BetMGM, the sports betting and iGaming operator jointly owned by Entain and MGM Resorts International, expects to deliver net revenue of over $1.3bn for FY2022.
In an update on performance and outlook for 2022, the group says it is achieving market share in line with its long-term goal of 20-25% in US sports betting and iGaming.
BetMGM is live in 19 jurisdictions; four iGaming and 19 sports betting. The group expects to reach approximately 40% of the US adult population with two further jurisdiction launches, with launches in Canada and Puerto Rico to arrive in the coming months.
The group reported a “strong financial performance” in FY 2021, with net revenue expected to be approximately $850m. The total is ahead of management expectations, and is up almost five times from the prior-year period.
FY 2021 EBITDA loss is expected to be in the range of $420m-$440m, which is in line with expectations. BetMGM noted that, based on its current assumption of future live markets, it expects to reach positive EBITDA in 2023.
“We have achieved positive contribution in several states, some within one year of launch, driven by our prudent, data-driven marketing strategy and by leveraging our omni-channel offering,” a statement from BetMGM read.
Other future plans include the launch of online sportsbooks in Illinois and Louisiana in the first quarter of 2022, along with retail sportsbooks in Puerto Rico, and online sportsbooks and iGaming in Ontario later in the year.
The group added that the investment by Entain and MGM Resorts is expected to be approximately $450m in 2022, taking the combined investment total to approximately $1.1bn since launch in 2018.