BetMGM, jointly owned by MGM Resorts International and Entain, believes it will be able to generate revenues of US$850 million this year, above management’s expectations and nearly five times above the previous year, with that amount reaching US$1, 3 billion in 2022.
BetMGM, jointly owned by MGM Resorts International and Entain, believes it will be able to generate revenues of US$850 million this year, above management’s expectations and nearly five times above the previous year, with that amount reaching US$1.3 billion in 2022.
The company remains the market leader in iGaming with a 30% share in the same period last year in the locations where it operates and is now present in 19 jurisdictions with four iGaming markets and 19 sports betting markets.
The group expects to reach approximately 40% of the US adult population with two more releases in new jurisdictions, in addition to releases in Canada and Puerto Rico in the coming months. For 2021, its EBITDA loss (Earnings Before Interest, Taxes, Depreciation and Amortization) is expected to be in the range of $420 million to $440 million.
BetMGM plans to further expand the reach of its products in 2022
This year, BetMGM aims to launch online sports betting in Illinois and Louisiana in the first quarter, as well as retail sports betting in Puerto Rico and online sports betting and iGaming in Ontario, Canada.
In addition, the company will also expand the reach of its first bingo product on the market and bring the BetMGM Racing app to other states, continuing to improve its products in existing markets.
“BetMGM expects to achieve positive EBITDA in 2023, based on its current assumption of future live markets. We achieved a positive contribution in several states, some within a year of launch, driven by our prudent, data-driven marketing strategy and by leveraging our omnichannel offering.
“Fully supportive of BetMGM’s continued success, strong performance and market leadership, the investment by MGM Resorts and Entain is expected to be approximately US$450 million in 2022. This would bring the combined total investment of MGM Resorts and Entain to approximately US$450 million. $1.1 billion since launch in 2018.”
