BetMGM Hits $2.1B Revenue in 2024, Eyes $500M EBITDA Milestone
BetMGM wrapped up 2024 with $2.1 billion in total net revenue. The company is optimistic about its trajectory, showing steady growth across iGaming and sports betting while setting the stage for profitability in 2025.
Revenue Growth and Market Performance
BetMGM posted a 7% year-over-year revenue increase, reaching $2.1 billion, with adjusted growth at 13%. The iGaming division led the way, generating $1.48 billion in revenue, up 13% year-over-year, while sports betting revenue hit $554 million, marking a 4% increase. The company also saw a 20% jump in total betting handle, which reached $13.1 billion.
Despite strong revenue numbers, EBITDA remained negative at -$244 million, though Q4 trends pointed toward a breakeven milestone. Looking ahead, BetMGM expects to be EBITDA-positive in 2025, with revenue projections between $2.4 and $2.5 billion.
“2024 was a year of investment and rebuilding of momentum for BetMGM. Our successful strategic refinement saw BetMGM exit the year with encouraging run rates across our key metrics and Q4 EBITDA trend towards breakeven on a normalized basis,” said CEO Adam Greenblatt
Player Growth and Market Expansion
The company reported 946,000 monthly active users (MAUs), a 14% increase, driven largely by iGaming expansion. BetMGM also strengthened its cross-sell strategy, leading to an 11.5 percentage point increase in sports bettors transitioning to iGaming. Additionally, the company expanded its footprint, launching its sportsbook app in North Carolina and Washington, D.C.
To enhance user engagement, BetMGM introduced new betting features, such as quick bets, live bet tracking, and enhanced parlay options.
These updates boosted MLB Same Game Parlay bets by 41% per user and NFL SGPs by 2.2 percentage points.
BetMGM’s Road to Profitability in 2025
BetMGM is confident in reaching EBITDA profitability in 2025, with expectations of higher iGaming contributions and sports betting turning profitable for the full year.
The company remains on track to achieve $500 million EBITDA in the coming years, reinforcing its long-term leadership position in the U.S. gaming market.
“With BetMGM’s renewed acceleration across both iGaming and Online Sports, we expect to achieve positive EBITDA in 2025, and our scaled podium position in the world’s largest gaming market underpins our confidence in our pathway to $500 million EBITDA in the coming years,” concluded Greenblatt.
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