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BETMGM FIRST HALF 2024 UPDATE
BetMGM, LLC one of the leading sports betting and iGaming operators across the U.S., jointly owned by MGM Resorts International and Entain plc, is providing an update on First Half 2024 (“1H 2024”) performance.
Adam Greenblatt, Chief Executive Officer of BetMGM, commented:
“The first half of this year has been very important in laying the groundwork for BetMGM’s future. 2024 is a year of investment, focusing on improving our customer experience and stepping up our level of investment in players. We are encouraged to see this strategy delivering accelerating momentum. We have exceeded our goals for both acquisition and retention, which should lead to higher year-over-year revenue growth for the second half of this year into 2025.
Our online sportsbook players have been enjoying Angstrom-enabled product capabilities since the start of the baseball season, and we look forward to players enjoying this across our wider sports offering leading into the NFL season. We are also very excited to bring our unique omnichannel opportunities to players by fully leveraging MGM Resorts’ presence in Las Vegas. Single Account Single Wallet will be an important driver of the customer experience, with Nevada marking its completion ahead of the NFL season. Our iGaming business continues to perform strongly with attractive returns, and to maximize this strength and momentum, we plan to deploy additional marketing in the back half of this year. Our execution roadmap, building momentum and prospects ahead all support our confidence in BetMGM’s strong future.”
1H 2024 Update
- 1H 2024 financial performance demonstrating accelerating momentum through the year
- Net revenue from operations of $1.0 billion, up 6% versus prior year1,2
- 2Q net revenue growth of 9% YoY, up from 3% in 1Q
- 2Q online sports betting NGR per active up 16% YoY
- 2Q iGaming average monthly actives growth of 18% YoY, up from 9% in 1Q, with no new state launches
- EBITDA consistent with expectations of 2024 being an investment year, supporting customer acquisition and enhanced player experience initiatives
- Encouraging online sportsbook CPAs of FTDs driven by successful Super Bowl campaign
- 1H EBITDA of –$123 million2
- Net revenue from operations of $1.0 billion, up 6% versus prior year1,2
- Established as a leading operator in North America, live in 29 markets with access to 52% of adult population3
- Continued geographic footprint expansion, with BetMGM launch of digital sports betting in North Carolina in March and district-wide in the District of Columbia in July
- 13% GGR market share in the U.S. and Ontario across Sports Betting and iGaming4
- Demonstrates stabilization and continued strength in iGaming with approximately 22% market share5
- Continued focus on operational execution, delivering improved app, product capabilities, and market-leading partnerships across both digital sports and iGaming
- Enhanced Sports Product and Technology
- Further integration of Angstrom capabilities with new markets and features for MLB and back end of NBA seasons, provided by fully in-house single game parlay (“SGP”) and SGP+ products
- Improved player experiences with enhanced betting and SGP+ journeys, landing pages and new features including live bet tracking
- Actives who placed an MLB SGP bet this season up 40% YoY6
- Volume of weekly MLB SGP bets doubled versus last year6
- Leadership in iGaming
- Market-leading jackpots – New Jersey jackpot of over $5 million expected to be the largest regulated U.S. online jackpot ever paid
- Launched exclusive games and innovative reward mechanics with top suppliers, including GameCode and White Hat Gaming
- Launched BetMGM Arcade, the home for ‘non-traditional’ content including LuckyTap and Crash-style games
- Best-in-Class Marketing Partnerships
- Integration of partnerships with X, Marriott Bonvoy, and Associated Press
- Successful Super Bowl campaign with citywide takeover of Las Vegas and iconic commercial featuring Tom Brady, Wayne Gretzky and Vince Vaughn
- Exclusive ambassadorship with Brian Christopher Slots for all online regulated markets
- Enhanced Sports Product and Technology
- Ongoing commitment to player safety, prioritizing responsible gambling across our business
- Founding member of the newly established Responsible Online Gaming Association (“ROGA”), which brings together the largest U.S. online sports betting and gaming operators to develop and advance responsible gaming practices
- Expanded the Kindbridge Health program to eight additional jurisdictions, offering self-excluded individuals referrals for problem gambling treatment
- Research and funding support via sponsorship for the International Center for Responsible Gaming
- Award recognition, including
- EGR North America’s awards for both Employer and Sports Betting Operator of the Year
- Top 20 for Best Workplaces in New YorkTM by Fortune
- Hashtag Sports awards for both Best Sports Betting Partnership (X/Twitter) and Best Communications Strategy
Outlook
- As announced on December 4, 2023, BetMGM’s strategic roadmap assigned 2024 as an investment year, supporting enhanced player experiences and improved sportsbook product to drive long-term value for stakeholders
- Coupled with an improving sportsbook offering, and building on BetMGM’s iGaming strength which already delivers over $400 million contribution annually, expectation of greater than planned marketing investment in iGaming in 2H this year7
- Additional investment expected to be funded by bank debt
- Consistent with expectation of 2024 as an investment year, expect 2H EBITDA to be similar to 1H
- Pipeline of exciting opportunities ahead including key milestones:
- On track for Angstrom capabilities to be fully integrated across MLB, NBA and NFL offerings ahead of 2024 NFL season
- Single Account Single Wallet (SASW) rollout expected to be completed with Nevada in place prior to the 2024 NFL season
- Enabling BetMGM customers in MGM Resorts properties, representing 13 million room nights annually, to sign up at one of BetMGM’s eight retail sportsbooks and return to their home state with the same wallet
- Completing the integration of player wallets across all BetMGM markets and empowering the final Las Vegas unlock for BetMGM
- Investment in our execution roadmap, accelerating momentum and opportunities ahead all support our confidence in BetMGM’s pathway to $500 million EBITDA in the coming years
Award-winning fast-betting content provider strengthens its position in the region with the latest hire
BETER, the in-demand provider of fast-betting content, data, and live streaming for esports and sports, has strengthened its team with the appointment of Juliana Querino as LatAm Business Development Manager.
