STOCK TITAN

BETMGM FIRST HALF 2024 UPDATE

Rhea-AI Impact
(Neutral)
Rhea-AI Sentiment
(Very Positive)
Tags

BetMGM, a leading sports betting and iGaming operator in the U.S., reported net revenue from operations of $1.0 billion in the first half of 2024, up 6% year-over-year. The company saw accelerating momentum with 2Q net revenue growth of 9% YoY, up from 3% in 1Q. BetMGM is focusing on investment and strategic execution in 2024 to drive future growth.

Key highlights include:

  • 2Q online sports betting NGR per active up 16% YoY
  • 2Q iGaming average monthly actives growth of 18% YoY
  • 13% GGR market share in the U.S. and Ontario across Sports Betting and iGaming
  • Launched digital sports betting in North Carolina and District of Columbia
  • Enhanced sports product with Angstrom capabilities and improved player experiences
  • Expanded responsible gaming initiatives

BetMGM expects greater marketing investment in iGaming in 2H 2024, funded by bank debt, with 2H EBITDA similar to 1H. The company remains confident in its pathway to $500 million EBITDA in the coming years.

BetMGM, un operatore leader nel settore delle scommesse sportive e iGaming negli Stati Uniti, ha riportato un fatturato netto dalle operazioni di 1,0 miliardi di dollari nella prima metà del 2024, con un aumento del 6% rispetto all'anno precedente. L'azienda ha registrato una crescita accelerata con un aumento del fatturato netto nel secondo trimestre del 9% su base annua, rispetto al 3% del primo trimestre. BetMGM si sta concentrando su investimenti ed esecuzione strategica nel 2024 per stimolare la crescita futura.

I punti salienti includono:

  • Crescita del fatturato netto delle scommesse sportive online del 16% su base annua per utenti attivi nel secondo trimestre
  • Crescita degli utenti attivi medi mensili di iGaming del 18% su base annua nel secondo trimestre
  • Quota di mercato GGR del 13% negli Stati Uniti e in Ontario per le scommesse sportive e iGaming
  • Avvio delle scommesse sportive digitali in Carolina del Nord e nel Distretto di Columbia
  • Prodotto sportivo migliorato con funzionalità Angstrom e esperienze utente potenziate
  • Espansione delle iniziative di gioco responsabile

BetMGM prevede un maggiore investimento in marketing nell'iGaming nella seconda metà del 2024, finanziato da debito bancario, con un EBITDA nella seconda metà simile a quello della prima metà. L'azienda rimane fiduciosa nel suo percorso verso i 500 milioni di dollari di EBITDA nei prossimi anni.

BetMGM, un operador líder en apuestas deportivas y iGaming en los EE. UU., informó ingresos netos de operaciones de 1.0 mil millones de dólares en la primera mitad de 2024, un aumento del 6% en comparación con el año anterior. La compañía experimentó un impulso creciente con un crecimiento de ingresos netos del segundo trimestre del 9% interanual, en comparación con el 3% en el primer trimestre. BetMGM se está enfocando en inversiones y ejecución estratégica en 2024 para impulsar el crecimiento futuro.

Los aspectos destacados incluyen:

  • Crecimiento del 16% interanual en ingresos netos de apuestas deportivas en línea por usuario activo en el segundo trimestre
  • Crecimiento del 18% interanual en promedio de usuarios activos mensuales de iGaming en el segundo trimestre
  • Participación de mercado GGR del 13% en EE. UU. y Ontario en apuestas deportivas e iGaming
  • Lanzamiento de apuestas deportivas digitales en Carolina del Norte y el Distrito de Columbia
  • Producto deportivo mejorado con capacidades de Angstrom y experiencias mejoradas para los jugadores
  • Expansión de iniciativas de juego responsable

BetMGM espera una mayor inversión en marketing en iGaming en la segunda mitad de 2024, financiada por deuda bancaria, con un EBITDA en la segunda mitad similar al de la primera mitad. La compañía se mantiene confiada en su camino hacia los 500 millones de dólares de EBITDA en los próximos años.

BetMGM은 미국에서 선도적인 스포츠 베팅 및 iGaming 운영자로서 2024년 상반기에 10억 달러의 순이익을 보고했으며, 이는 전년 대비 6% 증가한 수치입니다. 회사는 1분기 3%에서 증가하여 2분기 순이익 성장률이 9%로 가속화된 모멘텀을 경험했습니다. BetMGM은 미래 성장을 이끌기 위해 2024년에 투자 및 전략적 실행에 집중하고 있습니다.

