BetMGM reported first-half 2024 net revenue from operations of $1bn, up 6% year on year. The operator said second-quarter revenue rose 9%, while EBITDA for the half was minus $123m. CEO Adam Greenblatt said BetMGM expected higher year-on-year revenue growth in the second half and into 2025.
The results show revenue growth alongside a first-half EBITDA loss as BetMGM continues investment in customer acquisition and experience.
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BetMGM extended its MGM Live offering to Alberta on 20 August, streaming blackjack, roulette and baccarat from MGM Resorts International venues in Las Vegas. The company said the games are hosted at MGM Grand and Bellagio through its collaboration with Playtech.
Entain reported first-half net gaming revenue of £2.55 billion, up 7% for the six months to the end of June, as underlying EBITDA fell 2% to £479.3 million. The company said World Cup engagement helped offset higher UK gambling taxes, and it reiterated full-year guidance for online revenue growth of 5% to 7%.
BetMGM no longer expects to reach its $500m annual EBITDA target next year. The MGM Resorts and Entain joint venture reported mixed results.
BetMGM reported $657 million in net revenue for the first quarter of 2025, up 34% year on year, and positive EBITDA of $22 million. The company said it expects 2025 net revenue of $2.4 billion to $2.5 billion and reaffirmed its guidance for positive EBITDA for the full year.
BetMGM has entered a multi-year partnership with Gannett, becoming the preferred online sportsbook and casino partner for USA TODAY Sports. BetMGM will provide betting odds and information to more than 300 digital brands in over 200 US markets across 43 states, while its sportsbook and casino will appear as partners on network website footers.