BetMGM, a joint venture of Entain and MGM Resorts International, raised its 2022 revenue forecast to more than $1.3 billion and expects to achieve positive EBITDA in 2023
BetMGM has recently published an update on its performance and outlook for 2022. In this regard, it highlights that it is getting closer to the long-term goal of having a 20% to 25% share of the sports betting and iGaming market in the United States.
Other aspects to consider for the future are:
- Number 2 operator for sports betting and iGaming across the markets in which it operates with a 24% market share for the three months to November 2021
- Leader in iGaming with 30% market share for the three months to November 2021 in the markets in which it operates
- Live in 19 jurisdictions – 4 iGaming, 19 sports betting
- Expect to reach approximately 40% of the U.S. adult population with 2 further jurisdiction launches as well as launch in Canada and Puerto Rico in the coming months
Regarding financial performance in fiscal year 2021, the company describes it as solid and assures that it expects net income from operations to be approximately $850 million, ahead of management expectations and up nearly five times from prior year.
We also highlight:
- Same state of growth in net income from operations of 140% over the previous year
- FY2021 EBITDA loss expected to be in the range of $420 million - $440 million, in line with expectations
- The cost per acquisition was in line with management's forecast, reaffirming the expectation of achieving a long-term acquisition cost of $250
- Player values in line with expectations supporting long term total addressable market opportunity in North America of around $32bn
On the other hand, BetMGM has explained that continued growth will be supported by investment in additional markets and product deployments:
- Launching online sportsbooks in Illinois and Louisiana in the first quarter, as well as retail sportsbooks in Puerto Rico and online sportsbook and iGaming in Ontario later this year.
- Expand its first to market bingo product and BetMGM Racing app to additional states as we continue to improve our products in existing markets
- Continuing to employ our returns-driven marketing strategy while further incorporating the MGM Resorts loyalty program into all aspects of our offering
- Maintain our market-leading customer service while prioritizing responsible gaming across all facets of our business
- They have also made a positive contribution in multiple states, some within a year of launch, driven by a prudent data-driven marketing strategy and leveraging their omnichannel offering.
18+ | Juegoseguro.es – Jugarbien.es