BetMGM Reports 2024 Financial Performance, Projects EBITDA-Positive 2025

BetMGM LLC, the sports betting and iGaming operator jointly owned by Entain plc (LSE: ENT) and MGM Resorts International (NYSE: MGM), has released its financial performance for Fiscal Year 2024, projecting a positive outlook for 2025. The company expects to achieve EBITDA profitability in 2025, with net revenue estimates ranging between $2.4 billion and $2.5 billion.

In 2024, BetMGM recorded a 7% year-over-year increase in net revenue, reaching $2.1 billion. Its iGaming division experienced particularly strong growth, rising by 13% to generate a record $1.5 billion in net revenue. Online sports betting revenue also improved by 4%, reflecting an expansion of product offerings and increased player engagement.

Despite reporting a $244 million EBITDA loss for the year—attributed to investments and favorable sports results for customers in December—BetMGM noted that its fourth-quarter EBITDA trended toward breakeven. The company attributed this improvement to marketing optimization and enhanced operational efficiency.

Market share remained steady at 14% across active markets, with iGaming securing a 22% share and online sports betting holding 8%. BetMGM also expanded its sportsbook operations into North Carolina and Washington, D.C., in 2024.

A strategic emphasis on iGaming and online sports betting contributed to a record number of average monthly active users, marking a 14% increase from the previous year. Additionally, the company reaffirmed its commitment to responsible gambling through its founding membership in the Responsible Online Gaming Association and ongoing responsible gambling marketing initiatives.

Financially, BetMGM secured a $150 million revolving credit facility, which remains unused, and indicated that no further capital injections from its parent companies are expected.

The company’s positive forecast for 2025 is underpinned by its strong market position and increasing operational leverage. BetMGM expressed confidence in its long-term goal of reaching $500 million in EBITDA in the coming years.

This update is based on a press release and forward-looking projections, which remain subject to risks and uncertainties. The final financial results for the year ending December 31, 2024, have yet to be finalized and may be subject to adjustments.

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