In its Fiscal Year 2024 (FY24) report, BetMGM LLC has reflected on a challenging yet pivotal year of investments and strategic shifts. The sports betting and iGaming operator, a joint venture between MGM Resorts and Entain, faced a deeper-than-expected EBITDA loss of $244 million, compared to $62 million in 2023. Despite this setback, the company demonstrated resilience through a 7% year-on-year increase in net revenue, reaching $2.1 billion. Notably, iGaming proved to be the primary driver of growth, with a 13% rise in revenue from online casino games, contributing $1.49 billion to the total.
A year of investment and resilience:
BetMGM CEO, Adam Greenblatt, acknowledged that 2024 was a year defined by rebuilding and investment. “2024 was a year of investment and rebuilding of momentum for BetMGM,” Greenblatt said. “Our successful strategic refinement saw BetMGM exit the year with encouraging run rates across our key metrics, and Q4 EBITDA trend towards breakeven on a normalized basis.”
This “strategic refinement” is expected to yield long-term benefits, as the company gears up for a positive EBITDA outlook in 2025. The company has placed significant focus on enhancing its iGaming platform and its online sports betting offerings, areas that are poised for accelerated growth in the coming year.
BetMGM’s iGaming operations, which focus on online casino games, were the standout performers in 2024. The business segment saw revenue growth of 13% compared to the previous year, contributing $1.49 billion. The second half of 2024 proved particularly successful, with a 15% increase in revenue from iGaming. By the end of 2024, BetMGM held a 22% share of the iGaming gross gaming revenue (GGR) market, underscoring its strong position in the highly competitive field.
The iGaming division’s performance reflects BetMGM’s commitment to expanding its offerings in a growing market, which continues to show robust demand. This continued growth has laid the groundwork for the company’s ambitions, positioning the iGaming business as the cornerstone for future profitability.
Sports betting and retail challenges:
While BetMGM’s iGaming sector excelled, its sports betting division faced more modest growth. Online sports wagering revenue reached $554 million, marking a 4% increase year-on-year. Despite this growth, BetMGM’s sports betting handle surged by 20% to $13.1 billion in 2024, indicating a growing interest in the platform. However, the sports betting sector’s GGR hold was a modest 8.6%, which suggests that the company may need to refine its approach to maximize returns from this growing vertical.
Retail revenue was particularly challenging, with a stark 50% decline to $70 million. This decline represents the only sector where game-show-casino-content-116878″>BetMGM saw a fall in revenue, with the downward trend being more pronounced in the latter part of the year. The decline in retail engagement signals the continued shift towards digital platforms, a trend that has defined much of the gaming industry’s evolution in recent years.
Looking ahead, BetMGM has set ambitious projections for 2025, forecasting net revenue in the range of $2.4 billion to $2.5 billion. The company anticipates achieving EBITDA profitability in 2025, a significant milestone after the challenges of FY24. Greenblatt is confident in BetMGM’s potential, stating in the company’s press release, “With BetMGM’s renewed acceleration across both iGaming and online sports, we expect to achieve positive EBITDA in 2025, and our scaled podium position in the world’s largest gaming market underpins our confidence in our pathway to $500 million EBITDA in the coming years.”
The company’s growth trajectory is supported by its ability to scale operations and leverage its market position in North America, where it maintains a strong foothold. In addition to its success in the U.S., BetMGM has also made strides internationally, marking its entry into the Swedish market in late 2024 and expanding its presence in the UK and the Netherlands.
Among its key operational achievements in 2024, BetMGM launched the first nationwide digital wallet for sports betting in Nevada, which allows users to access their accounts across multiple states. This move enhances player convenience and reinforces BetMGM’s position as an industry leader in technological innovation.
Furthermore, the company has reported strong success in cross-selling efforts, converting more sports bettors to iGaming customers, with a notable 11.6% increase in year-on-year conversion rates. These strategic efforts to integrate products and enhance user engagement are integral to BetMGM’s long-term growth strategy.
casino games, contributing $1.49 billion to the total.A year of investment and resilience:BetMGM CEO, Adam Greenblatt, acknowledged that 2024 was a year defined by rebuilding and investment. "2024 was a year of investment and rebuilding of momentum for BetMGM," Greenblatt said. "Our successful strategic refinement saw BetMGM exit the year with encouraging run rates across our key metrics, and Q4 EBITDA trend towards breakeven on a normalized basis."This "strategic refinement" is expected to yield long-term benefits, as the company gears up for a positive EBITDA outlook in 2025. The company has placed significant focus on enhancing its iGaming platform and its online sports betting offerings, areas that are poised for accelerated growth in the coming year.BetMGM’s iGaming operations, which focus on online casino games, were the standout performers in 2024. The business segment saw revenue growth of 13% compared to the previous year, contributing $1.49 billion. The second half of 2024 proved particularly successful, with a 15% increase in revenue from iGaming. By the end of 2024, BetMGM held a 22% share of the iGaming gross gaming revenue (GGR) market, underscoring its strong position in the highly competitive field.The iGaming division’s performance reflects BetMGM’s commitment to expanding its offerings in a growing market, which continues to show robust demand. This continued growth has laid the groundwork for the company’s ambitions, positioning the iGaming business as the cornerstone for future profitability.Sports betting and retail challenges:While BetMGM’s iGaming sector excelled, its sports betting division faced more modest growth. Online sports wagering revenue reached $554 million, marking a 4% increase year-on-year. Despite this growth, BetMGM’s sports betting handle surged by 20% to $13.1 billion in 2024, indicating a growing interest in the platform. However, the sports betting sector’s GGR hold was a modest 8.6%, which suggests that the company may need to refine its approach to maximize returns from this growing vertical.Retail revenue was particularly challenging, with a stark 50% decline to $70 million. This decline represents the only sector where BetMGM saw a fall in revenue, with the downward trend being more pronounced in the latter part of the year. The decline in retail engagement signals the continued shift towards digital platforms, a trend that has defined much of the gaming industry’s evolution in recent years.Looking ahead, BetMGM has set ambitious projections for 2025, forecasting net revenue in the range of $2.4 billion to $2.5 billion. The company anticipates achieving EBITDA profitability in 2025, a significant milestone after the challenges of FY24. Greenblatt is confident in BetMGM’s potential, stating in the company’s press release, "With BetMGM’s renewed acceleration across both iGaming and online sports, we expect to achieve positive EBITDA in 2025, and our scaled podium position in the world’s largest gaming market underpins our confidence in our pathway to $500 million EBITDA in the coming years."The company’s growth trajectory is supported by its ability to scale operations and leverage its market position in North America, where it maintains a strong foothold. In addition to its success in the U.S., BetMGM has also made strides internationally, marking its entry into the Swedish market in late 2024 and expanding its presence in the UK and the Netherlands.Among its key operational achievements in 2024, BetMGM launched the first nationwide digital wallet for sports betting in Nevada, which allows users to access their accounts across multiple states. This move enhances player convenience and reinforces BetMGM’s position as an industry leader in technological innovation.Furthermore, the company has reported strong success in cross-selling efforts, converting more sports bettors to iGaming customers, with a notable 11.6% increase in year-on-year conversion rates. These strategic efforts to integrate products and enhance user engagement are integral to BetMGM’s long-term growth “/>
