BETMGM FY 2024 UPDATE
BetMGM has provided its Fiscal Year 2024 performance update, showing a Net Revenue of $2.1 billion, up 7% year-over-year. The company's iGaming segment achieved record revenue of $1.5 billion, growing 13% YoY, while Online Sports revenue increased 4% to $554 million.
Despite reporting an EBITDA loss of $244 million for FY2024, BetMGM expects to achieve positive EBITDA in 2025, with projected Net Revenue between $2.4-2.5 billion. The company maintained a 14% GGR market share in active markets, with iGaming at 22% and Online Sports at 8%.
Key operational highlights include a 14% increase in Average Monthly Actives, expansion into North Carolina and Washington D.C., and securing a $150 million revolving credit facility. The company reaffirmed its confidence in reaching $500 million EBITDA in the coming years, supported by scale, revenue growth, and operational leverage.
BetMGM ha fornito un aggiornamento sulle performance dell'anno fiscale 2024, mostrando un Ricavo Netto di 2,1 miliardi di dollari, in aumento del 7% rispetto all'anno precedente. Il segmento iGaming dell'azienda ha raggiunto ricavi record di 1,5 miliardi di dollari, crescendo del 13% su base annua, mentre i ricavi delle scommesse sportive online sono aumentati del 4% a 554 milioni di dollari.
Nonostante abbia riportato una perdita EBITDA di 244 milioni di dollari per l'anno fiscale 2024, BetMGM prevede di ottenere un EBITDA positivo nel 2025, con un ricavo netto previsto tra 2,4 e 2,5 miliardi di dollari. L'azienda ha mantenuto una quota di mercato GGR del 14% nei mercati attivi, con l'iGaming al 22% e le scommesse sportive online all'8%.
I principali risultati operativi includono un aumento del 14% negli Attivi Medi Mensili, l'espansione in North Carolina e Washington D.C., e la garanzia di una linea di credito revolving di 150 milioni di dollari. L'azienda ha ribadito la sua fiducia nel raggiungere 500 milioni di dollari di EBITDA nei prossimi anni, supportata da scala, crescita dei ricavi e leva operativa.
BetMGM ha realizado una actualización de su desempeño del año fiscal 2024, mostrando un Ingreso Neto de 2,1 mil millones de dólares, un aumento del 7% interanual. El segmento de iGaming de la empresa alcanzó ingresos récord de 1,5 mil millones de dólares, creciendo un 13% respecto al año anterior, mientras que los ingresos de Apuestas Deportivas en Línea aumentaron un 4% hasta 554 millones de dólares.
A pesar de reportar una pérdida de EBITDA de 244 millones de dólares para el año fiscal 2024, BetMGM espera lograr un EBITDA positivo en 2025, con ingresos netos proyectados entre 2,4 y 2,5 mil millones de dólares. La empresa mantuvo una participación de mercado de GGR del 14% en los mercados activos, con iGaming al 22% y Apuestas Deportivas en Línea al 8%.
Los principales aspectos operativos incluyen un aumento del 14% en Promedios Mensuales Activos, la expansión en Carolina del Norte y Washington D.C., y la obtención de una línea de crédito revolving de 150 millones de dólares. La empresa reafirmó su confianza en alcanzar 500 millones de dólares de EBITDA en los próximos años, respaldada por escala, crecimiento de ingresos y apalancamiento operativo.
BetMGM은 2024 회계연도 성과 업데이트를 제공했으며, 순수익 21억 달러를 기록하며 전년 대비 7% 증가했다고 발표했습니다. 회사의 iGaming 부문은 기록적인 수익 15억 달러를 달성하며 연간 13% 성장하였고, 온라인 스포츠 수익은 4% 증가하여 5억 5400만 달러에 달했습니다.
2024 회계연도 EBITDA 손실 2억 4400만 달러를 기록했음에도 불구하고, BetMGM은 2025년에 긍정적인 EBITDA를 달성할 것으로 기대하고 있으며, 예상 순수익은 24억-25억 달러 사이입니다. 회사는 활성 시장에서 14%의 GGR 시장 점유율을 유지하였으며, iGaming이 22%, 온라인 스포츠가 8%를 차지했습니다.
주요 운영 하이라이트로는 월 평균 활성 사용자 수가 14% 증가하였고, 노스캐롤라이나와 워싱턴 D.C.으로의 확장 및 1억 5000만 달러 규모의 회전 신용 시설 확보 등이 있습니다. 회사는 향후 몇 년 내에 5억 달러의 EBITDA를 달성하겠다는 자신감을 재확인하였으며, 이는 규모, 수익 성장 및 운영 레버리지를 통해 뒷받침됩니다.
