BetMGM Hits $2.1B in Revenue: Can iGaming Keep Driving Growth?
A Year of Growth and Investment
BetMGM has reported a 7% revenue increase, reaching $2.1 billion in FY24, with iGaming emerging as the primary revenue driver. Contributing $1.49 billion to the company’s earnings, iGaming saw a 13% year-over-year rise, reinforcing its dominant position in the digital gaming market.
However, despite this revenue growth, BetMGM posted an EBITDA loss of $244 million for the year. This figure was anticipated due to the company’s aggressive investment strategies, including expansion into new markets such as Sweden, North Carolina, and Washington D.C.
The Online Sports Betting Landscape
Online sports betting also experienced an uptick, generating $554 million in revenue, marking a 4% increase from the previous year. While the segment saw a growth in total handle, BetMGM’s market share in online sports wagering remains behind its iGaming dominance.
Path to Profitability
BetMGM remains optimistic about achieving positive EBITDA in 2025, driven by strategic cost optimization, market expansion, and improved operational efficiency. With a projected EBITDA of $500 million in the coming years, BetMGM is positioning itself as a leading force in both iGaming and online sports betting.
Personal Insight
BetMGM’s growth trajectory highlights the increasing relevance of iGaming over traditional betting. However, the company’s profitability in 2025 will hinge on its ability to fine-tune marketing spend while maintaining a competitive edge in player acquisition. Its aggressive expansion strategy is promising, but execution will be key.
Revenue growth without profit tells the real story: aggressive spending now, payoff later.
We're watching how a major operator balances market expansion against unit economics. BetMGM's path shows every scaled player faces the same pressure—acquire and expand fast, or risk losing share. Their 2025 EBITDA target will signal whether the industry's investment cycle is finally maturing.
- iGaming drove $1.49B (71% of revenue) with 13% YoY growth—the segment is carrying the company.
- Sports betting lagged at $554M, up just 4%, showing market saturation and rising CAC in that vertical.
- 244M EBITDA loss offset by aggressive expansion into Sweden, North Carolina, DC—bet is on scale and efficiency gains.
SCCG angle: We work directly with operators and their boards on this exact tension—how to fund growth without drowning in CAC. Our network across 30+ markets and 150+ partners gives clients real benchmarks on unit economics, market-by-market spend efficiency, and operator strategy. That intel matters when you're sizing a 2025 budget.
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