BetMGM Publishes FY2022 Business Update

BetMGM joint owners MGM Resorts and Entain plan to pump another $150m into the company in 2023, amid an update on BetMGM’s FY2022 performance.

The operator said in a trading update that it finished FY2022 with a net revenue of $1.44bn, ahead of prior guidance of over $1.3bn. It is aiming to achieve net revenue from operations of between $1.8bn and $2bn in FY 2023.

BetMGM said it expects EBITDA loss of approximately $440m, in line with prior guidance – and expects to bring EBIDTA positive in the second half of 2023.

Key to the results were higher gross gaming margins resulting from improved customer experience and other product improvements, as well as the fact that Q4 2022 online sports net revenue margin has doubled compared to Q4 2021.

BetMGM expanded its online footprint in 2022 with launches in six US states including Kansas and Maryland, while in January this year it moved into Ohio. Four new retail sportsbooks were also opened.

Adam Greenblatt, chief executive officer of BetMGM, said: “2022 was a year in which we delivered against many key strategic initiatives and achieved several company milestones, including exceeding our financial targets, launching a redesigned BetMGM mobile app and furthering our commitment to responsible gambling.

“With continued and unwavering support from our shareholders, we look to 2023 confident in achieving further key milestones, including $1.8bn to $2bn in net revenue from operations and being EBITDA positive in the second half of 2023.”