{"id":255896,"date":"2023-01-26T14:51:28","date_gmt":"2023-01-26T20:51:28","guid":{"rendered":"https:\/\/www.casino.org\/news\/?p=255896"},"modified":"2023-01-26T16:21:18","modified_gmt":"2023-01-26T22:21:18","slug":"betmgm-is-closing-in-on-profitability-could-happen-this-year","status":"publish","type":"post","link":"https:\/\/www.casino.org\/news\/betmgm-is-closing-in-on-profitability-could-happen-this-year\/","title":{"rendered":"BetMGM Forecasts Profitability in Second Half of 2023"},"content":{"rendered":"

BetMGM, which is jointly controlled by MGM Resorts International (NYSE: MGM) and Entain Plc (OTC: GMVHY), is in a position to turn profitable on the basis of earnings before interest, taxes, depreciation, and amortization (EBITDA) in the second half of this year.<\/p>\n

\"BetMGM\"
Retired NBA star Kevin Garnett in a BetMGM ad. The company could be profitable this year. (Image: Awful Announcing<\/em>)<\/figcaption><\/figure>\n

In an investor update issued Thursday, the internet casino and online sportsbook operator forecast 2023 net revenue from operations of $1.8 billion to $2 billion. It also noted profitability could arrive in the back half of the year. A more specific timeline for when the business will cease losing money wasn\u2019t detailed.<\/p>\n

BetMGM\u2019s 2022 EBITDA loss was $440 million, which was in line with the operator\u2019s previously issued guidance<\/a>. Last year, the company\u2019s same-state revenue surged 51%, while revenue from operations was $1.44 billion, easily beating estimates of $1.3 billion. Improving financial performance is compelling BetMGM\u2019s parent companies to invest more in the unit.<\/p>\n

Wholly supportive of BetMGM’s stellar performance and with confidence in management’s plan, MGM Resorts and Entain expect to invest a combined additional $150 million in FY 2023,\u201d according to a statement issued by the firms. \u201cThis brings the total combined investment to build the company in less than 5 years to approximately $1.25 billion.\u201d<\/p><\/blockquote>\n

Last year, BetMGM added six new jurisdictions to its roster — Illinois, Kansas, Louisiana, Maryland, New York, and Ontario, Canada. It\u2019s now live in 25 areas, including US states and the Canadian province.<\/p>\n

BetMGM Improvements Could Stoke Takeover Talk<\/h2>\n

BetMGM\u2019s improving financial state and growing market share could be factors in MGM making another takeover offer for Entain<\/a> \u2013 a long-running rumor that recently garnered new life.<\/p>\n

\n

MGM executives aren\u2019t shy about hiding regrets over BetMGM being a shared enterprise, not one the casino operator controls itself. Two years ago, the Las Vegas-based company attempted to acquire Entain but was turned away. There\u2019s also speculation MGM could attempt to buy out Entain\u2019s share of the online gaming entity, which would be more cost-effective than an outright takeover.<\/p>\n<\/div>\n

It\u2019s easy to see why MGM wants full control of the internet gaming unit. BetMGM holds the top three spots in both iGaming and sports wagering<\/a>, and controls 30% of the high-margin, fast-growing domestic online casino market.<\/p>\n

With a 13% share in online sports wagering, BetMGM is one of the \u201cbig three,\u201d alongside FanDuel and DraftKings. BetMGM\u2019s share jumped to 20% in markets when it was live on the first day.<\/p>\n

BetMGM Profitability Pertinent<\/h2>\n

For Entain and MGM investors alike, BetMGM nearing profitability is relevant because several rivals in the space are doing the same. Earlier this week, Caesars Entertainment (NASDAQ: CZR)<\/a> forecast a much narrower-than-expected fourth-quarter loss for Caesars Sportsbook. That unit likely would have been profitable if not for a record-setting wager going against it.<\/p>\n

Likewise, some analysts expect FanDuel was likely profitable for the bulk of 2022 and could remain that way for this year.<\/strong><\/p>\n

