BetMGM reports significant growth for first half of 2023

The fast-growing iGaming and sports betting operator in North America, BetMGM, which is jointly owned by MGM Resorts International and Entain, released a new update revealing details regarding its performance for the first half of 2023. Within the latest trading update, the leading betting and online gambling operator unveiled details regarding its outlook for the full-year 2023 as well, a statement reveals.

In its new report, BetMGM revealed that it enjoyed strong financial performance throughout 1H 2023. The operator's net gaming revenue for the first half of this year hit $944m. This, the company said, was in line with the "upper end of previous guidance range for FY 2023 revenue of $1.8bn to $2.0bn." At the same time, BetMGM confirmed that same-state growth in net revenue from digital operations in the first half of 2023 grew by 25%.

Additionally, the new report reveals that for Q2 of this year, the company reached positive EBITDA, an achievement that was identified as a key milestone. Judging by the new trading update, in 1H 2023, BetMGM saw improved same-state CPAs growth by 8% year-over-year and acknowledged the positive impact of its player management program and bonus optimization.

In its first half of 2023 update, BetMGM pointed out strategic achievements in North America. The company confirmed that it currently holds a leadership role as an iGaming and sports betting operator in the region and continues to expand its presence. Notably, in 1H 2023, BetMGM grew its US-facing presence with launches in Massachusetts, Ohio, as well as Puerto Rico.

Currently, the company is live in 26 US states, as well as in Ontario, Canada. The estimated market share of its sports betting and iGaming operations is approximately 18%, reveals the new financial report.

Adam Greenblatt, BetMGM's Chief Executive Officer, was delighted about the results from 1H 2023. "I am pleased with the significant progress we have made during the first half of 2023 as we continue our strong growth and remain on our path to profitability," he said.

Greenblatt pointed out that the company expects positive EBITDA for the second half of 2023 and seeing full-year revenue of $1.8bn to $2.0bn. He pointed out that BetMGM has seen strong growth by achieving positive EBITDA for Q2 this year.

Finally, BetMGM's Chief Executive Officer pointed out: "We look forward to the remainder of the year, buoyed by ongoing product improvements, tremendous support from our shareholders providing access to new assets and partnerships, and – above all – our extraordinary team at BetMGM."

Focusing on the future, BetMGM confirmed that it remains on track with guidance for positive EBITDA for 2H 2023. That process, the company said, would include launches in North Carolina, as well as Kentucky that weren't planned initially for 2023.

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