BetMGM Reports $1 Billion Revenue Through Q2 2024, Gaining 13% Market Share

BetMGM announced net revenue for the first six months of 2024 reached $1 billion, a 6% increase compared to the same period from 2023. The gaming company described its success as a “year of investment” after gaining 13% market share.

BetMGM’s North American Market share in iGaming and online sports betting encompasses the U.S. and Ontario, Canada

BetMGM’s North American market share in iGaming and online sports betting, encompassing the U.S. and Ontario, Canada, remained at 13% for the January to June period. During the second quarter, the company’s net revenue increased by 9% year-over-year and 3% from the first quarter.

Gains occurred in iGaming and sports betting, where net revenue climbed 18% and 16% respectively. The surges were attributed to the benefits accrued from Entain Plc’s 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. 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 capabilities will be fully integrated across MLB, NBA, and NFL offerings ahead of 2024 NFL season. Plus, Single Account Single Wallet (SASW) rollout is expected to be completed with Nevada in place prior to football season.

Entain owns half of BetMGM; MGM Resorts International controls the other 50%. BetMGM posted an earnings before interest, taxes, depreciation, and amortization (EBITDA) loss of $123 million in the first half of 2024.

Company reported an iGaming North American market share of 22%

However, Greenblatt said the company exceeded its customer acquisition and retention targets during this period. It should be noted that rivals DraftKings and FanDuel together control over 70% of the domestic online sports betting market.

Additionally, BetMGM reported unprecedented momentum in iGaming, with a North American market share of 22%. The company anticipates that online casino performance will strengthen revenue growth in the second half of this year and into 2025.

The company launched exclusive games and innovative reward mechanics with top suppliers, including GameCode and White Hat Gaming. It also launched BetMGM Arcade, the home for “non-traditional” content, including LuckyTap and Crash-style games.

BetMGM’s planned marketing investment will continue to be the main strategy through the rest of 2024. The company is pushing to support enhanced player experiences and improve sportsbook product for stakeholders.

“Coupled with an improving sportsbook offering and building on BetMGM’s iGaming strength, which already delivers over $400 million in contribution annually, we expect greater than planned marketing investment in iGaming in the second half of this year,” according to the company’s statement.

BetMGM executives expect that second-half EBITDA will be comparable to the first six months. Additional investments will likely be funded through bank debt as well. The gaming company remains confident in reaching $500 million in EBITDA in the years ahead.