MGM Resorts Enjoys a Good Third Quarter

MGM Resorts were thriving during the third quarter of 2023.

James Bisson

Last Updated: November 10, 2023 3:01 PM EST • 3 minute read

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The expanding legal sports betting industry in America has been a boon for most companies involved in the broader gambling industry in the U.S., including those that offer the best sports betting apps.

MGM Resorts, owner of 50% of the mobile BetMGM brand, the third-largest of our best sportsbooks on American soil, is reporting positive revenue numbers for its third quarter of the 2023 fiscal year.

Despite what could have been a crippling cyber attack in September 2023, the company is reporting a 16% revenue increase year-over-year, thanks in part to its location in China, and the BetMGM sportsbook brand being on American soil. An increase in NFL betting through BetMGM has also been a factor in 2023 thanks in part to... Taylor Swift?

Broad company revenues

The third-quarter earnings report from MGM Resorts identified $4 billion in global revenues for the three-month period ending Sept. 30. That's a 16% improvement from the same span in 2022, and it came despite $100 million in losses due to the cyber attack that was experienced in September.

“We started the quarter with great momentum across our businesses," MGM Resorts CEO Bill Hornbuckle said. "While we were faced with a difficult cybersecurity issue in September, our employees rose to the occasion with incredible resilience and determination. With the incident now behind us, we are a stronger company having been through the challenge.”

Operating income for the third quarter jumped into the black after the company posted a $1 billion loss in Q3 of 2022. Then MGM Resorts made $370 million in income during the third quarter of 2023.

The BetMGM factor

The popularity of BetMGM impacted MGM Resorts during the third quarter in a significant way. Despite lagging behind the likes of FanDuel and DraftKings in the American market, BetMGM has managed to secure about an 18% market share in the U.S. The 18% doesn't take into account its presence in New York sports betting, the largest market in the U.S.

BetMGM reported a 15% year-over-year increase in sportsbook net gaming revenues for the third quarter, or $458 million in profits.

That number could climb in the fourth quarter with the addition of mobile and retail sports betting opportunities in the exciting Kentucky sports betting market, which was announced at the beginning of the three-month period. The fourth-quarter production will also benefit from the announcement of a high-end retail facility in the New Mexico market.

About the spike in NFL betting

BetMGM was able to report a healthy increase in NFL betting through the first half of its 2023-2024 season. Year-over-year, BetMGM has experienced a roughly 26% increase in NFL wagers.

“It has been a great NFL season so far at BetMGM. Favorable outcomes in prime-time games and Unders hitting at a high rate are the main factors in making this season a success for the sportsbook,” Christian Cipollini, the trading manager at BetMGM, said upon release of the NFL gambling report.

BetMGM expansion is likely the core root of the NFL betting increases. The sports betting brand has added Maryland sports betting, Ohio sports betting, Massachusetts sports betting, and Kentucky to its sports wagering family since the third quarter of 2022. All are in the top half of sports betting jurisdictions in the country, and all are contributing greatly to BetMGM's bottom line.

Obligatory Taylor Swift mention

We can't get away from the Taylor Swift/Travis Kelce story. Even BetMGM and the rest of the best sports betting sites have been experiencing a "Swift bump."

“The Taylor Swift effect is definitely real and even bettors can’t shake it off," Cipollini said. "When she's rumored to be attending a game, the amount of bets placed on Kelce’s player props have a notable increase.”

Tipico Sportsbook identified a 100% increase in bets featuring Kelce between Weeks 3 and 4, when the romance was in its infancy. Kelce remains the most bet-on player with American sportsbooks for anytime touchdowns, thanks in large part to Swifties betting on the love interest of their obsession.

Written by:
James Bisson

James Bisson is the Editor-in-Chief of Sportsbook Review. He has been a writer, reporter and editor for more than 20 years, including a nine-year stint with The Canadian Press and more than five years at theScore. He has covered dozens of marquee events including the 2010 Winter Olympics, the 2006 Stanley Cup final and Wrestlemania 23, and his work has appeared in more than 200 publications, including the Los Angeles Times, the Guardian, Yahoo! Sports, the Toronto Star and The Globe and Mail. His book, “100 Greatest Canadian Sports Moments”, was a hardcover best-seller in Canada in 2008 and earned him appearances on CBC Radio and Canada AM. He has written more than 50 sportsbook reviews, more than 200 industry news articles and dozens of other sportsbook-related content articles. A graduate of the broadcast journalism program at Ryerson University (now Toronto Metropolitan University), James has been an avid bettor since the early 2000s, and cites bet365 as his favorite sports betting site due to its superior functionality and quick payouts. His favorite piece of sports betting advice: "Stay in your lane. You're much more likely to have success betting sports you know, and focusing on finding angles and edges there."