It\u2019s possible that DraftKings also ceases EBITDA losses in the back half of 2023, though some analysts believe that could happen as soon as the second quarter, placing a further burden on rivals such as BetMGM to follow suit.<\/p>\n","protected":false},"excerpt":{"rendered":"

BetMGM, which is jointly controlled by MGM Resorts International (NYSE: MGM) and Entain Plc (OTC: GMVHY), is in a position to turn profitable on the basis of earnings before interest, taxes, depreciation, and amortization (EBITDA) in the second half of this year. In an investor update issued Thursday, the internet casino and online sportsbook operator […]<\/p>\n","protected":false},"author":46,"featured_media":255897,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[10,19,1074],"tags":[81903,81931,80968],"acf":[],"yoast_head":"\nBetMGM Is Closing In On Profitability, Could Happen This Year<\/title>\n<meta name=\"description\" content=\"BetMGM latest sportsbook operator to forecast imminent profitability.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.casino.org\/news\/betmgm-is-closing-in-on-profitability-could-happen-this-year\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"BetMGM Is Closing In On Profitability, Could Happen This Year\" \/>\n<meta property=\"og:description\" content=\"BetMGM latest sportsbook operator to forecast imminent profitability.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.casino.org\/news\/betmgm-is-closing-in-on-profitability-could-happen-this-year\/\" \/>\n<meta property=\"og:site_name\" content=\"Casino.org\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/Casino.OrgNews\" \/>\n<meta property=\"article:published_time\" content=\"2023-01-26T20:51:28+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-01-26T22:21:18+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2023\/01\/KG.png\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"692\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\n<meta name=\"author\" content=\"Todd Shriber\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@etfgodfather\" \/>\n<meta name=\"twitter:site\" content=\"@Casino_Org\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Todd Shriber\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.casino.org\/news\/betmgm-is-closing-in-on-profitability-could-happen-this-year\/\",\"url\":\"https:\/\/www.casino.org\/news\/betmgm-is-closing-in-on-profitability-could-happen-this-year\/\",\"name\":\"BetMGM Is Closing In On Profitability, Could Happen This Year\",\"isPartOf\":{\"@id\":\"https:\/\/www.casino.org\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.casino.org\/news\/betmgm-is-closing-in-on-profitability-could-happen-this-year\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.casino.org\/news\/betmgm-is-closing-in-on-profitability-could-happen-this-year\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2023\/01\/KG.png\",\"datePublished\":\"2023-01-26T20:51:28+00:00\",\"dateModified\":\"2023-01-26T22:21:18+00:00\",\"author\":{\"@id\":\"https:\/\/www.casino.org\/news\/#\/schema\/person\/f4cecf70a5032bc4e60eb73fc86d4a85\"},\"description\":\"BetMGM latest sportsbook operator to forecast imminent profitability.\",\"breadcrumb\":{\"@id\":\"https:\/\/www.casino.org\/news\/betmgm-is-closing-in-on-profitability-could-happen-this-year\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.casino.org\/news\/betmgm-is-closing-in-on-profitability-could-happen-this-year\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.casino.org\/news\/betmgm-is-closing-in-on-profitability-could-happen-this-year\/#primaryimage\",\"url\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2023\/01\/KG.png\",\"contentUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2023\/01\/KG.png\",\"width\":1200,\"height\":692,\"caption\":\"Retired NBA star Kevin Garnett in a BetMGM ad. The company could be profitable this year. (Image: Awful Announcing)\"},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/www.casino.org\/news\/betmgm-is-closing-in-on-profitability-could-happen-this-year\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"News\",\"item\":\"https:\/\/www.casino.org\/news\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Financial\",\"item\":\"https:\/\/www.casino.org\/news\/financial\/\"},{\"@type\":\"ListItem\",\"position\":3,\"name\":\"BetMGM