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BetMGM upgrades 2022 revenue outlook on expansion plans -Breaking

by Mike Robinson

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© Reuters. FILEPHOTO: A view from the inside of a Ladbrokes in Harpenden. This is as COVID-19 continues to spread in Harpenden. March 18, 2020. REUTERS/Peter Cziborra/File Photograph

(Reuters] -BetMGM updated its 2022 revenue outlook Wednesday. The company still anticipates turning a profit next season as Entain (NYSE:), and MGM Resorts (NYSE) expands in new markets and introduces new products.

It operates both online and at MGM casino in MGM, and expects to generate over $1.3B in revenue in 2022. In 2023, it will also be able to make a positive core profit.

This year, it previously expected revenue to be $1 billion.

BetMGM is an online betting site that offers NFL American Football and NBA Basketball games. It was established by MGM (NASDAQ:), who also owns DraftKings (NASDAQ) and has failed to acquire Entain in Britain.

The net revenue of the sports betting venture should be around $850 million by 2021. Core loss can range from $420 to $440 millions.

BetMGM’s owners plan to invest $450m in the business this year. That is the same amount as 2021. The total investment has risen to approximately $1.1billion since Entain (Ladbrokes owner) and MGM (New York-listed MGM launched it back in 2018).

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