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BetMGM Reports $1 Billion In Revenue For The First Half of 2024

Ziv Chen

Last Updated: July 29, 2024 1:05 PM EDT • 2 min read.

The BetMGM Sportsbook at the Mandalay Bay resort and casino as we look at the 1H financial report and revenues for BetMGM
The BetMGM Sportsbook at the Mandalay Bay resort and casino. Photo by: Kirby Lee/USA TODAY Sports.

The first-half financials for one of our best sports betting sites are in, and they are quite impressive.

Entain and MGM Resorts International announced on Monday that BetMGM generated $1 billion in net revenue for the first half of 2024, marking a 6% increase from last year. Net revenue was up 9% year-on-year in Q2, while Q1 saw a 3% rise.

"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,” commented Adam Greenblatt, BetMGM's Chief Executive Officer.

An ‘Investment Year’

In its strategic roadmap published last December, BetMGM designated 2024 as an “investment year” to enhance player experiences and upgrade its sportsbook product to deliver long-term value for stakeholders. The company reported an EBITDA loss of $123 million for H1, which aligned with its expectations.

“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,” said BetMGM in the press release.

BetMGM is enhancing its sportsbook offerings by integrating Angstrom-enabled product capabilities, which will be fully integrated across MLB, NBA, and NFL by the 2024 NFL season.

The company expects that its Single Account Single Wallet (SASW) rollout will be complete by the kickoff of the 2024 NFL season. This will allow customers at MGM Resorts properties to sign up at BetMGM's retail sportsbooks and use the same wallet in their home state, streamlining the betting process.

Check out the sports betting giant by using our BetMGM bonus code: SBRBONUS.

Leadership In iGaming

In the press release, the company highlighted its iGaming achievements for the first half of 2024, including the launch of BetMGM Arcade for ‘non-traditional’ content. The company is one of our best real-money online casinos.

Also, in the first half of 2024, BetMGM introduced new products, including the “Win Spins” promotional tool in collaboration with White Hat Studios and new slots in partnership with GameCode, including Boom Boom Boom™ and HammerCash™. 

Additionally, the Big One progressive jackpot at BetMGM in the NJ online casino market has surpassed $5 million. It is anticipated to be the largest regulated US online jackpot when awarded, providing further incentive for players who haven't taken advantage of the BetMGM casino promo code to do so before it hits.

“Our iGaming business continues to perform strongly with attractive returns,” added Greenblatt.

BetMGM Continues Its U.S. Expansion

BetMGM is now live in 29 markets across North America after launching digital sports betting in the North Carolina sports betting market in March and expanding across the DC sports betting scene earlier this month. The company now holds 13% of GGR market share across US and Ontario sports betting and iGaming. 

Founded in 2018, BetMGM is fully owned by MGM Resorts International, which has existed since 1986. With land-based casinos in the United States and China, MGM Resorts is the largest casino company in the world by revenue, collecting approximately $16.2 billion in 2023.

In the 2023 fiscal year, BetMGM generated $1.96 billion in revenue. So, if its H2 performance is similar to that of H1, the company might surpass this record in the current fiscal year.

Written By:
Ziv Chen
Ziv has over two decades of experience in the igaming and sports betting industry, having served in senior marketing and business development positions with both B2C and B2B companies, including Playtech and Microgaming. In 2019, Ziv decided to pursue his passion for writing and became a fulltime industry journalist, covering casino, sports, and gambling business news. He’s specialties include casino games and technology, US state gambling regulation, company performance, as well as gambling affiliates and marketing. As a Pitt graduate, Ziv is a diehard fan of all Pittsburgh sports teams, with the Steelers at the top of the list. In his free time, he enjoys reading crime fiction, biographies (mainly of sports personalities, but not only) and American history. Ziv’s Favorite quote: “We're going to pursue perfection, knowing full well we won't catch it, but we're going to relentlessly chase it," Mike Tomlin, Pittsburgh Steelers Head Coach.