Forecasts Profitability in Second Half of 2023\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/www.casino.org\/news\/#website\",\"url\":\"https:\/\/www.casino.org\/news\/\",\"name\":\"Casino.org\",\"description\":\"Latest Casino and Gaming News\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/www.casino.org\/news\/?s={search_term_string}\"},\"query-input\":\"required name=search_term_string\"}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\/\/www.casino.org\/news\/#\/schema\/person\/f4cecf70a5032bc4e60eb73fc86d4a85\",\"name\":\"Todd Shriber\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.casino.org\/news\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2023\/03\/cropped-11-96x96.png\",\"contentUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2023\/03\/cropped-11-96x96.png\",\"caption\":\"Todd Shriber\"},\"description\":\"Todd Shriber is a senior news reporter covering gaming financials, casino business, stocks, and mergers and acquisitions for Casino.org. Todd got his start in financial markets as a reporter with Bloomberg News. Later, he became a trader at a Southern California-based long\/short hedge fund, where he specialized in the trading sector and international ETFs leading up to and during the financial crisis. He joined Casino.org in 2019. Currently, Todd analyzes, researches, and writes on ETFs for various web-based publications and financial services firms. Shriber has been featured and quoted in Barron's, CNBC.com, and The Wall Street Journal. His work can also be found on Benzinga, ETF Daily News, ETF Trends, MarketWatch, Fox Business, and Nasdaq.com. He currently resides in Las Vegas, where he enjoys golf and taking his black lab to the dog park. He's also an avid sports fan and likes to wager on college football and the NBA. You can also find him at the three-card poker and roulette table, even though he knows better. Contact Todd at todd.shriber@casino.org.\",\"sameAs\":[\"https:\/\/muckrack.com\/todd-shriber\",\"https:\/\/www.linkedin.com\/in\/toddshriber\/\",\"https:\/\/x.com\/etfgodfather\"],\"url\":\"https:\/\/www.casino.org\/news\/author\/todd-shriber\/\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"BetMGM Is Closing In On Profitability, Could Happen This Year","description":"BetMGM latest sportsbook operator to forecast imminent profitability.","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.casino.org\/news\/betmgm-is-closing-in-on-profitability-could-happen-this-year\/","og_locale":"en_US","og_type":"article","og_title":"BetMGM Is Closing In On Profitability, Could Happen This Year","og_description":"BetMGM latest sportsbook operator to forecast imminent profitability.","og_url":"https:\/\/www.casino.org\/news\/betmgm-is-closing-in-on-profitability-could-happen-this-year\/","og_site_name":"Casino.org","article_publisher":"https:\/\/www.facebook.com\/Casino.OrgNews","article_published_time":"2023-01-26T20:51:28+00:00","article_modified_time":"2023-01-26T22:21:18+00:00","og_image":[{"width":1200,"height":692,"url":"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2023\/01\/KG.png","type":"image\/png"}],"author":"Todd Shriber","twitter_card":"summary_large_image","twitter_creator":"@etfgodfather","twitter_site":"@Casino_Org","twitter_misc":{"Written by":"Todd Shriber","Est. reading time":"3 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebPage","@id":"https:\/\/www.casino.org\/news\/betmgm-is-closing-in-on-profitability-could-happen-this-year\/","url":"https:\/\/www.casino.org\/news\/betmgm-is-closing-in-on-profitability-could-happen-this-year\/","name":"BetMGM Is Closing In On Profitability, Could Happen This Year","isPartOf":{"@id":"https:\/\/www.casino.org\/news\/#website"},"primaryImageOfPage":{"@id":"https:\/\/www.casino.org\/news\/betmgm-is-closing-in-on-profitability-could-happen-this-year\/#primaryimage"},"image":{"@id":"https:\/\/www.casino.org\/news\/betmgm-is-closing-in-on-profitability-could-happen-this-year\/#primaryimage"},"thumbnailUrl":"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2023\/01\/KG.png","datePublished":"2023-01-26T20:51:28+00:00","dateModified":"2023-01-26T22:21:18+00:00","author":{"@id":"https:\/\/www.casino.org\/news\/#\/schema\/person\/f4cecf70a5032bc4e60eb73fc86d4a85"},"description":"BetMGM