BetMGM, a leading sports betting and iGaming corporation, has released its 2023 financial result. The joint venture of casino and entertainment giants MGM Resorts and Entain reportedly generated almost $2.00 billion in gaming revenue in 2023 to almost exceed expectations. More specifically, BetMGM reached $1.96 billion in revenues for the 12-months period ending on 31 December 2023 to reinforce its leading market position.
Sports Betting and iGaming Driving Figures:
According to a source, the company uses the result to remain focused to reach a positive EBITDA of $500million by 2026 despite the negative EBITDA of $67million expected for full-year 2023. The strong 2023 result was reportedly mainly due to the iGaming and online sports betting improvement in comparison to the previous year. The source reports that BetMGM saw improvements across a wide range of operating parameters, such as first time deposits, bonus levels, and more. Also, the operator reportedly also improved the balance between the revenue and cost side.
In 2023, BetMGM continued its expansion across North America to currently boast the presence in 28 regional markets. These expansions reporte…