BetMGM Retains Bronze Medal In H1 Fiscal Olympics

BetMGM, America’s third-placed fantasy sports betting and iGaming operator behind leaders FanDuel and DraftKings, retained its bronze medal winning fiscal slot in H1, ending June 30.

And the MGM Resorts International-Entain joint-venture remains firmly on track to reach US$500 million (£389.31m) EBITDA by year’s end 2025, the company affirms.

BetMGM Net Revenue was up six percent to US$1 billion (£778.62m) during the half overall, up nine percent in Q2 and three percent in Q1.

Critically, online sports betting Net Gaming Revenue per-active-user surged 16 percent year-on-year in the second quarter.

And iGaming average monthly active-users also grew, by 18 percent, year-on-year in Q2 — an increase of nine percent compared to Q1.

With EBITDA of US$123 million in H1 (£95.77m), BetMGM is now firmly established as a major operator in North America, live in 29 markets with access to 52 percent of the adult population.

Although iGaming state-wide reach remained static, BetMGM expanded its digital sports betting geographic footprint, with sportsbook launches in North Carolina in March and Washington D.C. in July.

Legends

With integrated partnerships with notable brands like X, Marriott Bonvoy, and the Associated Press, BetMGM holds a 13 percent market share–by Gross Gaming Revenue–in the U.S. and Canada’s Ontario province across sports betting and iGaming, with around 22 percent market share in iGaming alone.

A successful Super Bowl campaign featured a citywide takeover of Las Vegas and a commercial with sporting legends Tom Brady and Wayne Gretzky, and the Tarantino actor Vince Vaughn, the company highlighted during the H1 report.

BetMGM anticipates H2 EBITDA to be similar to the first half.

“The first half of this year has been very important in laying the groundwork for BetMGM’s future,” commented CEO Adam Greenblatt.

“2024 is a year of investment, focusing on improving our customer experience and stepping up our level of investment in players.

“We are encouraged to see this strategy delivering accelerating momentum.

“We have exceeded our goals for both acquisition and retention, which should lead to higher year-over-year revenue growth for the second half of this year into 2025.

“Our execution roadmap, building momentum and prospects ahead all support our confidence in BetMGM’s strong future.”