The figures, published by Entain which co-owns the brand, are more or less in line with earlier estimates.
BetMGM Results Exceed Expectations
BetMGM’s revenue for the period was expected to sit at $1.3 billion. The actual number, however, sits more closely to $1.44 million, exceeding earlier expectations. The operator also posted same-state growth in net revenue from digital operations of 51%. It also nailed its EBITDA predictions, reporting an EBITDA loss of $440 million.
BetMGM expects to achieve net revenue of between $1.8 and $2 billion by the end of the current year and to eliminate EBITDA losses in the second half of 2023.
2022 was definitely a strong year for BetMGM, the release stated. Entain attributed these results to the impact of higher gross gaming margins. In addition, same state CPAs declined by 21% year-on-year thanks to the company’s data-focused marketing strategy. Another factor that affected the outperformance was the operator’s improved approach to player bonusing.
BetMGM now ranks among the top three gaming operators in the US and is a leading force in iGaming. The company’s products are live in 25 jurisdictions, allowing it to reach a whopping 45% of the adult population of the United States. The operator’s offerings are now available across the border thanks to its launch in Ontario almost a year ago.
The Company Continues to Lead in the US
BetMGM continues to cement itself as one of the leading sports betting and casino operators in the US. As a leader, the company realizes the importance of safer gambling and has some of the most robust responsible gaming standards in the industry.
BetMGM is a part of the National Council on Problem Gambling and leverages the award-winning program GameSense companywide. Furthermore, the operator continuously seeks to add more tools that regulate player behavior and help BetMGM minimize gambling harm.
Thanks to its commitment to excellence, BetMGM is hailed as one of the best companies in the sector and has been decorated with various awards. Some of them include Casino Operator of the Year by EGR North America, Casino Operator of the Year at SBC Awards North America and Online Casino of the Year by the American Gambling Awards. BetMGM was also named one of the Best Workplaces in New York by Fortune.
Adam Greenblatt, BetMGM’s chief executive officer, congratulated his team on the results. He lauded 2022 as a year in which the company fulfilled many of its strategic objectives and achieved notable milestones.
With continued and unwavering support from our shareholders, we look to 2023 confident in achieving further key milestones, including $1.8 to $2 billion in net revenue from operations and being EBITDA positive in the Second Half of 2023.
Adam Greenblatt, CEO, BetMGM
In other news, BetMGM just formed strategic PA-oriented partnership with High 5 Games.