BetMGM Net Revenue Over $2 Billion in 2024 Fiscal Year

BetMGM’s 2024 Fiscal Year Report Posted

BetMGM reported a net revenue of $2.1 billion for the 2024 fiscal year. BetMGM posted its last report for the 2024 fiscal year this month. BetMGM chief executive officer Adam Greenblatt commented on the year.

“2024 was a year of investment and rebuilding of momentum for BetMGM. Our successful strategic refinement saw BetMGM exit the year with encouraging run rates across our key metrics and Q4 EBITDA(earnings before interest, taxes, depreciation, and amortization) trend towards breakeven on a normalized basis.”

The fiscal year report provides information about BetMGM’s earnings and performance.

Net revenue for the 2024 FY was up seven percent year-over-year. BetMGM reported $1.5 billion iGaming net revenue which is up 13 per cent year-over-year. Online sports revenue went up by four per cent. Online sports revenue was $554 million. And average monthly actives went up by 14 per cent. The average monthly actives in the 2024 FY was 946,000. Average monthly actives are average unique players who place one or more bets within a month.

BetMGM Growth in 2024

Greenblatt also commented on BetMGM’s growth. “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.

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

BetMGM took more parlay bets on the NFL and MLB in 2024. MLB same game parlay bets increased by 41 per cent per active. There was a +2.2ppt growth in NFL same game parlay bet mix. According to BetMGM, NFL same game parlay mix is the per cent of NFL bets that were same game parlays during the regular season. Totals may not be completely accurate due to rounding.

Kahfeel Buchanan graduated from Toronto Metropolitan University’s journalism program. When not reading, writing, or covering sports, he likes to drink coffee, watch movies, and more. He has years of sports writing and journalism experience. From covering basketball games at Toronto Metropolitan University for the school paper to writing about sports betting, he has published a ton of sports stories throughout his time as a journalist. His work doesn’t end there, Kahfeel wrote a bunch of opinion stories on the Toronto Raptors during his early years as a sports writer, once writing about Fred VanVleet making the NBA All-Star team months before his first All-Star selection in 2022. He works hard to give readers quality journalism and great stories.