주요 하이라이트는 다음과 같습니다:

  • 2분기 온라인 스포츠 베팅 NGR이 활성 사용자당 16% 증가
  • 2분기 iGaming의 평균 월간 활성 사용자 성장률이 18% 증가
  • 미국 및 온타리오에서 스포츠 베팅 및 iGaming 관련 GGR 시장 점유율 13%
  • 노스캐롤라이나주와 컬럼비아 특별구에서 디지털 스포츠 베팅 시작
  • Anstrom 기능을 통해 향상된 스포츠 제품 및 개선된 플레이어 경험
  • 책임 있는 게임 이니셔티브 확대

BetMGM은 2024년 하반기에 iGaming 분야의 마케팅 투자 증가를 예상하고 있으며, 이는 은행 부채로 자금을 조달하고 하반기 EBITDA는 상반기와 유사할 것으로 보입니다. 회사는 향후 몇 년 내에 5억 달러의 EBITDA 목표를 확신하고 있습니다.

BetMGM, un opérateur leader dans le domaine des paris sportifs et de l'iGaming aux États-Unis, a annoncé un chiffre d'affaires net d'exploitation de 1,0 milliard de dollars pour la première moitié de 2024, en hausse de 6 % par rapport à l'année précédente. L'entreprise a connu une dynamique accélérée avec une croissance des revenus nets du 2e trimestre de 9 % d'une année sur l'autre, contre 3 % au 1er trimestre. BetMGM se concentre sur les investissements et l'exécution stratégique en 2024 pour stimuler la croissance future.

Les points clés incluent :

  • Croissance de 16 % d'une année sur l'autre du chiffre d'affaires net des paris sportifs en ligne par utilisateur actif au 2e trimestre
  • Croissance de 18 % d'une année sur l'autre du nombre moyen d'utilisateurs actifs mensuels d'iGaming au 2e trimestre
  • Part de marché GGR de 13 % aux États-Unis et en Ontario dans les domaines des paris sportifs et de l'iGaming
  • Lancement des paris sportifs numériques en Caroline du Nord et dans le District de Columbia
  • Amélioration du produit sportif avec des fonctionnalités Angstrom et des expériences joueurs améliorées
  • Extension des initiatives de jeu responsable

BetMGM prévoit d'augmenter ses investissements marketing dans l'iGaming au 2e semestre 2024, financés par des dettes bancaires, avec un EBITDA sur la même période similaire à celui du premier semestre. L'entreprise reste confiante dans sa trajectoire vers un EBITDA de 500 millions de dollars au cours des prochaines années.

BetMGM, ein führender Betreiber von Sportwetten und iGaming in den USA, meldete Nettoerlöse aus dem Geschäft von 1,0 Milliarden Dollar in der ersten Hälfte des Jahres 2024, ein Anstieg von 6% im Vergleich zum Vorjahr. Das Unternehmen verzeichnete eine beschleunigte Dynamik mit einem Quartalswachstum der Nettoerlöse im Q2 von 9% im Jahresvergleich, gegenüber 3% im Q1. BetMGM konzentriert sich 2024 auf Investitionen und strategische Umsetzung, um zukünftiges Wachstum voranzutreiben.

Hauptmerkmale sind:

  • Wachstum der Nettoerlöse aus Online-Sportwetten pro aktivem Nutzer im Q2 um 16% im Jahresvergleich
  • Wachstum der durchschnittlichen monatlichen Aktiven im iGaming im Q2 um 18% im Jahresvergleich
  • Marktanteil GGR von 13% in den USA und Ontario in den Bereichen Sportwetten und iGaming
  • Einführung von digitalen Sportwetten in North Carolina und im District of Columbia
  • Verbesserung des Sportprodukts mit Angstrom-Funktionen und verbesserte Spielerlebnisse
  • Erweiterung der Initiativen für verantwortungsvolles Spielen

BetMGM erwartet in der zweiten Hälfte von 2024 höhere Marketinginvestitionen im Bereich iGaming, finanziert durch Bankkredite, wobei das EBITDA in der zweiten Hälfte ähnlich der ersten Hälfte sein wird. Das Unternehmen bleibt zuversichtlich auf dem Weg zu 500 Millionen Dollar EBITDA in den kommenden Jahren.

