BetMGM closes the book on a strong FY 2023

BetMGM has posted its financial performance for the FY 2023, noting that the company has been able to overcome short-term challenges and shift into sustainable business practices that allowed it to witness growth and adjust long run expectations. The betting operator is owned by MGM Resorts International and Entain, and it has benefited from the two respective companies’ strong brand presence and technological prowess.

Net revenue on an annual basis grew to $1.96bn, or a 36% jump over the period. The company was able to build a very serious footprint in the North American market, with the operator live in 28 markets, in varying capacity, and having access to 49% of the adult population in the country.

There have been several notable launches in 2023, including that of Ohio, Kentucky, and Massachusetts’ online and retail sports betting, as well as introducing online products to Puerto Rico, the company explained it its official press release. Similarly, BetMGM moved with long-term ambitions, securing market access into North Carolina through a partnership with Charlotte Motor Speedway.

BetMGM was also able to introduce its single account and single wallet in 21 markets, which is now giving the company hopes that it would see significant synergies from the upcoming Super Bowl LVII. This is aligned with the company’s business strategy for 2024, which is built around driving further growth into the new year.

Commenting on these results and the company’s dedication to delivering on results, BetMGM CEO Adam Greenblatt had this to add: "Our performance in 2023 demonstrates our commitment to delivering on our promises. We were able to achieve strong organic growth, while executing against key strategic initiatives that lay the foundation for 2024 and beyond."

The executive was pleased with the way 2023 played out and the business practices that the company was able to embark on throughout the period, outlining an even brighter future for the business in 2024. All of this comes against a backdrop of heightened activity for the company.

BetMGM has also sought to strengthen its presence in the North American market, having secured an important partnership extension with the National Hockey League back in late December 2023. The company was also pleased with a collaboration with Angstrom, a data firm, that has helped it build more robust prediction models that in turn allow the operator to adjust its odds and offer the best value.

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