Juliana, a seasoned business development specialist based in Brazil, has extensive experience in the Latin American iGaming industry. She has previously held various business development positions at Better Collective, Endorphina, Salsa Technology, and other companies. Her expertise was recognized by the G&M News platform, which included her in its Top 5 Women in the Industry 2024 list—highlighting women making significant contributions to the growth of iGaming in the region.
In her new role at BETER, she will drive the company’s expansion across Latin America, forging new partnerships with regional operators and aggregators, particularly in Brazil, where demand for BETER’s content continues to grow.
She will also drive BETER into new LatAm markets where the provider does not currently have a presence while managing relationships with existing partners to ensure they get the most out of the provider’s next-gen content offering.
Chuck Robinson, Chief Revenue Officer at BETER, said: “Latin America is a fast-moving market with opportunities opening up all the time. To capitalize on these, we need an exceptional specialist, and in Juliana, we have found exactly that. Her expertise and deep market knowledge make her a valuable addition to our team.
“We are already experiencing strong demand for our fast-betting products and solutions across the region. With Juliana on board, we can further identify key operators that would benefit from partnering with us, driving even greater growth.
“I’m delighted to welcome Juliana to the BETER team.”
Juliana Querino commented: “Fast-betting content has become essential for operators in Latin America and beyond, and I’m thrilled to join BETER in expanding awareness of its award-winning portfolio.
“BETER is renowned for its ESportsBattle and Setka Cup tournaments, which are already popular among bettors in LatAm. But our offering goes far beyond that, and I’m eager to showcase the full suite of products and solutions to operators from Brazil to Peru.”
“I look forward to helping BETER maximize the full potential of the LatAm market.”
BetBreak.org has published “When and How to Take a Time-Out from Sportsbetting,” a brand-new workbook designed to help readers understand how taking a break – of any duration – from sports betting can be transformational for their mental health, financial health, and relationships with friends and family.
“This workbook and self-study guide is for anyone who wants to explore their relationship with gambling and it’s especially for those who are wondering whether it might be time for a break from sports betting,” said addiction expert Dr. Jeffrey Reynolds.
The workbook includes information about how to know if you are ready to change, tips for curbing your sports betting if you aren’t ready to quit, setting SMART goals, and limiting access to the three things necessary to gamble. The guide also contains proven tools for managing cravings and urges, resources to regain control over your finances, strategies for dealing with guilt and shame as well as stress management tips.
“The BetBreak workbook is based on the science of behavior change and helps readers make the sustainable shifts in habits necessary to live life with more presence, focus, well-being and happiness,” Dr. Reynolds said.
SCCG Management, a global leader in gaming advisory, business development, and investment strategies, has secured membership to the Fantasy Sports & Gaming Association (FSGA). As the premier organization dedicated to advancing fantasy sports and sports betting, FSGA provides a collaborative environment where industry leaders, innovators, and pioneers shape the future of these rapidly growing sectors.
By joining FSGA, SCCG Management reinforces its commitment to staying at the forefront of industry trends, market developments, and emerging opportunities within fantasy sports and sports gaming. The partnership will allow SCCG to engage with key stakeholders, participate in thought leadership discussions, and contribute strategic insights to the evolving landscape of fantasy sports, sports wagering, and interactive gaming experiences.
With the fantasy sports and sports betting industries experiencing unprecedented growth and innovation, SCCG’s expertise in business development, technology integration, and investment strategy will bring valuable insights to the FSGA community. As a member, SCCG will actively participate in industry conferences, working groups, and networking events, including the upcoming 2025 FSGA Winter Conference, which serves as a hub for leaders, visionaries, and top executives shaping the future of fantasy sports and sports betting.
“FSGA is at the center of innovation in fantasy sports and gaming, and we are excited to join this influential community. At SCCG, we are always looking to align with industry leaders who are shaping the future of interactive sports entertainment. Through this partnership, we look forward to collaborating with fellow members, exchanging insights, and driving innovation across fantasy sports and sports betting,” Stephen Crystal, Founder & CEO of SCCG Management, said.
As SCCG continues to expand its global impact in fantasy sports, sports betting, and gaming technology, its membership in FSGA further solidifies its position as a trusted advisor and partner to the industry’s most innovative companies.
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