Positive
  • Net revenue from operations of $1.0 billion, up 6% year-over-year
  • 2Q net revenue growth of 9% YoY, accelerating from 3% in 1Q
  • 2Q online sports betting NGR per active up 16% YoY
  • 2Q iGaming average monthly actives growth of 18% YoY
  • 13% GGR market share in the U.S. and Ontario across Sports Betting and iGaming
  • Launched digital sports betting in North Carolina and District of Columbia
  • Volume of weekly MLB SGP bets doubled versus last year
  • iGaming business delivering over $400 million contribution annually
Negative
  • 1H EBITDA of -$123 million
  • Expectation of greater marketing investment in iGaming in 2H, funded by bank debt
  • 2H EBITDA expected to be similar to 1H, consistent with 2024 being an investment year

Insights

BetMGM's first half 2024 results paint a picture of strategic investment and accelerating momentum in the highly competitive sports betting and iGaming market. The company reported $1.0 billion in net revenue from operations, marking a 6% year-over-year increase. Notably, Q2 showed stronger growth at 9%, up from 3% in Q1, indicating positive trajectory.

Key performance indicators are encouraging:

  • Q2 online sports betting net gaming revenue per active user up 16% YoY
  • Q2 iGaming average monthly actives growth of 18% YoY, accelerating from 9% in Q1
  • 13% GGR market share in the U.S. and Ontario across Sports Betting and iGaming
  • Approximately 22% market share in iGaming

However, the EBITDA of -$123 million for 1H 2024 reflects the company's strategic decision to invest heavily in customer acquisition and experience enhancement. This aligns with their stated goal of 2024 being an investment year.

The company's focus on product improvement, particularly the integration of Angstrom capabilities and enhanced single game parlay offerings, appears to be paying off with increased user engagement. The 40% YoY increase in MLB single game parlay bets and doubling of weekly MLB SGP bets are particularly noteworthy.

Looking ahead, BetMGM's plan for additional marketing investment in iGaming in 2H 2024, funded by bank debt, signals confidence in their product but also raises questions about the impact on their financial position. The pathway to $500 million EBITDA in the coming years seems ambitious given the current investment phase, but the accelerating momentum provides some credibility to this goal.

Investors should closely monitor the completion of key initiatives like the Angstrom integration across major sports leagues and the Single Account Single Wallet rollout, as these could be significant drivers of future growth and profitability.

BetMGM's performance in the first half of 2024 reflects the intense competition and rapid evolution in the North American sports betting and iGaming market. The company's strategic focus on investment and improved customer experience appears to be yielding positive results, evidenced by accelerating growth and improved engagement metrics.

Market positioning remains strong:

  • Live in 29 markets, accessing 52% of the adult population
  • 13% GGR market share across Sports Betting and iGaming
  • Approximately 22% market share in iGaming

The launch in North Carolina and expansion in the District of Columbia demonstrate BetMGM's commitment to geographic expansion. However, the real test lies in maintaining and growing market share in existing markets while successfully entering new ones.

The company's partnerships and marketing initiatives are noteworthy. The integration with X (formerly Twitter), Marriott Bonvoy and Associated Press could provide significant advantages in customer acquisition and engagement. The Super Bowl campaign featuring high-profile celebrities indicates a willingness to invest heavily in brand awareness.

BetMGM's focus on responsible gaming, including founding the Responsible Online Gaming Association, aligns with increasing regulatory scrutiny and consumer expectations in the industry. This proactive approach could help mitigate future regulatory risks.

The planned completion of the Single Account Single Wallet system, particularly its integration with MGM Resorts properties, represents a unique opportunity to leverage the company's omnichannel presence. This could be a significant differentiator in the crowded online betting market.

However, the intensifying competition in the sector means that BetMGM will need to continue innovating and investing to maintain its market position. The company's ability to balance growth investments with profitability will be important for long-term success in this rapidly evolving market.

NET REVENUE FROM OPERATIONS OF $1.0 BILLION IN FIRST HALF OF 20241,2

Momentum accelerating in a year focused on investment and strategic execution to drive future growth

LAS VEGAS, July 29, 2024 /PRNewswire/ -- BetMGM, LLC ("BetMGM"), one of the leading sports betting and iGaming operators across the U.S., jointly owned by MGM Resorts International (NYSE: MGM) ("MGM Resorts") and Entain plc (LSE: ENT) ("Entain"), is today providing an update on First Half 2024 ("1H 2024") performance.

Adam Greenblatt, Chief Executive Officer of BetMGM, commented:
"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. 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.

