BetMGM has reported an impressive revenue increase for the third quarter of 2023, marking a 7% year-on-year growth despite a slight decline in its average monthly active players. For the quarter ending September 30, the company generated $710 million in revenue, with adjusted EBITDA soaring by 112% to $86 million.
In a statement, CEO Adam Greenblatt emphasized the company’s strong performance, stating, "BetMGM delivered a strong Q3 as we continue to execute with discipline and generate profitable growth. Our product is stronger than it’s ever been, with significant improvements to speed, stability, and responsiveness ahead of this football season. We have continued to prioritize our areas of strength – particularly our iGaming franchise – and remain operationally nimble as we navigate a highly competitive environment."
BetMGM's revenue from online casino games grew by 6%, reaching $483 million, while sports book revenue increased by 7%, totaling $216 million. The overall volume of sports betting also saw a 3% uptick, climbing to $3.24 billion.
However, the company faced a 3% decline in its average monthly users, which fell to 878,000. On a positive note, net gaming income per user rose by 4% in the online casino segment and by 18% in sports betting. Additionally, the volume of bets per user improved by 13%.
Greenblatt reassured stakeholders, stating, "Our underlying player fundamentals remain strong, and we are generating positive cash flow and adjusted EBITDA. These put us on track to deliver against our 2026 guidance and support our confidence in the long-term outlook of our business."
