Despite a litany of challenges for BetMGM in 2023, MGM Resorts CEO Bill Hornbuckle remains confident in the venture’s near-term growth, as the digital gaming operator sharpens its focus on product improvement.
Addressing Wall Street analysts on MGM Resorts’ 2023 fourth-quarter earnings call, Hornbuckle emphasized that BetMGM made considerable strides last year with its technology roadmap following the rollout of a new app design. Hornbuckle is also optimistic with the venture’s single-wallet transition, as BetMGM continues integrations on digital sports betting, horse racing, and online casino offerings.
With 2023 in the rear-view mirror, BetMGM now has single-wallet capabilities available in most of its North American jurisdictions. As of Wednesday, BetMGM is live in 28 jurisdictions throughout the continent, including Ontario and Puerto Rico.
For the second half of 2023, BetMGM generated profitability for the first time over a six-month period. As for the 12-month period, the venture also hit the upper limit of its guidance for a key revenue metric. In 2023, BetMGM generated revenue within a range of $1.8 billion and $2.0 billion, MGM Resorts Chief Financial Officer Jonathan Halkyard said on the call.