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BetMGM hosting business update

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Operator will reiterate its revenue, profitability outlook.

Sports betting and digital gaming operator BetMGM will be holding a virtual business update today for analysts and investors.

The event will be hosted by BetMGM’s management team: Adam Greenblatt, Chief Executive Officer, Gary Deutsch, Chief Financial Officer, Matt Prevost, Chief Revenue Officer and Jarrod Schwarz, Chief Product Officer.

According to the company, the virtual update will provide insights into the rapidly growing North American sports betting and iGaming marketplace, the ongoing operations of BetMGM, and how the deep integration of BetMGM’s assets are driving what it said are “competitive advantages.”

“As part of the presentation, BetMGM will confirm that is has established itself as a market leader, delivering strong performance in line with its ambitions,” officials said in a statement.

The statement, released Thursday morning, went on to assert BetMGM has achieved the No. 1 position with 25% share in US sports betting and iGaming markets in which it operates, as well as “consistent leadership” in the US iGaming market with 29% share – including in markets in which the operator is not active.

The operator said it now expects the total addressable market (TAM) in the US and Canada will be approximately $37bn, driven by expansion in online sports betting and strong customer dynamics.

In addition to committing itself to sustainability and responsible gambling, BetMGM said it has reiterated its long-term ambitions in the US, which include reaching an expected market share of approximately 20%-25%, and expected EBITDA margin of 30-35%.

The company reaffirmed its outlook guidance, which calls for FY 2022 net revenue of more than $1.3bn, and with it reaching positive EBITDA during 2023.

Presentation slides will be posted prior to the event on MGM’s Investor Relations website.

BetMGM was born out of a partnership between MGM Resorts International and Entain Plc. The operator utilizes Entain’s US-licensed technology to offer sports betting and online gaming via such brands as BetMGM, Borgata Casino, Party Casino and Party Poker. Founded in 2018, BetMGM is headquartered in New Jersey.

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