BetMGM Expects to Hit $1.44 Billion in Revenue for 2022

The joint sports wagering endeavor between Entain and MGM Resorts, BetMGM, anticipates a substantial $1.44 billion in income for the fiscal year 2022. This represents a notable increase from their initial estimate of $1.3 billion! Although they still foresee a $440 million deficit in earnings before interest, taxes, depreciation, and amortization (EBITDA), this aligns with their prior projection.

What’s driving this revenue surge? BetMGM points to a potent mix of elements: improved betting margins, a sharp data-driven marketing strategy that has reduced customer acquisition expenses, and astute optimization of their player incentives program.

Furthermore, BetMGM witnessed their online sports betting net revenue margin double in the final quarter of 2022 compared to the corresponding period the year before. Looking forward, they confidently project revenue to climb even higher, reaching between $1.8 billion and $2 billion in 2023.

BetMGM’s CEO, Adam Greenblatt, expressed his excitement, commending his team’s commitment and effort. He emphasized their exceptional accomplishments in 2022, including surpassing financial goals, launching a revamped mobile application, and reinforcing their dedication to responsible gaming.

With steadfast backing from their investors, BetMGM is poised to dominate in 2023. They are targeting even greater achievements, including reaching that impressive $1.8 billion to $2 billion revenue goal and, remarkably, attaining EBITDA profitability in the latter half of the year!

BetMGM holds an optimistic outlook on its 2022 income projections, despite anticipating a substantial impact on profits (EBITDA) – a trend mirrored by key competitors such as DraftKings. This is primarily attributed to the considerable financial outlays directed towards advertising and promotional activities within the realm of digital sports wagering.