January 19, 2022 Sports Betting, Online, Land Based

BetMGM remains hopeful for 2022 in light of 2021 numbers

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It expects to reach a positive EBITDA in 2023.

BetMGM has provided an update on performance during 2021 and its outlook for 2022. It also anticipates further growth and expects to deliver over $1.3bn in net revenue this year.

During 2021, BetMGM stayed within its long-term market share target, which was 20% to 25% and was the number two operator for sports betting and iGaming across its market.

 “BetMGM has made significant progress in gaining a strong foothold in the rapidly growing US sports betting and iGaming market, solidifying its position as the number two operator nationwide in 2021,” said MGM Resorts CEO and President, Bill Hornbuckle.

Net revenue from operations is expected to be approximately $850m, ahead of management expectations and up nearly five times from prior year.

“The highly talented team at BetMGM is executing our plan with purpose, passion and discipline, and our results speak for themselves,” said Adam Greenblatt, BetMGM’s CEO. “After only 3 years into our journey, we have cemented the credibility of BetMGM’s leadership ambition in sports betting and iGaming in the US.”

It expects to reach close to 40% of the US adult population by way of two jurisdiction launches, adding to the 19 where it is currently live. BetMGM also plans to launch in Canada and Puerto Rico during the coming months.

“Given the long-term opportunity and shareholder value potential in winning in this market, we are very happy to support BetMGM in this investment phase of its growth journey and we are absolutely committed to providing BetMGM with what it takes to win,” said Jette Nygaard-Andersen, CEO of Entain.

BetMGM is expecting to launch online sportsbooks in Illinois and Louisiana in the first quarter, as well as retail sportsbooks in Puerto Rico and both online sportsbook and iGaming in Ontario later this year.

“With the support of our shareholders, our technology and data platform, brand and omni-channel strategy, we look to the future with confidence,” said Greenblatt.

BetMGM will also continue focusing on quality customer service and prioritizing responsible gaming.

“As we look to 2022, we are beyond excited about further integrating BetMGM with our MGM loyalty program and land-based operations to elevate the BetMGM player experience. We are more confident than ever about BetMGM’s future prospects and remain committed to its continued success,” said Hornbuckle.

 

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