BetMGM provided an update on Thursday on its performance in 2022 and outlook for 2023.
The online sports betting and iGaming operator reported 2022 revenue from operations of $1.44B, which is a mark slightly ahead of prior guidance of over $1.3B. Same-state revenue growth was 51% from from digital operations. BetMGM had an EBITDA loss of approximately $440M, in line with prior guidance
BetMGM management said the financial outperformance was driven by higher gross gaming margins resulting from improved customer experience and other product improvements. The company said its iGaming market share was approximately 30% and its online sports betting market share was 13%.
Looking ahead, BetMGM said it is well positioned to achieve net revenue from operations of between $1.80B and $2.0B in FY23 and be EBITDA positive in the second half of the year.
BetMGM owners MGM Resorts (NYSE:MGM) and Entain (OTCPK:GMVHY) expect to invest a combined additional $150M in FY23 to bring the total combined investment to build the company in less than 5 years to approximately $1.25B.
On deck: MGM Springfield and BetMGM will accept the first sports wagers in Massachusetts on January 31 at 10 a.m.