BetMGM released its first and second quarter financial results, highlighting a 6% year-on-year increase in revenue for the first half of 2024 to $1 billion. EBITDA (Earnings before interest, taxes, depreciation and amortization) for the first half of the year was negative at US$123 million.
In the second quarter, net revenue grew 9% compared to the previous year. Online sports betting (NGR) net gaming revenue increased 16% year-over-year.
BetMGM reaches 22% share in the iGaming market
The company launched digital sports betting in North Carolina in March and across the District of Columbia in July. The company claims its share of the igaming market is now at 22%.
Adam Greenblatt, chief executive of BetMGM, said: “The first half of this year was very important in laying the foundation for the future of BetMGM. Therefore, 2024 is a year of investment, with a focus on improving the experience of our customers and intensifying our level of investment in players.”
“We are excited that this strategy is generating accelerated momentum. In other words, we exceeded our acquisition and retention goals, which should lead to greater year-over-year revenue growth in the second half of this year until 2025.”
“Our online sports betting players have been taking advantage of Angstrom-enabled product features since the start of the baseball season,” he added.
Greenblatt highlighted the sports offer until the next NFL season. “So we hope players will take advantage of this across our broader sports offering leading up to the NFL season. So we are very excited to bring our unique omnichannel opportunities to players, fully leveraging MGM Resorts’ presence in Las Vegas.”
