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BetMGM Posts $2B Revenue in 2024, Strong iGaming Performance
BetMGM’s FY24 performance surpassed $2 billion in revenue, with iGaming growth being a major contributor. Despite a drop in EBITDA, the company is optimistic about its future prospects.
BetMGM’s Financial Growth in FY24
BetMGM fiscal year 2024 saw its revenue surpass $2.1 billion, a 7% increase YoY. The company's iGaming division was a major growth driver, generating $1.4 billion in revenue, outperforming online sports and retail. In H2, revenue hit $1.1 billion, surpassing H1's $999 million.
While EBITDA dropped by 118%, from negative $62 million to negative $244 million, the company expects these losses to be temporary as 2024 was a year focused on reinvestment and strategic growth.
iGaming and Expansion into Europe
BetMGM's iGaming division performed exceptionally well, contributing $1.49 billion, marking a 13% increase from 2023. H2 was especially strong, with $784 million in iGaming revenue, a 15% rise YoY. Despite retail losses and modest growth in sports betting, the company expanded into the Swedish market in October.
CEO Adam Greenblatt remains positive, citing the success of iGaming and opportunities in online sports betting. BetMGM is targeting positive EBITDA in 2025, with expectations of $500 million EBITDA in the future.
