BetMGM has reported full-year 2024 revenue surpassing $2 billion and projects reaching a positive EBITDA in 2025.
For the year ending 31 December 2024, BetMGM recorded $2.1 billion (£1.69 billion/€2.03 billion) in total revenue, reflecting a 7% year-on-year increase.
In its Q4 and full-year earnings report released on 4 February, the company reported a negative EBITDA of $244 million, a 29% deeper loss compared to its $62 million EBITDA deficit in the previous year.
BetMGM attributed its EBITDA losses to a “year of investment”, despite recording revenue growth.
iGaming net revenue rose 13% year-on-year to $1.48 billion, while online sports net revenue increased 4% to $554 million, driven by stronger products and higher engagement. This was based on a $13.1 billion betting handle (up 20%) with a hold percentage of 8.6% (up 0.9%).
However, betting revenue was negatively affected by customer-friendly NFL results in December, leading to a $50 million revenue impact.
BetMGM reported maintaining a 14% GGR market share across its active states in 2024. This included a 22% share in iGaming and an 8% share in sports betting.
BetMGM has also highlighted “encouraging exit rate momentum” heading into 2025 and projected a $250 million year-on-year EBITDA increase, positioning the joint venture for profitability.
The company expects 2025 net revenue to range between $2.4 billion and $2.5 billion. Additionally, it reaffirmed confidence in achieving $500 million in EBITDA, a target it set for 2026 during last year’s investor presentation.
