BetMGM reports FY22 revenue $1.44B

BetMGM, jointly owned by Entain and MGM Resorts (MGM) provided an update on performance and outlook for FY23. BetMGM finished FY22 with net revenue from operations of $1.44B, ahead of prior guidance of over $1.3B. Same-state growth in net revenue from digital operations was 51% in FY22. FY22 EBITDA loss was approximately $440M, in line with prior guidance. The company said, "Financial outperformance driven by: Higher gross gaming margins resulting from improved customer experience and other product improvements. Same state CPAs reduced by 21% year-over-year due to data-focused marketing strategy and increased scale. Improved approach to player bonusing delivered by our data science team."