BetMGM Publishes Impressive H1 Results

North American gaming giant BetMGM has published a report on its performance during the first half of 2023. In addition, the company provided an update on its outlook for its full-year performance.

The company, jointly owned by MGM Resorts International and Entain, announced that has finished the first half of the year with a very strong financial performance. As reported by the company, its total net revenue from operations sat at $944 million.

The figure furthermore represents same-state growth of 25% in net revenue from digital operations. Same state CPAs, meanwhile, improved by 8% year-on-year.

In addition to that, BetMGM announced that it has reached the key milestone of positive EBITDA for Q2 2023. However, the company noted that its H1 revenue and EBITDA results are unaudited.

The company added that its optimization and player management efforts continue to yield positive results, improving GGR to NGR conversion. Sports NGR margin, for reference, increased by 300 bps year-on-year.

Digital sports revenue per player, meanwhile, was 65% for players acquired in 2021 or earlier. Speaking of digital sports betting, the annual cohorts of online sportsbooks launched between 2019 and 2022 delivered positive contribution profit during the second quarter of the year.

Earlier, the company announced that it has awarded $75 million in jackpots to numerous customers during the first half of the year.

CEO Greenblatt Praised the Results

Аdam Greenblatt, BetMGM’s chief executive officer, released a statement on the results, sharing his contentment about the company’s “significant progress.” He pointed out that the company remains on its path to profitability as it continues to demonstrate strong growth.

Greenblatt confirmed that the company’s financial guidance for 2023 remains on track, with BetMGM expecting to deliver between $1.8 and $2 billion in full-year revenue. Furthermore, the company hopes to remain EBITDA positive in the second half of the year, maintaining its favorable metrics.

Greenblatt added that BetMGM will continue pursuing sustainability, scalability and returns by continuing to provide consumers with market-leading products. He concluded that he is very excited to see how the company performs in H2 2023.

We look forward to the remainder of the year, buoyed by ongoing product improvements, tremendous support from our shareholders providing access to new assets and partnerships, and – above all – our extraordinary team at BetMGM.

Adam Greenblatt, CEO, BetMGM

In unrelated news, Jamie Foxx recently announced his return from hospitalization and unveiled an upcoming activation with BetMGM.