BetMGM a fourni une mise à jour sur ses performances de l'exercice fiscal 2024, affichant un Revenu Net de 2,1 milliards de dollars, en hausse de 7 % par rapport à l'année précédente. Le segment iGaming de l'entreprise a atteint des revenus record de 1,5 milliard de dollars, en croissance de 13 % d'une année sur l'autre, tandis que les revenus des paris sportifs en ligne ont augmenté de 4 % pour atteindre 554 millions de dollars.
Malgré un rapport de perte d'EBITDA de 244 millions de dollars pour l'exercice 2024, BetMGM s'attend à atteindre un EBITDA positif en 2025, avec des revenus nets projetés entre 2,4 et 2,5 milliards de dollars. L'entreprise a maintenu une part de marché de 14 % en GGR sur les marchés actifs, avec l'iGaming à 22 % et le sport en ligne à 8 %.
Les points forts opérationnels incluent une augmentation de 14 % du nombre moyen d'utilisateurs actifs mensuels, une expansion en Caroline du Nord et à Washington D.C., et l'obtention d'une facilité de crédit revolving de 150 millions de dollars. L'entreprise a réaffirmé sa confiance dans l'atteinte de 500 millions de dollars d'EBITDA dans les années à venir, soutenue par l'échelle, la croissance des revenus et l'effet de levier opérationnel.
BetMGM hat ein Update zu seiner Leistung im Geschäftsjahr 2024 veröffentlicht, das einen Netto-Umsatz von 2,1 Milliarden Dollar zeigt, was einem Anstieg von 7% im Jahresvergleich entspricht. Das iGaming-Segment des Unternehmens erzielte Rekordumsätze von 1,5 Milliarden Dollar, was einem Wachstum von 13% im Vergleich zum Vorjahr entspricht, während die Online-Sport-Einnahmen um 4% auf 554 Millionen Dollar stiegen.
Obwohl ein EBITDA-Verlust von 244 Millionen Dollar für das Geschäftsjahr 2024 berichtet wurde, erwartet BetMGM, im Jahr 2025 ein positives EBITDA zu erreichen, mit einem projizierten Netto-Umsatz von 2,4 bis 2,5 Milliarden Dollar. Das Unternehmen hielt einen Marktanteil von 14% am GGR in aktiven Märkten, wobei iGaming 22% und Online-Sport 8% ausmachten.
Zu den wichtigsten operativen Highlights gehören ein Anstieg der durchschnittlichen monatlichen aktiven Nutzer um 14%, die Expansion nach North Carolina und Washington D.C. sowie die Sicherung einer revolvierenden Kreditfazilität von 150 Millionen Dollar. Das Unternehmen bekräftigte sein Vertrauen, in den kommenden Jahren ein EBITDA von 500 Millionen Dollar zu erreichen, gestützt auf Skalierung, Umsatzwachstum und operative Hebel.
- Record iGaming revenue of $1.5 billion (+13% YoY)
- Net Revenue guidance of $2.4-2.5 billion for FY2025
- 14% increase in Average Monthly Active users
- Strong market position with 22% iGaming and 14% overall GGR share
- Secured $150 million revolving credit facility with no further capital needed from parent companies
- EBITDA loss of $244 million in FY2024
- Online Sports revenue grew only 4% YoY
- $50 million negative impact from December's unfavorable sports results
- Retail/Other revenue declined 40% to $70 million
Insights
BetMGM's FY2024 results reveal a strategic inflection point in its journey toward profitability. The standout performer is the iGaming segment, delivering
The company's path to positive EBITDA in 2025 appears credible, supported by three key factors:
- Accelerating H2 2024 performance with
19% adjusted revenue growth - Operational leverage improvements evidenced by Q4 trending toward breakeven on a normalized basis
- Strategic refinement of marketing spend and player acquisition costs
The
2024 strategic refinement and delivery underpins confidence of positive EBITDA in 2025
- BetMGM's leading iGaming offering, strengthened sports product and enhanced player engagement delivered accelerating growth and performance metrics through 2024
- Inflection in Online Sports strategy drives expectation of positive Contribution1 in FY 2025
- FY 2025 expected to be EBITDA1 positive with Net Revenue1 of
$2.4 billion $2.5 billion - Reiterate confidence in our pathway to
$500 million
Adam Greenblatt, Chief Executive Officer of BetMGM, commented:
"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 basis2. Our leading iGaming business continues to grow strongly and deliver attractive returns. We also have an exciting opportunity in Online Sports, having made meaningful progress in 2024. Our improved product, accelerating growth and enhanced efficiency drive our expectation of Online Sports being Contribution positive for FY 2025. 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
Key Financial Highlights for Half Year and Full Year 2024
2024 BetMGM Financial Summary1,2,3,4 | |||||||||||
$ millions except percentages and average monthly actives | FY 2024 | YoY % Change | 2H 2024 | YoY % Change | 1H 2024 | YoY % Change | FY | ||||
Net Revenue5 | |||||||||||
iGaming | + + | + + | +10 % | ||||||||
