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Ahead of this week’s 2023 first-half business update, BetMGM guided toward profitability for the final six months of the calendar year. The subject of profitability is sensitive for major sportsbooks as Wall Street pressures leading operators to turn a profit in the fifth year since the U.S. Supreme Court’s historic PASPA ruling. In July, BetMGM demonstrated to investors that it was ahead of schedule.
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Amid robust same-state growth and bonus optimization efforts, BetMGM achieved positive EBITDA (earnings before interest, taxes, depreciation, and amortization) during its second quarter of 2023, three months ending June 30. The busy period includes the NBA Finals, the NHL’s Stanley Cup Finals, and the NFL Draft, among annual events on the sports calendar.
At the same time, BetMGM reiterated revenue guidance for full-year 2023 from $1.8 billion to $2 billion. BetMGM is now guiding toward the high end of the range, the venture said Wednesday. BetMGM is a 50-50 joint venture between MGM Resorts and Entain, one of the top European gambling operators. BetMGM still intends to profit in the year’s second half.
BetMGM finished the first half with net revenue from operations of $944 million, which implies $468 million over the last three months. The operator credited a new bonus optimization system and an enriched player account management platform for improved margins over the first half.
During the period, BetMGM increased its sports net gaming revenue margins by 300 basis points while generating a 65% increase in revenue per customer for players acquired before 2022. At the start of the year, BetMGM refined its analytics framework by using its data science capabilities to hone its approach to player bonusing.
On the state level, BetMGM improved same-state player acquisition costs by 8% over the same period from 2022. The metric is closely watched across the industry as operators look to rein in marketing expenses after years of spending heavily on promotions. BetMGM offers sports betting in 21 North American markets, including Ontario. It also offers iGaming in five U.S. states. On the digital side, BetMGM reported same-state net revenue growth of 25%.
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