Our online sportsbook players have been enjoying Angstrom-enabled product capabilities since the start of the baseball season, and we look forward to players enjoying this across our wider sports offering leading into the NFL season. We are also very excited to bring our unique omnichannel opportunities to players by fully leveraging MGM Resorts' presence in Las Vegas. Single Account Single Wallet will be an important driver of the customer experience, with Nevada marking its completion ahead of the NFL season. Our iGaming business continues to perform strongly with attractive returns, and to maximize this strength and momentum, we plan to deploy additional marketing in the back half of this year. Our execution roadmap, building momentum and prospects ahead all support our confidence in BetMGM's strong future."

1H 2024 Update

  • 1H 2024 financial performance demonstrating accelerating momentum through the year
    • Net revenue from operations of $1.0 billion, up 6% versus prior year1,2
      • 2Q net revenue growth of 9% YoY, up from 3% in 1Q
      • 2Q online sports betting NGR per active up 16% YoY
      • 2Q iGaming average monthly actives growth of 18% YoY, up from 9% in 1Q, with no new state launches
    • EBITDA consistent with expectations of 2024 being an investment year, supporting customer acquisition and enhanced player experience initiatives
      • Encouraging online sportsbook CPAs of FTDs driven by successful Super Bowl campaign
      • 1H EBITDA of -$123 million2
  • Established as a leading operator in North America, live in 29 markets with access to 52% of adult population3
    • Continued geographic footprint expansion, with BetMGM launch of digital sports betting in North Carolina in March and district-wide in the District of Columbia in July
    • 13% GGR market share in the U.S. and Ontario across Sports Betting and iGaming4
    • Demonstrates stabilization and continued strength in iGaming with approximately 22% market share5
  • Continued focus on operational execution, delivering improved app, product capabilities, and market-leading partnerships across both digital sports and iGaming
    • Enhanced Sports Product and Technology
      • Further integration of Angstrom capabilities with new markets and features for MLB and back end of NBA seasons, provided by fully in-house single game parlay ("SGP") and SGP+ products
      • Improved player experiences with enhanced betting and SGP+ journeys, landing pages and new features including live bet tracking
        • Actives who placed an MLB SGP bet this season up 40% YoY6
        • Volume of weekly MLB SGP bets doubled versus last year6
    • Leadership in iGaming
      • Market-leading jackpots – New Jersey jackpot of over $5 million expected to be the largest regulated U.S. online jackpot ever paid
      • Launched exclusive games and innovative reward mechanics with top suppliers, including GameCode and White Hat Gaming
      • Launched BetMGM Arcade, the home for 'non-traditional' content including LuckyTap and Crash-style games
    • Best-in-Class Marketing Partnerships
      • Integration of partnerships with X, Marriott Bonvoy, and Associated Press
      • Successful Super Bowl campaign with citywide takeover of Las Vegas and iconic commercial featuring Tom Brady, Wayne Gretzky and Vince Vaughn
      • Exclusive ambassadorship with Brian Christopher Slots for all online regulated markets
  • Ongoing commitment to player safety, prioritizing responsible gambling across our business
    • Founding member of the newly established Responsible Online Gaming Association ("ROGA"), which brings together the largest U.S. online sports betting and gaming operators to develop and advance responsible gaming practices
    • Expanded the Kindbridge Health program to eight additional jurisdictions, offering self-excluded individuals referrals for problem gambling treatment
    • Research and funding support via sponsorship for the International Center for Responsible Gaming
  • Award recognition, including
    • EGR North America's awards for both Employer and Sports Betting Operator of the Year
    • Top 20 for Best Workplaces in New YorkTM by Fortune
    • Hashtag Sports awards for both Best Sports Betting Partnership (X/Twitter) and Best Communications Strategy

Outlook

  • As announced on December 4, 2023, BetMGM's strategic roadmap assigned 2024 as an investment year, supporting enhanced player experiences and improved sportsbook product to drive long-term value for stakeholders
  • Coupled with an improving sportsbook offering, and building on BetMGM's iGaming strength which already delivers over $400 million contribution annually, expectation of greater than planned marketing investment in iGaming in 2H this year7
  • Additional investment expected to be funded by bank debt
  • Consistent with expectation of 2024 as an investment year, expect 2H EBITDA to be similar to 1H
  • Pipeline of exciting opportunities ahead including key milestones:
    • On track for Angstrom capabilities to be fully integrated across MLB, NBA and NFL offerings ahead of 2024 NFL season
    • Single Account Single Wallet (SASW) rollout expected to be completed with Nevada in place prior to the 2024 NFL season
      • Enabling BetMGM customers in MGM Resorts properties, representing 13 million room nights annually, to sign up at one of BetMGM's eight retail sportsbooks and return to their home state with the same wallet
      • Completing the integration of player wallets across all BetMGM markets and empowering the final Las Vegas unlock for BetMGM
  • Investment in our execution roadmap, accelerating momentum and opportunities ahead all support our confidence in BetMGM's pathway to $500 million EBITDA in the coming years

