US – BetMGM ‘on track’ for $1.3bn revenue by year’s endBy William - 15 August 2022
Following the recent launch of Entain CEE and acquisition of SuperSport in Croatia, the Group has posted its interim results for the first six months of the year.
The highlight for the operator continues to be BetMGM, it’s US joint venture with MGM Resorts, which continues to perform strongly and is on track to deliver full year NGR of over $1.3bn.
The operator is an established number two behind FanDuel with 23 per cent market share in the states where the company operates, excluding New York.
Total Group net gaming revenue rose by 18 per cent whilst online NGR fell seven per cent. Entain has attributed the latter to strong prior year comparators driven by Covid lockdowns, temporary closure in the Netherlands, affordability measures in the UK and customers responding to the economic backdrop.
Group EBITDA was up 17 per cent at £471m, profit after tax from continuing operations was £28m, down £63m. FY 2022 Group EBITDA is expected to be in the range of £925m to £975m and the operator group reiterated its expectation of reaching positive EBITDA during 2023.
CEO Jette Nygaard-Andersen commented: “We continue to make excellent progress on our strategic priorities, with momentum in our business remaining strong as a result of putting the customer at the heart of everything we do.
“I am delighted that more customers are choosing to play with us as we focus on providing them with even better products, engaging content and exciting experiences.
“This has resulted in our highest ever level of actives in H1, up 57 per cent versus the same period two years ago. Not only is this approach great for our customers, but it also provides us with a broader, more recreational customer base that will support more sustainable long-term revenues.”