BetMGM, the joint venture of Entain and MGM Resorts International, has released a balance sheet update for the first quarter of 2021 revealing its leadership in the US market. In this regard, its data indicates that it has a 23% market share and is on track to rank second in US sports betting and iGaming overall.
BetMGM expects to continue its strong growth and offer a 20% to 25% market share in a business valued at $ 32 billion. More specifically, it expects to achieve $ 1bn of net income from operations in 2022.
On the other hand, the company announces that the investment of Entain and MGM Resorts this year is expected to be approximately $ 450 million, on top of the $ 210 million already invested up to the end of 2020.
On these extraordinary results and prospects, Adam Greenblatt, CEO of BetMGM, commented:
"The U.S. market is shaping up to be even larger and more exciting than we originally envisaged, and we now believe it will be worth $ 32bn, including Canada. Furthermore, the outstanding progress that the team has made so far means that we now expect to achieve 20-25% U.S. market share long term".
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