BetMGM Closes In on Profitability

BetMGM, the sports betting brand in partnership with MGM Resorts and Entain have released the latest set of half yearly results showing the brand is closing in on becoming a profitable entity.

Revenues for H1 of 2023 showed $944 million representing a 25% increase for the same period last year and which is in line for the full year of $1.8 billion to $2 billion.

 Adam Greenblatt, Chief Executive Officer of BetMGM, said on the latest figures:”I am pleased with the significant progress we have made during the first half of 2023 as we continue our strong growth and remain on our path to profitability. Our financial guidance for the year remains on track – we expect to deliver $1.8 to $2.0 billion in full year revenue, as well as to be EBITDA positive in the second half of 2023. In fact, we have already achieved positive EBITDA for the full second quarter of this year. Our focus remains on building a sustainable, scalable and returns focused business with leading products that our players enjoy responsibly. We look forward to the remainder of the year, buoyed by ongoing product improvements, tremendous support from our shareholders providing access to new assets and partnerships, and – above all – our extraordinary team at BetMGM.”