BetMGM Surpasses Revenue Targets But Still Not Making A Profit

Entain and MGM who run the joint US venture BetMGM Sportsbook have said that the business will exceed previous set target on revenues to $1.44 billion, it was previously estimated that revenues would hit the $1.3 billion mark for the full year.

But even thou the revenues for the business have exceeded expectations BetMGM has still not turned a profit for the year with an EBITDA loss in the region of $440 million, in previous predictions for the full year of 2022 the companies said it expected to make a profit.

However with marketing spend to keep BetMGM as the market leader as more states become legal the business failed to hit that mark.

But in the statement both Entain and MGM now believe that by the first half of 2023 BetMGM will become profitable.

The CEO of BetMGM Adam Greenblatt said: “The talented team at BetMGM continues to execute our plan with purpose, passion, and discipline. 2022 was a year in which we delivered against many key strategic initiatives and achieved several company milestones, including exceeding our financial targets, launching a redesigned BetMGM mobile app and furthering our commitment to Responsible Gambling.”