The sports betting and iGaming North American joint venture between Entain and MGM Resorts – BetMGM – has announced that it saw net revenue in 2022 totaling $1.44 billion, up 69 percent from 2021 and leading its prior guidance of $1.3 billion.
Despite the increases, the group did register EBITDA loss of approximately $440 million, but is expecting to be EBITDA positive in the second half of 2023, as it targets net revenue of between $1.8 billion and $2 billion for 2023.
As a further show of their confidence in the company’s ongoing performance, the two joint partners are planning to invest a combined $150 million in the company throughout this year, bringing the total investment in the company to $1.25 billion in less than five years.
The company notes that it currently holds a 30 percent market share in iGaming in North America, being active in 25 jurisdictions in the US and in Ontario, Canada.
It also has an online sports betting market share of 13 percent, rising to 20 percent in markets where BetMGM was live on day one.
Speaking about the company’s results, the CEO of BetMGM, Adam Greenblatt, noted that “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”.
