BetMGM forecasts revenues of $1bn by next year
The sports betting venture that belongs to giant MGM and Entain is predicting gross revenue will soar to $1bn by 2022.
US.- Sports betting venture BetMGM is expecting revenue to increase by 400 per cent by next year to $1bn as it continues to expand. It saw revenue of $178m last year and this year forecasts $500m.
Already present in 12 US states, it hopes to expand its market to 20 more states covering 40 per cent of US adult population.
Chief executive Adam Greenblatt said: “BetMGM has demonstrated strong momentum, building a leading position in iGaming and is on track to be the number two operator across sports betting and igaming in the US.”
BetMGM, which is a joint venture belonging to Entain and MGM, is expecting to invest $450m in the business this year. It expects to turn a profit in 2023.
It’s also interested in the Canadian gambling market, where gambling laws are currently being reviewed.
