Entain PLC on Monday said its US sports betting joint venture, BetMGM, had a strong first half, showing ‘accelerating momentum’.
Entain is an Isle of Man-based sports betting and gaming firm. BetMGM LLC is a sports betting and iGaming operator co-owned by Entain and Las Vegas, Nevada-based MGM Resorts International.
BetMGM reported a 6% increase in net revenue from operations to $1 billion for the half year that ended June 30 compared to a year before. In the second quarter alone, net revenue growth was 9% annually, picking up pace from 3% in the first quarter.
BetMGM reported a $123 million loss before interest, tax, depreciation and amortisation for the half year. However, it attributed this to 2024 being an ‘investment year’, with the firm focused on supporting customer acquisition and enhanced player experience initiatives.
BetMGM said it has exceeded its goals for both acquisition and retention, and expects this to lead to ‘higher year-over-year revenue growth’ for the second half of the year.
Chief Executive Officer Adam Greenblatt commented: ‘Our iGaming business continues to perform strongly with attractive returns, and to maximize this strength and momentum, we plan to deploy additional marketing in the back half of this year. Our execution roadmap, building momentum and prospects ahead all support our confidence in BetMGM’s strong future’.
Entain shares were down 3.4% to 627.20 pence per share in London on Monday morning.
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