BetMGM reports $1 billion in net revenue for H1 2024, plans increased investment

iGaming and sports betting operator BetMGM, jointly owned by Entain and MGM Resorts International, announced its financial results for the first half of 2024, reporting a net revenue from operations of $1 billion, up 6% year-over-year (YoY).

In Q2, the company saw a net revenue growth of 9% YoY, with online sports betting net gaming revenue (NGR) per active user up 16% YoY and iGaming average monthly actives growing by 18% YoY. The company's EBITDA for the first half stood at a loss of $123 million, aligning with expectations for an investment-heavy year.

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

BetMGM now operates in 29 markets across North America, covering 52% of the adult population. The company launched digital sports betting in North Carolina in March and district-wide in the District of Columbia earlier this month. BetMGM holds a 13% gross gaming revenue (GGR) market share in the U.S. and Ontario for sports betting and iGaming, with a stable 22% market share in iGaming alone.

The company has enhanced its sports product and technology, integrating Angstrom capabilities for Major League Baseball (MLB) and the National Basketball Association (NBA). New features include live bet tracking and improved betting journeys. BetMGM's iGaming segment also saw notable developments, including record jackpots and exclusive game launches, alongside the introduction of BetMGM Arcade.

BetMGM has also strengthened its marketing partnerships, integrating with platforms such as X, Marriott Bonvoy, and the Associated Press. The company also executed a successful Super Bowl campaign and secured an exclusive ambassadorship with Brian Christopher Slots.

As a founding member of the Responsible Online Gaming Association, BetMGM also expanded the Kindbridge Health program to offer problem gambling treatment referrals in eight additional in H1. The company also provided research and funding support for the International Center for Responsible Gaming.

BetMGM received EGR North America's awards for both Employer and Sports Betting Operator of the Year, and won Hashtag Sports awards for Best Sports Betting Partnership and Best Communications Strategy. It was listed among Fortune’s Best Workplaces in New York. 

Looking ahead, BetMGM plans to continue its investment in enhancing player experience and product improvements. The company anticipates greater marketing investment in iGaming in the second half of 2024, funded by bank debt, and expects H2 EBITDA to be similar to H1.

"Investment in our execution roadmap, accelerating momentum and opportunities ahead all support our confidence in BetMGM’s pathway to $500 million EBITDA in the coming years," the company said in a statement.