BetMGM publishes H1 2023 financial report
BetMGM has recently published its financial analysis for the year’s first half and second quarter.
The report started off by mentioning the company’s revenue figure, which reached 944 million dollars in the year’s first six months, up by 55% from last year’s revenue of 608 million dollars. This lines up well with the company’s FY 2023 revenue projections, which targeted a full-year revenue of 1.8 billion to 2 billion dollars.
The company then reported that its EBITDA figure turned positive in Q2, achieving its previously set out goal. However, the company did not disclose the exact figure in its report. BetMGM stated that it is estimated to become self-sustainable by 2024, at which point it will no longer require any new investments from its two parent corporations, Entain and MGM Resorts.
The operator mentioned that a key contributor to this was its user management and optimization initiatives, which improved its sports wagering revenue margin by 3%, while the company’s per-user digital betting revenue increased by 65% for players registered in 2021 and earlier.
BetMGM covered its market position next, stating that it has been able to continue expanding its presence across North America in the period. Throughout H1, the company added three US jurisdictions to its portfolio. This grew the corporation’s reach to around 48% of all of the country’s adults.