The gaming behemoth, BetMGM, a joint venture between Entain plc and MGM Resorts International, experienced a phenomenal 2023. Their revenue soared to an impressive $1.96 billion, surpassing their initial forecasts. This remarkable expansion was driven by their online platforms, which witnessed a 14% surge in revenue within established territories. Even more noteworthy, they secured profitability in the latter half of the year and are poised to curtail losses for the entirety of 2023.
Their triumphs extended beyond existing regions. BetMGM pursued an aggressive growth strategy, incorporating four new states into its operational domain: Ohio, Massachusetts, Puerto Rico, and Kentucky. Their reach now encompasses 28 markets, effectively covering nearly half of the adult demographic in North America.
Collaborative alliances, such as their recent agreement with Raw iGaming in Ontario, are bolstering their gaming offerings and solidifying their status as a leading force within the North American market.
BetMGM is going above and beyond to craft a gaming adventure unlike any other, leveraging advanced technology from Raw iGaming to achieve this. Their sights are firmly set on dominating the realm of sports wagering and digital gaming, with their 2024 blueprint centered around expansion. Envision an expanded roster of sports for betting, enhanced games, and a commitment to providing diverse playing options, particularly for those in their Las Vegas home turf.
Adam Greenblatt, BetMGM’s CEO, expresses enthusiasm about their advancements. “We’re not just making promises,” he asserts, “We’re delivering.” 2023 was monumental for us – we experienced remarkable growth and made strategic maneuvers to position ourselves for even greater achievements in 2024 and beyond.”
Their focus extends beyond mere expansion. Greenblatt highlights their impressive earnings as evidence of their strategy’s effectiveness. “We’re generating revenue, empowering us to invest further in exceptional offerings for our players,” he elaborates. “We’re poised to introduce remarkable new sports betting avenues through Angstrom, and we’re determined to redefine the limits of possibility in Las Vegas.”
However, their ambitions transcend winning alone. BetMGM is equally dedicated to championing responsible gaming. They are collaborating with NFL franchises and introducing initiatives like their GameSense program to ensure a safe and responsible gaming environment for all.
