BetMGM Revenue Surpasses $2 Billion in 2024

BetMGM Hits $2B Revenue in FY24

BetMGM has achieved impressive financial results in FY24, with net revenue hitting $2.1 billion, a 7% YoY growth. The company’s iGaming division has been a key driver of this success, generating $1.4 billion in revenue. The second half of the year saw strong growth, with total revenue of $1.1 billion.

In contrast, BetMGM faced challenges in EBITDA, which dropped by 118%, from negative $62 million to negative $244 million. However, the company has reassured investors that these results align with its strategic focus on reinvestment in 2024.

Strong Performance in iGaming

The standout performer for BetMGM in FY24 was iGaming, which grew by 13% from 2023, generating $1.49 billion. The second half of 2024 proved to be the most profitable period, with a 15% increase in iGaming revenue, amounting to $784 million. BetMGM also expanded in Europe, entering the Swedish market in October.

Despite a modest increase in online sports betting (4% YoY), retail revenue took a significant hit, with a 50% YoY decrease. CEO Adam Greenblatt emphasized that 2024 was a year for investment, and the company is optimistic for positive EBITDA in 2025.

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