BetMGM reports FY23 revenue up 36% to $1.96B

BetMGM delivered a strong FY 2023 financial performance. Net revenue from operations grew 36% year over year to $1.96 B, at the upper-end of $1.8B-$2B guidance range. Same-state growth in net revenue from digital operations of 14%. Key metrics across both iGaming and Online Sports Betting improved year over year, including average monthly actives, FTDs, hold percentages, bonus levels, NGR per active, and CPAs. EBITDA positive in the second half of 2023 with expected FY 2023 EBITDA loss of approximately $67M. Reiterating guidance from December 2023 business update of targeting approximately $500M of EBITDA in 2026.