BetMGM reports 22% of Ontario gambling market share where LeoVegas and BetMGM brands operate and FY2023 2 Billion USD 2023 Revenue globally! (Photo by David Vives on Unsplash)
BetMGM, the sports betting and casino app company MGM Resorts and Entain owned, dominated last year. They reported making a whopping $1.96 billion in 2023 – a solid 36% jump from what they pulled in the year before.
Not only that, but BetMGM grabbed a big slice of the pie up in Ontario, Canada, too. The company scored 22 out of every 100 bucks that Ontarians gambled online. That is across its BetBGM and LeoVegas casinos operating in the Onarian iGaming market. LeoVegas and BetMGM also operate under UKGC licensing. 4
At the same time, LeoVegas spreads its wings further across European, North American, South American, Oceania, African, and Oceania markets via its Malta Gaming Authority (MGA) licensing cert. In particular, our overview of LeoVegas Live here concentrates on Canadian, South African, New Zealand, Australian, and India’s iGaming markets. Our review put a heavy emphasis on the live casino aspect of the casino. Still, you can also find snippets of information covering the platform’s sports books, virtual table games, and online slot portfolios.
On top of all this, in the US, the app has its hooks in players across 28 states now, reaching half of American adults. They grew in 2023, rolling out in Ohio, Massachusetts, Kentucky, and Puerto Rico.
BetMGM CEO Adam Greenblatt said they finally started making a profit over the last half of the year, even though they expected to lose around $67 million for 2023. The man has big visions ahead, too – talking expansion into the UK gambling market and getting people to BetMGM’s Vegas casinos to bet in person.
BetMGM (Owner of LeoVegas) 2023 Financials
| Metric | FY 2023 |
|---|---|
| Net Revenue | $1.96 Billion |
| EBITDA Loss | $67 Million |
| Same-State Growth (Digital) | 14% |
| Market Share in the U.S. | 14% |
| Market Share in Ontario | 22% |
Positives:
- Strong year-over-year revenue growth and market expansion underscore BetMGM’s robust business model and strategic execution.
- Achieving EBITDA positivity in the latter half of 2023 reflects operational efficiency and cost management.
- Strategic partnerships and technology enhancements position BetMGM for sustained growth and market dominance.
Challenges:
- Despite EBITDA positivity, the company still reports a substantial EBITDA loss for FY 2023, indicating ongoing challenges in reaching full profitability.
- The competitive landscape in iGaming and Online Sports Betting requires continuous innovation and investment, which could pressure margins.
BetMGM’s Banner Year Driven by Market Growth and Smart Plays
Gaming and betting firm BetMGM recently reported a standout 2023, fueled by expansion into new territories and strategic bets paying off. The company raked in a record $1.96 billion net revenue, soaring 36% over last year. This beat BetMGM’s projections of $1.8-2 billion.
Canadian Market Performance
Much of the revenue comes via the US business, which we don’t cover too often here on Livecasinocentral. One of the key markets we cover is Canada via our Canadian casino advice hub for players. The guide is dedicated to giving you (Canadian gambling entertainment enthusiasts) insights into online casinos available in Canada, licensing options, and more.
The latest BetMGM FY23 update states that its company as an operator (presumably including its Ontario Canada LeoVegas brand) has a 22% market share in Sports Betting and iGaming.
Stateside
Another aspect driving these monster gains is the company’s US market. It was getting its platforms into more hands through new market growth. BetMGM products are now accessible to 49% of adults nationwide after entering 6 additional states. The moves established its sportsbook as a top player with 14% consumer mindshare. Its iGaming division captured an industry-top 22% in Ontario upon launch.
Behind the financial scoreboard, BetMGM invested heavily in next-gen tech and offerings. Upgraded payment and account features eased customer sign-ups and bets. New in-house games and content kept players engaged. Per management, these operational moves formed the bedrock for continued prosperity. Despite the banner year, profits remain elusive, with 2023 losses still running at around $67 million. But the last two quarters did flip to positive EBITDA, signaling a turnaround may be underway.
As BetMGM can attest, in a 24/7 gaming landscape, the wheels never stop turning. But its strategic plays built strong momentum to place more winning bets in 2024 and beyond. For the full financial analysis, see the offcial ‘BETMGM FY23 UPDATE: FY23 NET REVENUE‘ news on the BetMGM company website.
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