned by MGM Resorts International and Entain, reported net revenue of $2.1 billion for 2024, up 7% year-on-year.
The company attributed this rise to the continued growth of engagement metrics. According to the report, the average number of average monthly active players increased by 14% YOY, underpinned by the company’s strategic investments in player acquisition.
The total revenue figure was underpinned by a strong growth in iGaming net revenue, which stood at $1.5 billion for the period, up 13% YOY. Online sports net revenue, on the other hand, increased by 4%.
In 2024, BetMGM remained EBITDA-negative, reporting an EBITDA loss of $244 million, consistent with its intense investment efforts. However, Q4 EBITDA trended towards breakeven, causing the company to reiterate its confidence in its pathway to $500 million EBITDA.
The company expects to be EBITDA positive by the end of 2025 and post net revenue of approximately $2.4-2.5 billion.
BetMGM Cemented Its Leadership Position
In 2024, BetMGM remained an iGaming leader in its markets, reporting market share stabilization at 14% GGR share in active markets. The company continued to expand and improve its products, and launched sports betting in North Carolina and Washington DC.
In addition to that, the company released several new exclusive titles and paid out the largest regulated online gaming jackpot ($6.5 million) to a lucky player in New Jersey.
The company also reinforced its betting offering with features such as quick bet, linear bet slip, and live bet tracking, bolstering the player experience. The company’s app also became the first sports betting app to offer bettors in Nevada a seamless, nationwide, digital wallet.
The company also integrated BetMGM Rewards with MGM Resorts loyalty platform including Marriott Bonvoy.
BetMGM’s safer gaming efforts continued as the business reiterated its commitment to offering safe and transparent products. The company became one of the founding members of the Responsible Online Gaming Association (ROGA) and launched its inaugural responsible gambling commercial featuring Connor McDavid.
The Company Remains on Track to Achieving Its Goals
CEO Adam Greenblatt lauded the investment efforts in 2024 and the ramping momentum for the company. He praised the omnichannel growth, predicting new opportunities across multiple verticals.
Greenblatt echoed the company’s optimism about 2025, saying that his team remains on track to reaching its long-term EBITDA target.
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.
Adam Greenblatt, CEO, BetMGM
In the meantime, BetMGM faced regulatory trouble in Pennsylvania where it was accused of self-exclusion failures.
