Entain betting operator BetMGM reports strong revenue growth amid record iGaming performance

ENTAIN'S sports betting operator, BetMGM, has posted strong revenue growth, driven by record-breaking iGaming performance and an improved online sports betting strategy.

The sportsbook and iGaming giant announced on Tuesday that it achieved £1.69billion in net revenue for the year, marking a seven per cent increase from 2023.

Leading this growth was the company's iGaming division, which generated £1.21bn in revenue, a 13 per cent year-on-year rise.

Online sports betting revenue also saw a four per cent uptick, attributed to a 14 per cent increase in monthly active players, reflecting the firm's investment in customer acquisition and retention.

BetMGM's performance helped boost Entain’s share price by nearly eight per cent on Wednesday, reaching £748.80.

Despite the revenue gains, the firm reported a total earnings before interest, taxes, depreciation, and amortisation (EBITDA) loss of £196.64m in 2024, describing the year as one of strategic investment.

The company also noted that December's customer-friendly sports results resulted in a £40.30m loss.

However, chief executive Adam Greenblatt remained optimistic about the firm’s future, projecting a positive EBITDA turnaround in 2025.

"Our improved product, accelerating growth, and enhanced efficiency give us confidence that online sports will be contribution-positive in 2025," he stated.

BetMGM also highlighted key strategic developments over the past year, including the launch of its sportsbook in the US, which secured £120.90m.

Looking ahead, the firm expects to generate between £1.93bn and £2.01bn in net revenue for 2025, achieving a positive EBITDA for the first time.

This would represent an estimated £201.50m year-on-year improvement.