BetMGM delivers updated FY2023 results

BetMGM has updated its results for FY 2023 to incorporate the final quarters, showing a 36 per cent growth in net revenue from operations year over year to $1.96bn.

EBITDA was positive in the second half of 2023, with an expected FY 2023 EBITDA loss of approximately $67m.

Adam Greenblatt, CEO of BetMGM, commented: “Our performance in 2023 demonstrates our commitment to delivering on our promises. We were able to achieve strong organic growth, while executing against key strategic initiatives that lay the foundation for 2024 and beyond.

“The attainment of EBITDA profitability over the last three quarters of 2023 validates the effectiveness of our business model and provides the basis from which to invest further in expanding our sports offering through the integration of Angstrom and leveraging our largely untapped Las Vegas omni-channel advantages.

“With this comprehensive roadmap in place, we can focus on driving accelerated player acquisition and retention and strengthening our current market position. This clear strategic direction underpins our confidence in achieving our targets and building long-term, sustainable value for shareholders.”