BetMGM First Half 2024 update is announced

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BetMGM, a top sports betting and iGaming operator in North America, co-owned by Entain plc and MGM Resorts International, is sharing an update on its First Half 2024 performance.

• For the First Half of 2024 (1H 2024), BetMGM’s net revenue on a GAAP basis is expected to be around $978 million. This includes approximately $30 million primarily related to Nevada MGM Resorts operations, where BetMGM records on a net basis as it is considered the agent in these transactions for GAAP purposes.
• The net revenue and EBITDA figures for 1H 2024 are unaudited.
• BetMGM operates iGaming and Online Sports Betting in five markets and Sports Betting (both online and retail) in 24 markets.
• The consolidated GGR market share includes the latest reported figures for U.S. sports betting markets where BetMGM was active (both online and retail) for the three months ending May or June 2024, for U.S. iGaming markets where BetMGM was active for the three months ending June 2024, and for the Ontario market for the three months ending June 2024; internal estimates are used where operator-specific results are unavailable.
• The iGaming GGR market share is based on the three-month period ending June 2024.
• Engagement data for the MLB season covers the period from March 20, 2024, to July 17, 2024.
• Contribution Profit is defined as Net Gaming Revenue minus direct costs (excluding depreciation and amortization and people costs), considered under GAAP presentation of Gross Profit plus marketing acquisition spend.

Adam Greenblatt, CEO of BetMGM, stated:

The first half of this year has been crucial in setting the stage for BetMGM’s future. 2024 is a year of investment, with a focus on enhancing our customer experience and increasing our investment in players. We are pleased to see this strategy gaining momentum, exceeding our acquisition and retention goals, which should lead to higher year-over-year revenue growth in the second half of this year and into 2025. Our online sportsbook players have been enjoying Angstrom-enabled product capabilities since the start of the baseball season, and we are excited for them to experience this across our broader sports offerings as we approach the NFL season. We are also thrilled to offer unique omnichannel opportunities by leveraging MGM Resorts’ presence in Las Vegas. The Single Account Single Wallet feature, completed in Nevada ahead of the NFL season, will significantly enhance the customer experience. Our iGaming business continues to perform strongly with attractive returns, and to capitalize on this strength, we plan to increase marketing efforts in the latter half of this year. Our execution roadmap, growing momentum, and promising prospects reinforce our confidence in BetMGM’s bright future.