BetMGM, owned by MGM Resorts International and Entain, reported net income of US$944 million for the first half, up 55% from its H1 2022 total of US$608 million.
The company expects annual revenue at the upper end of its previous forecast, between $1.8 billion and $2 billion.
Adam Greenblatt, chief executive of BetMGM, said the company had made “significant progress” towards its profitability objective:
“I am pleased with the significant progress we have made during the first half of 2023 as we continue our strong growth and remain on our path to profitability.”
“Our financial guidance for the year is on track – we expect to achieve $1.8 billion to $2.0 billion in full-year revenue, in addition to achieving positive EBITDA in the second half of 2023.”
“In fact, we already achieved positive EBITDA in the second full quarter of this year,” said Greenblatt.
BetMGM’s market share is 27% for online gaming (igaming) and 11% for online sports betting.
The company has a 13% share of the markets it entered on the first day of launch.
After opening in Massachusetts, Ohio and Puerto Rico, BetMGM is now present in 26 provinces and states across North America.
The company has stated that it will not need further equity investment from MGM Resorts or Entain as it expects to become self-sufficient in the second half.
About BetMGM
Founded in 2018 and headquartered in New Jersey, BetMGM uses technology licensed in the United States from Entain to offer online sports betting and gaming through brands such as BetMGM, Borgata Casino, Party Casino and Party Poker.
The group recently sent a $180,000 grant to the International Center for Responsible Gambling (ICRG) in support of the organization’s research and awareness work on responsible gambling and the impact advertising has on excessive gambling.
