Positive H1 results posted by BetMGM

BetMGM, jointly owned by Entain and MGM Resorts International, has provided an update on H1 2023 performance and outlook for full-year 2023.

Adam Greenblatt, CEO of BetMGM, commented: “I am pleased with the significant progress we have made during the first half of 2023 as we continue our strong growth and remain on our path to profitability.

“Our financial guidance for the year remains on track – we expect to deliver $1.8bn to $2bn in full year revenue, as well as to be EBITDA positive in the second half of 2023.

“In fact, we have already achieved positive EBITDA for the full second quarter of this year. Our focus remains on building a sustainable, scalable and returns focused business with leading products that our players enjoy responsibly.

“We look forward to the remainder of the year, buoyed by ongoing product improvements, tremendous support from our shareholders providing access to new assets and partnerships and – above all – our extraordinary team at BetMGM.”

BetMGM finished H1 2023 with strong financial performance, with net revenue from operations of $944m, on track to deliver at the upper end of previous guidance range for FY 2023 revenue.