Online Sports | 554 | + + | 292 | + + | 262 | +5 % | 535 | ||||
Handle | +20 % | +33 % | +8 % | ||||||||
GGR Hold % | 8.6 % | (90)bps | 8.3 % | (110)bps | 9.0 % | (80)bps | 9.6 % | ||||
Retail3 / Other | (40)% (32)% adj. | (50)% (32)% adj. | (32) % | ||||||||
Total | + + | + + | +6 % | ||||||||
EBITDA | ( | ( | ( | ( | |||||||
Average Monthly Actives (thousands)6 | 946 | +14 % | 966 | +17 % | 926 | +12 % | 827 | ||||
2024 Financial Highlights
- 2024 Net Revenue of
$2.1 billion 7% YoY, with growth and player engagement metrics accelerating through the year- Record iGaming Net Revenue of
$1.5 billion 13% YoY - Online Sports Net Revenue up +
4% with strengthened product and enhanced engagement - FY 2024 adjusted2 Net Revenue was up +
13% YoY and Online Sports +17% YoY - Average Monthly Actives up
14% YoY reflecting strategic investment in player acquisition
- Record iGaming Net Revenue of
- 2H saw continued momentum acceleration with adjusted Net Revenue up +
19% , compared to6% growth in 1H - 2024 EBITDA of
( , consistent with 2024 as a year of investment and includes approximately$244) million $50 million - iGaming achieved significant Contribution of
$424 million - On a normalized basis, 4Q EBITDA trended towards breakeven demonstrating marketing optimization and growing operational leverage
- iGaming achieved significant Contribution of
- Market share stabilization at
14% GGR share in active markets7 with iGaming (22% ) and Online Sports (8% ), and15% NGR share, cementing BetMGM's podium position in the market8- Launched sportsbook in
North Carolina and district wide inWashington, D.C. in 2024
- Launched sportsbook in
$150 million
Delivering on Strategic Priorities
- Market leading iGaming offering
- Record Average Monthly Actives (4Q +
55% YoY) reflect our leading iGaming content supported by focused marketing investment - Active Player Days9 increased with players enjoying the extensive library of engaging real-money games, and unique free-to-play games
- Exclusive game releases, including omnichannel titles representing 7 of top 10 highest grossing slot games played10
- Largest regulated
U.S. online jackpot ever paid;$6.5 million New Jersey
- Record Average Monthly Actives (4Q +
- Strengthened Online Sports product with enhanced player engagement approach
- Greater market availability with richer pricing and unique features improving parlay betting and engagement
- +
41% increase in MLB Same Game Parlay ("SGP") bets per active11 - +2.2ppt growth in NFL SGP bet mix12
- +
- Enhanced player experience with features including quick bet, linear bet slip, and live bet tracking, driving improved engagement and retention
- +11.5ppt YoY improvement in cross-sell of online sports players to iGaming13
- Optimized promotional strategy with enhanced segmentation and predictive modeling
- Greater market availability with richer pricing and unique features improving parlay betting and engagement
- Unlocking unique omnichannel opportunities
- First sports betting app to offer bettors in
Nevada a seamless, nationwide, digital wallet, allowing players to continue their BetMGM experience when travelling to other regulated states- Access to MGM Resort's 37,000 rooms provides an attractive acquisition channel with unique omnichannel advantages
Nevada -acquired First Time Depositors ("FTDs") increased61% versus prior year football season, and the percentage of those continuing to play after their visit doubled14
- Enriched engagement with omnichannel game titles and exclusive live events for BetMGM players
- Integration of BetMGM Rewards with MGM Resorts loyalty platform including Marriott Bonvoy
- First sports betting app to offer bettors in
- Ongoing commitment to player safety with responsible gambling prioritized across our business
- Promoted new industry best practices as a founding member of the Responsible Online Gaming Association (ROGA)
- In partnership with MGM Resorts, expanded responsible gaming marketing to nine NFL stadiums
- Launched BetMGM's first responsible gambling commercial featuring ambassador Connor McDavid
Outlook
- Acceleration achieved during 2024 with encouraging exit rate momentum carrying into 2025
- BetMGM expects FY 2025 to be EBITDA positive, an increase of approximately
$250 million $2.4 billion $2.5 billion - 2025 iGaming Contribution is expected to exceed 2024 and Online Sports to be Contribution positive for the full year 2025
- Established and scaled podium position in a large and growing total addressable market, coupled with increasing operating leverage, reaffirms our confidence in BetMGM's pathway to
$500 million
FY 2024 Conference Call & Audio Webcast
- An analyst call will be held today, Tuesday, February 4, 2025 at 9:00am EST.