latest sportsbook operator to forecast imminent profitability.","breadcrumb":{"@id":"https:\/\/www.casino.org\/news\/betmgm-is-closing-in-on-profitability-could-happen-this-year\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.casino.org\/news\/betmgm-is-closing-in-on-profitability-could-happen-this-year\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.casino.org\/news\/betmgm-is-closing-in-on-profitability-could-happen-this-year\/#primaryimage","url":"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2023\/01\/KG.png","contentUrl":"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2023\/01\/KG.png","width":1200,"height":692,"caption":"Retired NBA star Kevin Garnett in a BetMGM ad. The company could be profitable this year. (Image: Awful Announcing)"},{"@type":"BreadcrumbList","@id":"https:\/\/www.casino.org\/news\/betmgm-is-closing-in-on-profitability-could-happen-this-year\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"News","item":"https:\/\/www.casino.org\/news\/"},{"@type":"ListItem","position":2,"name":"Financial","item":"https:\/\/www.casino.org\/news\/financial\/"},{"@type":"ListItem","position":3,"name":"BetMGM Forecasts Profitability in Second Half of 2023"}]},{"@type":"WebSite","@id":"https:\/\/www.casino.org\/news\/#website","url":"https:\/\/www.casino.org\/news\/","name":"Casino.org","description":"Latest Casino and Gaming News","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.casino.org\/news\/?s={search_term_string}"},"query-input":"required name=search_term_string"}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/www.casino.org\/news\/#\/schema\/person\/f4cecf70a5032bc4e60eb73fc86d4a85","name":"Todd Shriber","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.casino.org\/news\/#\/schema\/person\/image\/","url":"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2023\/03\/cropped-11-96x96.png","contentUrl":"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2023\/03\/cropped-11-96x96.png","caption":"Todd Shriber"},"description":"Todd Shriber is a senior news reporter covering gaming financials, casino business, stocks, and mergers and acquisitions for Casino.org. Todd got his start in financial markets as a reporter with Bloomberg News. Later, he became a trader at a Southern California-based long\/short hedge fund, where he specialized in the trading sector and international ETFs leading up to and during the financial crisis. He joined Casino.org in 2019. Currently, Todd analyzes, researches, and writes on ETFs for various web-based publications and financial services firms. Shriber has been featured and quoted in Barron's, CNBC.com, and The Wall Street Journal. His work can also be found on Benzinga, ETF Daily News, ETF Trends, MarketWatch, Fox Business, and Nasdaq.com. He currently resides in Las Vegas, where he enjoys golf and taking his black lab to the dog park. He's also an avid sports fan and likes to wager on college football and the NBA. You can also find him at the three-card poker and roulette table, even though he knows better. Contact Todd at todd.shriber@casino.org.","sameAs":["https:\/\/muckrack.com\/todd-shriber","https:\/\/www.linkedin.com\/in\/toddshriber\/","https:\/\/x.com\/etfgodfather"],"url":"https:\/\/www.casino.org\/news\/author\/todd-shriber\/"}]}},"_links":{"self":[{"href":"https:\/\/www.casino.org\/news\/wp-json\/wp\/v2\/posts\/255896"}],"collection":[{"href":"https:\/\/www.casino.org\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.casino.org\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.casino.org\/news\/wp-json\/wp\/v2\/users\/46"}],"replies":[{"embeddable":true,"href":"https:\/\/www.casino.org\/news\/wp-json\/wp\/v2\/comments?post=255896"}],"version-history":[{"count":0,"href":"https:\/\/www.casino.org\/news\/wp-json\/wp\/v2\/posts\/255896\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.casino.org\/news\/wp-json\/wp\/v2\/media\/255897"}],"wp:attachment":[{"href":"https:\/\/www.casino.org\/news\/wp-json\/wp\/v2\/media?parent=255896"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.casino.org\/news\/wp-json\/wp\/v2\/categories?post=255896"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.casino.org\/news\/wp-json\/wp\/v2\/tags?post=255896"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}