One of the foremost global gaming brands, BetMGM, has revealed its 2024 fiscal year financial report which reveals a substantial year-on-year increase in revenue.
More specifically, BetMGM’s net revenue increased to a total of $2.1 billion for 2024, noting a 7% year-on-year rise, with iGaming being responsible for a massive chunk of the amount, generating a whopping $1.49 billion for the year.
The report of BetMGM reveals that revenue increased by 7% year-on-year when compared to the figures from the fiscal year 2023. This can be seen in the very successful H2 for the company in 2024, where BetMGM’s revenue reached a total of $1.1 billion, drastically surpassing the $999 million generated during H1 of the same year.
As we already established, online gaming, i.e. iGaming, contributed to most of the total amount with $1.49 billion, which is a 13% increase when compared to the 2023 fiscal year.
Online sports betting also noted a year-on-year increase of 4% when compared to 2023, generating $554 million in revenue. All in all, the overall betting handle also spiked to a total of $13.1 billion for 2024, compared to $10.9 billion in 2023.
The only downward trend can be attributed to the retail gaming sector which noted a massive decline of 50% year-on-year in 2024, generating a “mere” $70 million in total revenue.
This is similar to the report recently released by the Nevada Gaming Control Board (NGCB), which showed a steep decline in retail gaming all throughout the territory of the state of Nevada, including the Las Vegas Strip, all while slot machine gaming and sports wagering continued to shatter revenue records.
