BetMGM Reports Record $2.1B Revenue for 2024

BetMGM has ended the year with a bang, as total revenue reached $2.1 billion for 2024. That marks a 7% year-over-year increase for the gaming giant, which released totals from the Fiscal Year 2024 earlier this month.

BetMGM’s iGaming was an integral part of that growth. It generated $1.49 billion for the year, a 13% gain from 2023. Meanwhile, revenue from online sports betting climbed 4% to $554 million.

Adam Greenblatt, CEO of BetMGM, celebrated the news in a company statement.

“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 normalized basis,” Greenblatt said.

“Our leading iGaming business continues to grow strongly and deliver attractive returns. We also have an exciting opportunity in Online sports, having made meaningful progress in 2024.”

In H2 2024 alone, revenue from iGaming hit $784 million for a 15% year-over-year increase. Revenue from iGaming also grew 10% year-over-year in H1 for a total of $695 million.

Additionally, BetMGM reported a negative EBITDA (earnings before interest, taxes, depreciation, and amortization) of $244 million, a 29% increase drop compared to 2023. The company suggested such losses were a product of “specific strategic investments”.

Betting handle was up 20% to $13.1 billion, with a hold percentage of 8.6% over a span of 12 months. However, December’s customer-friendly results equated to a $50 million negative impact for the sportsbook.

The company attributed the sportsbook’s overall success to several factors, including enhanced parlay features, more exclusive pricing options and increased market access.

As part of its expansion efforts, BetMGM extended its reach to North Carolina and Washington, D.C., allowing it to keep pace with industry leaders DraftKings and FanDuel. That contributed to a 14% growth (946,000) in monthly “actives” on the year.

For what it’s worth, online sports betting is now fully operationally across various sportsbooks in 38 states, not including Missouri, which is slated to launch this summer after finalizing the necessary legislation. A handful of other states are currently weighing legislation that would further expand that lot, both online casinos and sportsbooks.

With that in mind, Greenblatt believes the company is positioned to build on its strong returns in 2025 and beyond. In fact, forecasts have its full-year EBITDA increasing by $250 million.

“Our improved product, accelerating growth and enhanced efficiency drive our expectation of online sports being contribution positive for 2025,” Greenblatt said.

“With BetMGM’s renewed acceleration across both iGaming and online sports, we expect to achieve positive EBITDA in 2025, and our scaled podium position in the world’s largest gaming market underpins our confidence in our pathway to $500 million EBITDA in the coming years.”

Notably, the company also revealed it has $150 million in revolving credit and does not anticipate requiring additional funding from parent companies.