MGM Resorts has provided a strategic update on the financial performance of the BetMGM (US) joint venture partnership with Entain Plc, in which the partners mark 2024 as “a year of investment to strengthen its online offering.” The update underscored the view that the BetMGM joint venture is progressing towards “break-even” despite reporting a full-year EBITDA loss of $244 million, …
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BetMGM signals tech roadmap to $500m EBITDA
BetMGM, the US joint venture of Entain Plc and MGM Resorts, states that it is ‘accelerating momentum’ in executing its technology roadmap to enhance its products and customer experiences. Publishing its H1 results, BetMGM generated net revenues of $1bn, up 6% on 2023 comparatives. Period growth reflects a 16% increase in Q2 sports betting and an 18% YoY increase in …
Read More »BetMGM revenue flies near $2bn mark in 2023
Entain plc’s and MGM Resorts’ North American co-venture BetMGM has delivered its financial performance report for FY 2023, registering a positive EBITDA for H2. Financials The business saw its net revenue from operations grow by 36% year-over-year to $1.96bn, which represents the upper end of its $1.8bn to $2bn guidance range. Same-state net revenue from digital operations grew by 14%, …
Read More »Entain’s BetMGM stateside JV progressing towards profitability
BetMGM had a positive update for Entain and MGM Resorts International investors today, as the US-facing joint venture reported positive EBITDA for Q2 2023 The joint venture between London-based, LSE-listed Entain and Las Vegas-headquartered, NYSE enterprise MGM was first launched in 2019, but so far profitability has eluded the sportsbook brand. In its latest update, BetMGM reported H1 revenue of …
Read More »SBC Leaders Magazine: leading the US on the ‘path to profitability’
It’s been almost five years since the US gambling industry opened up for business, and since May 2018, we have seen tremendous growth across the market with some big players taking the lead in asserting market dominance. One such player has been FanDuel, which recently emerged as the first US gambling company to reach profitability – considerably earlier than expected …
Read More »Entain expects EBITDA positive BetMGM by H1 close
BetMGM has exceeded its commercial targets for 2022, according to a joint-statement by venture partners Entain and MGM Resorts, as the US sportsbook achieves full year revenues of $1.44bn. The headline figure is above guidance issued 12 months ago, in which JV partners set a target of $1.3bn, as the firm’s revenue growth objectives are more than on track. However, …
Read More »SBC Digital North America’s content and business opportunities impress delegates
SBC Digital North America delivered on its goals of providing insightful conference content, showcasing the latest industry innovations, and creating an effective platform for making business connections, a survey of attendees has found. The online conference and exhibition for the sports betting and igaming industries achieved a Net Promoter Score (NPS) of 67, as the overwhelming majority of delegates who …
Read More »MGM Resorts CEO Bill Hornbuckle joins iGaming speaker line-up for SBC Digital North America
MGM Resorts International CEO & President Bill Hornbuckle, has joined the senior executive speaker line-up for the Leaders in iGaming track at June’s SBC Digital North America conference and trade show. Set for June 10, day two of the online event, the Leaders in iGaming track will feature an in-depth examination of the future of this exciting new segment of …
Read More »MGM confirms ‘compelling’ proposal for Entain shares
US casino giant MGM Resorts International has confirmed that it has proposed a merger with its US sports betting and igaming partner Entain plc, but has refused to say if a firm offer to acquire the company will follow. It has also been confirmed that the offer consists of 0.6 MGM shares for each Entain share, representing a value of …
Read More »GVC and MGM activate $450m playbook for JV prospects
Shareholders of GVC Holdings and MGM Resorts have sanctioned a further funding round in joint-venture property ROAR Digital, increasing investment in the US market venture to $450 million. The funding is approved to accelerate ROAR’s flagship sportsbook property of BetMGM, which since its launch in 2018 is on track to operate in 11 US states by the end of year …
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