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Despite having a negative EBITDA, well-known sportsbook and iGaming operator BetMGM has disclosed its financial results for the first half of 2024, showing remarkable revenue growth.
BetMGM had a 6% year-over-year growth in revenue in the first half of 2024, totaling $1 billion. Net revenue increased 9% in the second quarter of 2024 compared to the same period the year before and 3% from the first quarter of the same year. In Q2 2024, Net Gaming Revenue (NGR) increased by 16% as compared to the same time in the previous year.
In the first half of 2024, the company reported an EBITDA of negative $123 million, despite these encouraging revenue results. BetMGM, however, noted that this outcome is consistent with their yearly projections and attributed it to a strategic phase of investment.
BetMGM has experienced a significant increase in its iGaming user base. The average monthly active users in Q2 2024 grew by 18% year-over-year and by 9% from Q1 2024. The company recently expanded its operations to North Carolina in March and the District of Columbia in July, contributing to its 13% GGR market share across the US and Ontario for both iGaming and sports betting. BetMGM’s overall iGaming market share has now reached 22%.
BetMGM CEO Adam Greenblatt expressed optimism about the company’s progress. “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,” he said.
Greenblatt added, “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.”