In its initial financial update for the year, BetMGM reported that net revenue for the first half of 2024 reached $1 billion, which represents a 6% rise compared to the same period last year.
The company noted that, based on its gross gaming revenue (GGR) share for iGaming and online sports betting in the United States and Ontario, Canada, its North American market share stood at 13% for the period from January to June. There were indications of growth for the gaming operator in the second quarter, as net revenue grew by 9% year-over-year and by 3% from the first quarter. In the second quarter, net revenue from iGaming and sports betting soared by 18% and 16%, respectively.
These increases underscore the benefits gained from Entain Plc's (OTC: GMVHY) acquisition of Angstrom Sports in July 2023.
"Our online sportsbook players have been enjoying Angstrom-enabled product capabilities since the start of the baseball season, and we look forward to players enjoying this across our wider sports offering leading into the NFL season,” said BetMGM CEO Adam Greenblatt in a statement.
Angstrom is a data and analytics firm that utilizes predictive modeling to develop intricate pricing and forecasting capabilities. Entain holds a 50% stake in BetMGM, which ranks among the largest online sportsbook operators in the United States. The remaining 50% is owned by MGM Resorts International (NYSE: MGM).
In the first half of 2024, BetMGM reported an earnings before interest, taxes, depreciation, and amortization (EBITDA) loss of $123 million; however, Greenblatt observed that the operator surpassed its customer acquisition and retention targets during this time.
The commentary on customer acquisition and retention is vital at a moment when competitors DraftKings and FanDuel seem to be reinforcing their long-standing duopoly in the domestic online sports betting sector—one that has enabled these two operators to dominate over 70% of the total market.
BetMGM has gained some traction in iGaming, where its North American market share stands at 22%, and online casino may play a role in the operator's anticipation of increased revenue growth in the latter half of this year and into 2025. BetMGM holds a competitive edge in iGaming, as certain studies indicate that it complements the land-based venues of casino operators. MGM boasts one of the largest portfolios of casinos in the U. S. and one of the most substantial rewards programs.
Nonetheless, internet casinos are authorized in only six states—Connecticut, Delaware, Michigan, New Jersey, Pennsylvania, and West Virginia—suggesting that further legislative measures are essential in the coming years to stimulate growth in this type of wagering.
As previously mentioned by the operator, BetMGM considers 2024 to be a year focused on investment.
“Coupled with an improving sportsbook offering, and building on BetMGM’s iGaming strength which already delivers over $400 million contribution annually, expectation of greater than planned marketing investment in iGaming in 2H this year,” according to the statement.
While predicting second half EBITDA that will match what was observed in the first half of the year, the gaming firm mentioned that further investments are anticipated to be financed through bank loans. BetMGM stated it continues to be optimistic about achieving $500 million in EBITDA “in the coming years. ”
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