BetMGM FY2024 report: iGaming revenue grows, but retail betting is slashed by 36% from H1 to H2

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BetMGM have published a report, on 4 February, detailing the iGaming conglomerate’s FY2024 results and its 2025 expectations.

The betting operator, jointly owned by Entain and MGM Resorts, outlined 7% net revenue growth up to £1.68bn in its year-on-year performance. These figures demonstrate consistent development for the entity despite major EBITDA (earnings before interest, taxes, depreciation and amortisation) losses. 

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Specifically, BetMGM noted that FY2024 EBITDA total losses stood at £194.7m following significant deficits in H1 and H2; £96.6m and £98.1m, respectively. Customer-friendly results played a crucial role in the company’s EBITDA results, as £39.9m - 20.49% - of the negative £194.7m EBITDA figure is attributed to positive betting outcomes for users. According to the report, BetMGM expects to attain positive EBITDA results in 2025.

However, overall, BetMGM saw strong results throughout FY2024. This is particularly true for H2, highlighted by an impressive 19% increase in revenue, up to £880m over H1’s £797m reported income. 

Online casino gaming remains BetMGM’s most profitable branch, as the iGaming leg contributed £1.18bn of the businesses’ net income during that period. H2 again represented a notably fruitful era for FY2024’s iGaming financial performance, generating £625.5m. This marks a nearly 13% increase over reported iGaming income compared to the first half of the year, which was £554.5m. Compared to the previous year, as a whole, BetMGM’s iGaming revenue surged 12.6%. 

Meanwhile the online sports betting department retained its ongoing year-on-year growth, with an annual revenue of £442m rising 4% above the FY2023 results. Sports bettors placed more bets in FY2024, too, as users wagered £10.43bn throughout the annum – an increase of 20% against figures for FY2023. This data goes hand-in-hand with a 14% increase in year-on-year monthly active sports betting users. 

However retail betting revenue dropped from £93.3m in FY2023 to £55.8m by the end of FY2024. Such an outcome is pinpointed as a surprise, with land-based revenue being the only facet of BetMGM’s various sectors to see positive growth in H1, followed by demonstrably poor results in H2. From H1 to H2, this segment saw a 36% decrease in revenue. 

BetMGM CEO, Adam Greenblatt, discussed the firm’s FY2024 results in a press release:

"2024 was a year of investment and rebuilding of momentum for BetMGM. Our successful strategic refinement saw BetMGM exit the year with encouraging run rates across our key metrics and Q4 EBITDA trend towards breakeven on a normalised basis. 

“Our iGaming business continues to grow strongly and deliver attractive returns. We also have an exciting opportunity in online sports, having made meaningful progress in 2024. Our improved product, accelerating growth and enhanced efficiency drive our expectation of online sports being contribution positive for FY2025.”

Greenblatt stated his confidence in BetMGM’s evolving stature in the iGaming and sports betting industries, as he noted specific future EBITDA goals: “With BetMGM's renewed acceleration across both iGaming and online sports we expect to achieve positive EBITDA in 2025, and our scaled podium position in the world's largest gaming market underpins our confidence in our pathway to $500m EBITDA in the coming years."

In addition to performance-centric results, BetMGM celebrated its status as a market leader in the iGaming scene – having paid out the largest jackpot from a slot in the regulated US market; £5.2m to a New Jersey customer.