BetMGM Q3 revenue rises, maintains annual outlook
A drone view shows an advertisement for the online sports betting company BetMGM at Fenway Park in Boston, Massachusetts, U.S., June 18, 2024. REUTERS/Brian Snyder
Oct 13 : US online gambling operator BetMGM on Tuesday reported a 7 per cent rise in third-quarter revenue, driven by strong betting during the World Cup and a revamped sportsbook ahead of the NFL season.
• Shares of Ladbrokes-owner Entain rose 4 per cent after the update from BetMGM, a joint venture between Entain and US-based MGM Resorts
• BetMGM reiterated its 2026 guidance, expecting net revenue toward the lower end of its $2.9 billion to $3.1 billion range and adjusted EBITDA toward the lower end of its $300 million to $350 million range
• The company reported net revenue of $710 million for the three months ended September 30, up from $667 million a year earlier.
• BetMGM said it was confident in reaching $500 million in adjusted EBITDA in the coming years
• Licensed US sportsbook operators face growing pressure from prediction market platforms such as Kalshi, and BetMGM rivals FanDuel, DraftKings and Fanatics have launched similar prediction market products
