BetMGM, a joint venture between MGM Resorts and Entain, reported $944.0m in net revenue for the first half of 2023 in a mid-year performance update.
This was a rise of 55.2%.
Adam Greenblatt, chief executive officer of BetMGM, said the company had made “significant progress” towards its goal of profitability.
“I am pleased with the significant progress we have made during the first half of 2023 as we continue our strong growth and remain on our path to profitability,” said Greenblatt.
BetMGM said the net revenue is on track to deliver at the higher end of the full-year 2023 guidance. The turnover guidance was $1.8bn-$2.0bn.
“Our financial guidance for the year remains on track – we expect to deliver $1.8bn to $2.0bn in full-year revenue, as well as to be EBITDA positive in the second half of 2023,” Greenblatt continued.
He added that the company made particular progress in Q2.
“In fact, we have already achieved positive EBITDA for the full second quarter of this year,” he said.
Off the back of the net revenue update, BetMGM said that it expects to become “self-sustaining” in H2. This would mean that no further equity investment would be expected from MGM Resorts or Entain.
Both companies committed $150m to their joint venture for 2023.
In addition to financial results, BetMGM noted that it had continued to expand geographically in North America. Specifically, it launched digital sports betting offerings in Ohio, Massachusetts and Puerto Rico.
At the end of the six months, BetMGM was live in 26 jurisdictions, which includes Ontario.
Its market share stands at 27% for igaming, and 11% for online sports betting. It has a 13% share in markets where it was live on the market’s first day.