BetMGM Casino experienced a 55% year-over-year surge in active monthly users in Q4, which headlines a list of promising financial prospects and strategic wins for 2024.
Its online gaming offerings, enhanced sports betting products, and customer engagement are getting the credit for accelerating performance metrics, the company announced in a press release.
BetMGM is now eyeing a positive financial turnaround in the coming years.
BetMGM Casino Users Surge in 2024
BetMGM's iGaming platform boasted a leading position with an impressive 55% YoY increase in active monthly users in Q4.
The introduction of exclusive game titles and the payment of the largest online jackpot in the U.S., $6.5 million, highlighted its vibrant portfolio in New Jersey. It was a record year for jackpots for BetMGM Casino, including one player who turned 40 cents into a half-million-dollar windfall.
In another groundbreaking move in 2024, BetMGM partnered with Fremantle to create exclusive online casino games based on the popular game shows "The Price is Right" and "Family Feud."
Digital Wallet Turns Out To Be Big Move for Sports Betting
BetMGM enhanced player engagement in sports betting with richer pricing and unique features like quick bet options. The 41% increase in MLB Same Game Parlay bets and the rise in NFL Same Game Parlay bet mix were notable, leading to better customer retention and cross-sell opportunities from sports betting to iGaming.
A key advancement was BetMGM's nationwide digital wallet, which provides a seamless player experience across states offering legal online casinos. The wallet helped increase first-time deposits during the football season, highlighting how well these elements work together.
The company remained committed to responsible gambling, partnering with MGM Resorts and launching various marketing campaigns to promote safe gaming practices, including featuring ambassador Connor McDavid in their first responsible gambling commercial.
BetMGM Expecting Stronger Gains Going Forward
BetMGM's online sports division's strategy reset is anticipated to contribute positively by the fiscal year (FY) 2025.
The company projects being EBITDA positive, with net revenues ranging from $2.4 to $2.5 billion in 2025. CEO Adam Greenblatt expressed confidence in targeting $500 million in EBITDA, driven by scale advantages, revenue growth, and improved operational leverage.
BetMGM reported a year-over-year (YoY) net revenue increase of 7% to $2.1 billion in 2024. This was helped by record iGaming revenue of $1.5 billion, up 13% YoY, and a 4% increase in online sports revenue.
It did not slow down in the second half of the year, with adjusted net revenue growing by 19%, overshadowing the 6% growth in the first half.
"2024 was a year of investment and rebuilding momentum for BetMGM," Greenblatt noted. "We refined our strategy, ending the year with an optimistic trajectory across key metrics and paving the way for positive growth in online sports by 2025. Our iGaming business remains strong, offering significant returns."
Outlook for 2025 and Beyond
With the momentum built in 2024, BetMGM looks forward to 2025 and aims for a substantial increase in financial performance.
The company expects to transition to a contribution-positive phase in online sports and surpass its 2024 iGaming contributions. BetMGM’s established market position in the U.S. and strategic focus sets a solid foundation for achieving its ambitious $500 million EBITDA target in the near future.
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