Bet MGM said it is on track to be profitable after posting positive EBITDA in Q2’2023. The brand expects FY 2023 revenue to be close to the upper bound of the forecast.
The joint venture between MGM Resorts International and Entain announced net revenues of $944 million in their H1 2023 trading report, including a 25% increase from digital operations.
The state’s CPA improved 8% year-over-year, with bonus optimization and player management programs also having a positive impact.
As a result, Bet MGM said it expects to match its revenue forecast range of $1.8 billion to $2 billion in FY 2023.
Part of BetMGM’s positive EBITDA outlook for the second half includes investments in the upcoming operations in Kentucky and North Carolina, as well as the ability of the operating company itself to stand on its own without additional investment (more than $150 million already committed) from MGM Resorts and Entain.
The company launched online sports betting in Ohio, Massachusetts and Puerto Rico and operates in 26 North American territories.
In terms of market share, BetMGM reported a 27% gambling market share, an 11% online sports betting market share and a 13% market share which it has gained since their launch.
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