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BET MGM Earnings

July 26, 2023 1

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BET MGM Earnings

BetMGM reported revenues of $944 million in the first half of the year, marking a 25% year-on-year increase, putting them on track to meet their annual target of between $1.8 billion and $2 billion. Some analysts from Jefferies even estimate revenues could reach $2.2 billion, given the historical weighting towards H2.

The company’s overall market share across the 26 states where it operates, including Ontario in Canada, is 18%, and its market share in the iCasino segment stands at 27%. Both figures are slightly down compared to Q4 2022, with overall market share being 19% and iCasino market share being 30% back then.

BetMGM holds an 11% share in the online sports betting (OSB) market, although data from Wells Fargo suggests it may be closer to an 8% share of the total US gross gaming revenue (GGR).

The company confirmed that there would be no need for further investment from joint venture partners MGM Resorts and Entain, apart from the previously announced $150 million cash injection. Recent corporate moves by its parents, such as Entain’s acquisition of Angstrom and MGM Resorts’ tie-up with Marriott, are expected to accelerate BetMGM’s product evolution and access to players.

BetMGM also mentioned that it is on track with the rollout of its single account, single wallet feature, which can streamline the user experience and make it more convenient for customers.

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