The Entain/MGM partnership in sports betting across the US is paying handsome dividends.
BetMGM has reported a strong finish to the calendar year 2022, with net revenues of $1.44bn, against an EBITDA loss of $440m as expected.
The company reports that higher gross gaming margins have resulted from improved customer experience and other product improvements and an improved approach to player bonusing.
BetMGM is now established as one of the top three sports betting and igaming operators in North America with around 30 per cent of the market. Its share of online sports betting is 24 per cent with a 20 per cent share in markets where the company was live on the first day.
Its final quarter net revenues of 2022 has doubled against the equivalent quarter of 2021. The joint UK/US company is live in 25 jurisdictions with access to approximately 45 per cent of the adult population of the US. It is also operating in Ontario, Canada.
Six new markets were opened in the year – New York, Louisiana, Illinois, Ontario, Kansas and Maryland. It has four new retail sportsbooks: Nationals Park in Washington DC, Casino del Mar in Puerto Rico, The Cosmopolitan in Las Vegas and State Farm Stadium, the first retail sportsbook at an NFL stadium.
This year it has already launched in Ohio and has two retail outlets at MGM Northfield Park and at the Reds’ Great American Ball Park.
The company is looking to achieve net revenue from operations of between $1.8bn and $2bn in the financial year 2023 and to achieve EBITDA positive in the second half of the year.