BetMGM crossed a significant financial threshold in early 2024, pulling in $1 billion in net revenue during the year’s first half. That figure represents a 6% gain over the same stretch in 2023.
The company’s grip on the North American market remains solid, holding 13% of combined iGaming and online sports betting share across the US and Ontario. Momentum accelerated in the second quarter, with net revenue climbing 9% year over year and 3% sequentially. Within that period, iGaming revenue jumped 18% while sports betting rose 16%.
Those gains trace partly to Entain Plc’s acquisition of Angstrom Sports in July 2023. The data analytics firm supplies predictive modeling tools for complex pricing and forecasting. BetMGM CEO Adam Greenblatt confirmed that online sportsbook customers have used Angstrom-enabled features since baseball season began, with a wider rollout planned ahead of the NFL schedule. Entain and MGM Resorts International each own half of BetMGM.
Despite the revenue growth, the operator reported an EBITDA loss of $123 million for the first six months. Greenblatt emphasized that the company beat its customer acquisition and retention targets. That progress matters as DraftKings and FanDuel continue dominating more than 70% of the domestic online sports betting market.
BetMGM has carved out stronger positioning in iGaming, where it commands 22% market share in North America. Online casino operations now contribute more than $400 million annually. However, internet casinos currently operate in only six states: Connecticut, Delaware, Michigan, New Jersey, Pennsylvania, and West Virginia. Legislative expansion would be needed to unlock broader growth.
Management continues framing 2024 as a year of investment. The company anticipates second-half EBITDA comparable to the first half, with additional spending funded through bank debt. BetMGM maintains confidence in reaching $500 million in EBITDA within the coming years.
