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Entain and MGM-owned joint venture BetMGM has revealed its financial results for the first half of 2024, displaying a 6% yearly rise in revenue to $1bn, while EBITDA settled at negative $123m for the initial half of the year.
The increase in revenue has been somewhat offset by the less positive EBITDA results for H1 2024. However, BetMGM has stated that EBITDA results are in line with its predictions for the period, as the company is moving through a phase of investment that is set to last the duration of the calendar year.
As per the announcement, a range of Q2 results have also been unveiled by the operator. Q2 2024 net revenue rose by 9% year-over-year, while also marking a 3% increase when compared to the revenue ps released for Q1 2024.
Adam Greenblatt, BetMGM CEO, commented on the results: “The first half of this year has been very important in laying the groundwork for BetMGM’s future. 2024 is a year of investment, focusing on improving our customer experience and stepping up our level of investment in players.
“We are encouraged to see this strategy delivering accelerating momentum. We have exceeded our goals for both acquisition and retention, which should lead to higher year-over-year revenue growth for the second half of this year into 2025.”
BetMGM’s iGaming average month active users have also gone up by 18% year-over-year during 2024’s second quarter – as recent expansive moves in the US market have also helped the organisation to secure an over iGaming US market share of 22%. Further, the operator’s gross gaming revenue (GGR) market share in the US and Ontario market is now at 13% for iGaming and sports betting.
