BetMGM projects EBITDA of $500 million for 2026

Published: December 4, 2023, 03:20h. 

Updated on: December 4, 2023, 03:20h.

Online betting site BetMGM has confirmed it expects revenue to be in the range of $1.8 billion to $2 billion for the year 2023. The company also reiterated its plans to turn a profit for the year.

Michigan iGaming sports betting online casino
Jamie Foxx appears on a BetMGM billboard. The operator predicts 2026 EBITDA of $500 million. (Image: Detroit News)

CEO Adam Greenblatt expressed BetMGM’s commitment to being profitable during a conference call with analysts. The company is a joint venture between MGM and Entain Plc, and it offers services in 28 jurisdictions and at 38 sportsbooks in North America.

Greenblatt also stated that they have significantly improved the company’s financial position and plan to be self-funded from here on following EBITDA profitability in the second half of this year. BetMGM’s ability to self-fund the gaming unit comes as welcomed news for the company’s parents, Entain and MGM, who have contributed a total of $1.26 billion to the online gaming unit to date.

BetMGM Targets $500 Million in 2026 EBITDA

BetMGM specifically aims to generate $500 million in EBITDA in 2026 and has taken key steps towards this, including the expansion of its iGaming portfolio. The operator plans to counter rivals such as DraftKings and FanDuel, with a focus on product development and efficient deposit/withdrawal systems to retain customers.

Greenblatt also highlighted the company’s ongoing iGaming growth, pointing out that it offers better margins and more opportunity for regional expansion. He added that in the third quarter of the year, 65% of BetMGM sports bettors also played poker or online casino games on the platform. This indicates a strong engagement among users, enhancing the company’s liquidity and financial prospects.

BetMGM Product Advancements

As more competition enters the sports betting and iGaming space, there is a growing focus on product improvements to attract and retain customers. BetMGM is investing in creating a more user-friendly app and tinkering with the deposit/withdrawal process for maximum efficiency. The company is also streamlining event pages and adding new payment methods to provide a seamless betting experience.

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