Notes:

  1. 1H 2024 net revenue for BetMGM on a GAAP basis is expected to be approximately $978 million, including approximately $30 million primarily related to Nevada MGM Resorts operations for which BetMGM records on a net basis as BetMGM is considered to be the agent in the Nevada transactions for GAAP purposes.
  2. 1H 2024 net revenue and EBITDA figures are unaudited.
  3. BetMGM operates iGaming and Online Sports Betting in five markets and Sports Betting only (combined online and retail) in 24 markets.
  4. Consolidated GGR market share consists of last three months ending May or June 2024 as latest reported for U.S. sports betting markets where BetMGM was active (online and retail), last three months ending June 2024 for U.S. iGaming markets where BetMGM was active, and last three months ending June 2024 for the Ontario market; internal estimates used where operator-specific results are unavailable.
  5. iGaming GGR market share reflects the three-month period through June 2024.
  6. Engagement data for the MLB season for the period 3/20/24 to 7/17/24.
  7. Contribution Profit reflects Net Gaming Revenue minus direct costs (excluding depreciation and amortization and people costs) considered under GAAP presentation of Gross Profit plus marketing acquisition spend.

Inside Information
This announcement contains information that qualifies as inside information within the meaning of Article 7 of the Market Abuse Regulation (EU) No. 596/2014 as it forms part of English law by virtue of the European Union (Withdrawal) Act 2018. Upon the publication of this announcement via a regulatory information service, this inside information is now considered to be in the public domain.

Forward-looking statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, which involve substantial risks and/or uncertainties, including those described in the MGM Resorts International public filings with the Securities and Exchange Commission. BetMGM has based forward-looking statements on management's current expectations, assumptions and projections about future events and trends. Examples of these statements include, but are not limited to, BetMGM's expectations regarding its financial outlook (including forecasted net revenues from operations, EBITDA, and expected investment by Entain and MGM Resorts in 2024), projected market share position, its expected growth in new and existing jurisdictions, product capabilities, and achievement of key milestones. These forward-looking statements are not guarantees of future performance, conditions or results, and involve a number of known and unknown risks, uncertainties, assumptions and other important factors, that could cause actual results or outcomes to differ materially from those discussed in the forward-looking statements. Included among the important factors that could cause actual results to differ materially from those indicated in such forward-looking statements are: the significant competition within the gaming and entertainment industry; BetMGM's ability to execute on its business plan; changes in applicable laws or regulations, particularly with respect to iGaming and online sports betting; BetMGM's ability to manage growth and access the capital needed to support its growth plans; and BetMGM's ability to obtain the required licenses, permits and other approvals necessary to grow in existing and new jurisdictions. In providing forward-looking statements, BetMGM is not undertaking any duty or obligation to update these statements publicly as a result of new information, future events or otherwise, except as required by law. If BetMGM updates one or more forward-looking statements, no inference should be drawn that it will make additional updates with respect to those other forward-looking statements.

Non-GAAP Financial Information
This press release includes net revenue from operations, which has not been prepared in accordance with GAAP. BetMGM believes this presentation, which it uses for its own analysis of operations, is useful in that it reflects the true economic performance of the business. If BetMGM presented net revenue from operations in accordance with GAAP, then BetMGM would present the revenues associated with its Nevada digital and retail sports betting operations differently, until such time as BetMGM is licensed as a Nevada gaming operator. Currently under GAAP, its calculation of Net Revenue would be on a basis net of operating costs, such that the GAAP reported Net Revenue would be lower than the Net Revenue reported herein, with Net Income remaining the same.

About BetMGM
BetMGM is a market-leading sports betting and gaming entertainment company, pioneering the online gaming industry. Born out of a partnership between Entain Plc (LSE: ENT) and MGM Resorts International (NYSE: MGM), BetMGM has exclusive access to all of MGM's U.S. land-based and online sports betting, major tournament poker, and online gaming businesses. Utilizing Entain's U.S.-licensed, state-of-the-art technology, BetMGM offers sports betting and online gaming via market-leading brands including BetMGM, Borgata Casino, Party Casino and Party Poker. Founded in 2018, BetMGM is headquartered in New Jersey. For more information, visit http://www.betmgminc.com/.

