BetMGM to end spring with 83 job cuts in New Jersey
BetMGM, a partnership between Entain Holdings and MGM Resorts that offers both land-based and online casino experiences, announced a workforce cut off at its main office in...
BetMGM forecasts EBITDA profitability in 2025
BetMGM, a partnership between Entain Holdings and MGM Resorts that offers both land-based and online casino experiences, expects to reach EBITDA profitability in 2025.
In 2024, BetMGM posted a $244m EBITDA, which is more than a $62m loss in 2023. However, net revenue increased 7% to $2.1bn, with iGaming revenue jumping 13% to $1.48bn. This growth follows heavy investment, with BetMGM previously targeting a 20-25% US market share.
Adam Greenblatt, BetMGM CEO, commented on 2024:
“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 normalised basis.”
Key 2024 achievements include launching Nevada’s first nationwide digital wallet and enhancing cross-sell strategies between sports betting and iGaming. BetMGM’s sports betting revenue increased by 4% to $554m, with big achievements recorded in H2 2024.
With its 14% gross revenue share in active markets, Bet MGM remains one of the top three US operators. For 2025, BetMGM forecasts $2.4bn-$2.5bn in net revenue, with EBITDA improving by around $250 million.
BetMGM faces the heaviest fine of $282,205 in Pennsylvania
The Pennsylvania Gaming Control Board (PGCB) has issued three fines to BetMGM, totaling $282,205.From the total fine, $260,905 came from 152 breaches where self-excluded...
