BetMGM increased net gaming revenue by 76% year-on-year in the three months to March 31, according to co-owner Entain.
The European company set up BetMGM as a joint venture with MGM Resorts International back in 2018.
It has emerged as one of the most popular online sportsbooks in America, and it is also the No. 1 online casino brand.
In the first quarter of 2023, BetMGM achieved an overall market share of 28% in the states it is available in.
The brand is on course to earn net revenue of $1.8 billion-$2 billion this year, and Entain chief executive Jette Nygaard-Andersen said it will start delivering profit soon. It is expected to generate positive EBITDA in the second half of the year.
“In the US, BetMGM continues to grow in line with expectations and enjoyed a successful quarter which included the Super Bowl and March Madness,” said Nygaard-Andersen.
“Looking ahead, we remain confident that our customer focus, diversification and proven ability to grow organically and through M&A will enable us to demonstrate further progress against our strategy.”
On a global basis, net revenue was up 22% in Q1 for Entain, which owns brands such as PartyPoker, PartyCasino, Ladbrokes, Coral and Bwin.
“2023 is off to a strong start, with continuing underlying momentum across our operations around the world,” added Nygaard-Andersen.
“We are delivering both financially and strategically, with a record number of active customers enjoying our products and we are executing on growth opportunities to further diversify and expand across regulated markets."