About MGM Resorts International
MGM Resorts International (NYSE: MGM) is an S&P 500® global gaming and entertainment company with national and international locations featuring best-in-class hotels and casinos, state-of-the-art meetings and conference spaces, incredible live and theatrical entertainment experiences, and an extensive array of restaurant, nightlife and retail offerings. MGM Resorts creates immersive, iconic experiences through its suite of Las Vegas-inspired brands. The MGM Resorts portfolio encompasses 31 unique hotel and gaming destinations globally, including some of the most recognizable resort brands in the industry. The Company's 50/50 venture, BetMGM, LLC, offers sports betting and online gaming in North America through market-leading brands, including BetMGM and partypoker, and the Company's subsidiary, LV Lion Holding Limited, offers sports betting and online gaming through market-leading brands in several jurisdictions throughout Europe. The Company is currently pursuing targeted expansion in Asia through the integrated resort opportunity in Japan. Through its "Focused on What Matters: Embracing Humanity and Protecting the Planet" philosophy, MGM Resorts commits to creating a more sustainable future, while striving to make a bigger difference in the lives of its employees, guests, and in the communities where it operates. The global employees of MGM Resorts are proud of their company for being recognized as one of FORTUNE® Magazine's World's Most Admired Companies®. For more information, please visit us at www.mgmresorts.com. Please also connect with us @MGMResortsIntl on Twitter as well as Facebook and Instagram.

About Entain plc
Entain plc (LSE: ENT) is a FTSE100 company and is one of the world's largest sports betting and gaming groups, operating both online and in the retail sector. The Group owns a comprehensive portfolio of established brands; Sports brands include BetCity, bwin, Coral, Crystalbet, Eurobet, Ladbrokes, Neds, Sportingbet, Sports Interaction, STS, SuperSport and TAB NZ; Gaming brands include Foxy Bingo, Gala, GiocoDigitale, Ninja Casino, Optibet, Partypoker and PartyCasino. The Group owns proprietary technology across all its core product verticals and in addition to its B2C operations provides services to a number of third-party customers on a B2B basis.

The Group has a 50/50 joint venture, BetMGM, a leader in sports betting and iGaming in the US. Entain provides the technology and capabilities which power BetMGM as well as exclusive games and products, specially developed at its in-house gaming studios. The Group is tax resident in the UK and is the only global operator to exclusively operate in domestically regulated or regulating markets operating in over 30 territories.

Entain is a leader in ESG, a member of FTSE4Good, the DJSI and is AA rated by MSCI. For more information see the Group's website: www.entaingroup.com.

COMPANY CONTACTS

BETMGM 
WITEK WACINSKI
witek.wacinski@betmgm.com
SVP Strategy & Development

News Media
press@betmgm.com

MGM RESORTS
Investment Community
achapman@mgmresorts.com
ANDREW CHAPMAN
Director, Investor Relations

News Media
media@mgmresorts.com
BRIAN AHERN
Executive Director, Media Relations

ENTAIN PLC
Investor Relations
investors@entaingroup.com

 

Cision View original content to download multimedia:https://www.prnewswire.com/news-releases/betmgm-first-half-2024-update-302208301.html

SOURCE BetMGM

FAQ

What was BetMGM's net revenue for the first half of 2024?

BetMGM reported net revenue from operations of $1.0 billion for the first half of 2024, representing a 6% increase year-over-year.

How did BetMGM's Q2 2024 performance compare to Q1?

BetMGM's Q2 2024 net revenue growth accelerated to 9% year-over-year, up from 3% in Q1, showing improving momentum.

What is BetMGM's market share in the U.S. and Ontario?

BetMGM reported a 13% GGR market share in the U.S. and Ontario across Sports Betting and iGaming.

In which new markets did BetMGM launch digital sports betting in 2024?

BetMGM launched digital sports betting in North Carolina in March and district-wide in the District of Columbia in July 2024.

What is BetMGM's EBITDA outlook for the second half of 2024?

BetMGM expects the second half 2024 EBITDA to be similar to the first half, consistent with 2024 being an investment year.

ENTAIN PLC UNSP/ADR

OTC:GMVHY

GMVHY Rankings

GMVHY Latest News

GMVHY Stock Data

6.06B
639.30M
0.01%
Gambling
Consumer Cyclical
Link
United States of America
Douglas