BetMGM Sees 18% Revenue Surge in Q3

Entain has reported a strong 18% year-over-year increase in BetMGM’s net gaming revenue (NGR) for Q3 2024, outpacing the company’s overall 8% growth.

Product Enhancements Drive Growth

The NGR boost was largely attributed to improvements in BetMGM’s NFL offerings and parlay options, according to the company’s new CEO, Gavin Isaacs.

BetMGM’s product development played a crucial role in its performance this quarter. The company’s partnership with Angstrom has led to significant improvements in sports betting features, including enhanced parlay options, live betting, and player prop bets, which were particularly effective during the NFL season.

Market Share and Stability

In the U.S. market, BetMGM maintained a 15% overall market share, a slight increase from 13% in the previous quarter. The disparity between its 22% share in iGaming and its 8% share in online sports betting highlights the company’s stronger position in the iGaming sector.

Nevertheless, BetMGM’s U.S. iGaming operations reported record revenues for Q3, reinforcing its competitive edge in that space.

CEO Isaacs emphasized that maintaining market share was a priority in Q3, with the company focused on improving the player experience in upcoming quarters. CFO Rob Wood noted that the company’s stability in the U.S. market provides a strong foundation for future growth.