BetMGM has reaffirmed its confidence in reaching $500 million in EBITDA, following a record-breaking year for its iGaming division. The joint venture between Entain and MGM Resorts saw significant growth in 2024, solidifying its position in the online gaming market.
Strong Performance in iGaming and Sports Betting
Online casino revenue surged 13% year-over-year to $1.5 billion, establishing iGaming as a key growth driver, particularly in the U.S., where BetMGM holds a 22% market share. Meanwhile, online sports betting net revenue increased by 4% to $554 million, with the brand capturing an 8% market share.
These gains contributed to a 2024 EBITDA of $244 million—putting BetMGM at the halfway mark toward its ambitious $500 million goal.
CEO Highlights Momentum and Future Growth
Reflecting on the company’s progress, CEO Adam Greenblatt described 2024 as a pivotal year of investment and momentum-building.
“Our strategic refinements helped us exit the year with strong run rates across key metrics, and Q4 EBITDA was trending toward breakeven on a normalized basis,” Greenblatt said.
He emphasized the company’s continued iGaming expansion and promising advancements in online sports betting. Improved product offerings and operational efficiencies are expected to drive positive EBITDA for fiscal year 2025.
“With renewed acceleration in both iGaming and online sports, we anticipate achieving positive EBITDA in 2025,” Greenblatt added. “Our strong position in the world’s largest gaming market gives us confidence in our pathway to $500 million EBITDA in the coming years.”
Key Performance Highlights
BetMGM’s momentum was particularly strong in the second half of 2024, where net revenue climbed 19%, compared to just 6% growth in the first half.
Additional highlights from the year include:
- Record iGaming revenue and record average monthly active users, with Q4 actives up 55% year-over-year.
- Sports betting growth, including a 41% rise in MLB same-game parlay bets per active user and a 2.2 percentage point increase in NFL same-game parlay bet mix.
- Enhanced cross-sell performance, with an 11.5 percentage point boost in sports bettors transitioning to online casino play.
Looking Ahead to 2025
BetMGM projects net revenue for FY25 to range between $2.4 billion and $2.5 billion, with expectations of achieving positive EBITDA.
As the company continues to expand and refine its operations, BetMGM remains committed to scaling its presence in the highly competitive online gaming space.