- Participants may join via webcast or by conference call; dial in approximately 10 minutes before the start of the call.
- Live webcast link: BetMGM FY 2024 Results
- To participate in the Q&A, please use dial ins below and register via the following link: Register for Q&A
US Toll free + 1 888 500 3691
US + 1 646 307 1951
UK Toll free +44 800 358 0970
UK +44 20 3433 3846
Global Dial-In Numbers
Access Code: 40609
Contacts: BetMGM | ||
Witek Wacinski – SVP Strategy & Development
|
| |
MGM Resorts International | ||
Investment Community Sarah Rogers – Senior Vice President, Corporate Finance Howard Wang – Vice President, Investor Relations
News Media Brian Ahern - Executive Director, Communications |
| |
Entain plc | ||
Investor Relations
Media | ||
Notes:
1: Net Revenue, EBITDA, and Contribution are based on how management analyzes the performance of the business, which are not prepared in accordance with GAAP. Refer to "Non-GAAP Financial Information" section below for additional detail.
2: Adjusted Net Revenue growth normalizes for Q4 2023 BetMGM rewards points adjustments across both Online Sports and iGaming, and December 2024 theoretical margin in sports; EBITDA adjustments include the associated flow through from the Net Revenue related adjustments plus additional cost adjustments related to prior year operations.
3: BetMGM has not completed its financial closing procedures for the year ended December 31, 2024 and actual results can differ materially from these estimates. In addition, BetMGM's independent registered public accounting firm has not audited, reviewed or performed any procedures with respect to these preliminary estimates. During the course of the preparation of BetMGM's audited financial statements, BetMGM and its auditors may identify items that would require material adjustments to these estimates. As a result, these estimates constitute forward-looking statements and, therefore, investors are cautioned that they are subject to risks and uncertainties, including possible adjustments.
4: Totals may not sum due to rounding.
5: 2024 Revenue for BetMGM on a GAAP basis is expected to be approximately
6: Average Monthly Actives are equal to the average of unique monthly actives over the period, regardless of product played; monthly actives include players that place 1+ bets within the month.
7: BetMGM operates iGaming and Online Sports Betting in five markets and Sports Betting only (combined online and retail) in 24 markets.
8: Consolidated Gross Gaming Revenue (GGR) market share consists of last three months ending October, November, or December 2024 as latest reported for
9. Active player days are equal to total player days over the period divided by the sum of total monthly actives over the same period.
10: Omnichannel games include titles that are available both on the casino floor and digitally.
11: MLB SGP bets per Active who placed 1+ SGP bet on an MLB market during the 2024 MLB season (same-store).
12: NFL SGP mix reflects the percent of NFL bets during the 2024 NFL regular season that were Same Game Parlays (same-store).
13: Cross-sell rate is the percent of Online Sports players in multi-product markets that placed 1+ iGaming bets. Measurement period reflects the NFL regular season.
14: Represents the increase in the percentage of
Supplementary financial disclosures
BetMGM has updated its financial disclosure practices, aiming to provide investors with more comprehensive and transparent information regarding its financial position and operations. These enhanced disclosures will include a more granular breakdown across different segments to provide greater insight into performance drivers.
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
In this press release we provide certain financial measures, including Net Revenue, EBITDA, and Contribution from operations, which have not been prepared in accordance with GAAP. BetMGM believes these measures, which it uses for its own analysis of operations, are useful to supplement the results presented in accordance with GAAP. These non-GAAP financial measures, which may not be comparable to other similarly titled measures presented by other companies, should not be considered a substitute for, or superior to, the financial information prepared in accordance with GAAP. If BetMGM presented Net Revenue from operations in accordance with GAAP, then BetMGM would present the revenues associated with its
About BetMGM
BetMGM is a market leading sports betting and gaming entertainment company, pioneering the online gaming industry. Born out of a partnership between MGM Resorts International (NYSE: MGM) and Entain Plc (LSE: ENT), BetMGM has exclusive access to all of MGM Resorts'
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
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 and SuperSport; Gaming brands include Foxy Bingo, Gala, GiocoDigitale, Ninja Casino, Optibet, Partypoker and PartyCasino. The Group operates the TAB NZ brand as part of a long-term strategic partnership with TAB New Zealand. 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
Entain is a leader in ESG, a member of FTSE4Good, the DJSI and is AAA rated by MSCI. For more information see the Group's website: www.entaingroup.com
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SOURCE BetMGM
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