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Entain PLC on Wednesday said US joint venture BetMGM celebrated a strong financial performance in the first half year, with guidance remaining unchanged.
The London-based sports betting and gambling operator - via Coral, Ladbrokes, PartyPoker and various other brands - co-owns BetMGM with MGM Resorts International, a Las Vegas-headquartered entertainment and hospitality company. BetMGM is a sports betting and ’iGaming’ operator.
Entain said BetMGM earned $944 million net revenue from operations in the first half of 2023 and is on track to reach the upper end of its previous $1.8 billion to $2.0 billion full-year guidance.
BetMGM also reported positive earnings before interest, tax, depreciation and amortisation, which Entain said was a ‘key milestone’. It remains on track to achieve positive Ebitda in the second half of this year, too.
Entain said operational highlights for BetMGM included expanding its US footprint, with its digital sports betting services becoming available in Ohio, Massachusetts and Puerto Rico.
Entain expects BetMGM to become self-sustaining in the second half year and to require no further equity investment from Entain or MGM Resorts. Entain also expects the acquisition of Angstrom Sports earlier this month to further enhance BetMGM’s sports betting offering.
Entain bought Angstrom Sports for up to £203 million if all contingencies are met. Angstrom is a London-based specialist provider of US sports forecasting and data analytics.
Shares in Entain were up 3.6% at 1,346.00 pence in London on Tuesday afternoon.
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