BetMGM finished the first half of 2023 with a strong financial performance, thanks in part to the platform’s sportsbook launching in Massachusetts earlier this year.
The company announced on Tuesday that it has reported a net gaming revenue (NGR) of $944 million so far this year. In addition, it announced it reached profitability in the second quarter of 2023 — ahead of the company’s original projection of reaching profitability in the third quarter.
Owned by MGM Resorts and Entain, BetMGM confirmed it is on track to report between $1.8 and $2 billion in revenue for all of 2023.
BetMGM in Massachusetts
BetMGM Sportsbook Massachusetts launched on March 10, and is among eight sportsbooks currently active in the commonwealth.
Since going live in Massachusetts, BetMGM has taken in a total of $148 million in bets, good for 7.8% of the market. In turn, the company has generated $20.8 million in MA sports betting revenue.
Its hold percentage of 14.1% is the highest among all the Massachusetts sportsbooks.
The platform trails just DraftKings MA and FanDuel MA in handle and revenue.
BetMGM Sportsbook is now live in over 25 jurisdictions. In addition to Massachusetts, the sportsbook also launched in Ohio earlier this year.
BetMGM CEO pleased with progress
In the official update from the company, BetMGM Chief Executive Officer Adam Greenblatt expressed his satisfaction with BetMGM’s progress.
“I am pleased with the significant progress we have made during the first half of 2023 as we continue our strong growth and remain on our path to profitability,” Greenblatt said. “Our financial guidance for the year remains on track – we expect to deliver $1.8 to $2.0 billion in full year revenue, as well as to be EBITDA positive in the second half of 2023.”
Greenblatt also said that BetMGM has already achieved positive EBITDA for the full second quarter of this year.
“Our focus remains on building a sustainable, scalable and returns focused business with leading products that our players enjoy responsibly,” Greenblatt said. “We look forward to the remainder of the year, buoyed by ongoing product improvements, tremendous support from our shareholders providing access to new assets and partnerships, and – above all – our extraordinary team at BetMGM.”
BetMGM’s better-than-expected Q2 helped it keep its Bay State bonus steady at $1,000 in bonus bets, which is one of the most lucrative MA sportsbook bonuses currently available.
