Entain PLC’s US joint-venture has had a strong second-quarter so far, it said on Monday, with earnings for the full-year now expected to be stronger than previously forecast.
BetMGM is expected to achieve earnings before interest, tax, depreciation, and amortisation of at least $100 million in 2025, the Ladbrokes owner said. Net revenue of at least $2.6 billion is now expected.
The gambling firm noted the previous guidance was for BetMGM to be ‘Ebitda positive’ this year, and for it to achieve revenue between $2.4 billion and $2.5 billion.
Entain, which owns 50% of BetMGM, said the sports betting and iGaming operator’s ‘positive momentum’ seen in the first-quarter has continued so far in the second.
Trading in the second-quarter up to Friday is ‘broadly consistent’ with the first-quarter’s 34% on-year net revenue hike.
‘This continued strength provides BetMGM increased confidence in its performance for 2025,’ Entain added.
Entain’s one-time suitor MGM Resorts International owns the other 50% of BetMGM.
‘BetMGM remains excited about the significant opportunities ahead. Its strengthened business, revised strategic approach, and performance momentum, further reinforce its confidence in future growth prospects and pathway to $500 million Ebitda in the coming years,’ Entain added.
BetMGM will release a first-half update on July 29.
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