Mgm resorts and entain announce betmgm business update
Las vegas, jan. 19, 2022 /prnewswire/ -- betmgm, llc ("betmgm"), one of the leading sports betting and igaming operators across the u.s., jointly owned by mgm resorts international (nyse: mgm) ("mgm resorts") and entain plc (lse: ent) ("entain"), is today providing an update on performance and outlook for 2022. betmgm is achieving market share in line with its long-term target of 20% - 25% in u.s. sports betting and igaming number 2 operator for sports betting and igaming across the markets in which it operates with a 24% market share for the three months to november 2021 remains market leader in igaming with 30% market share for the three months to november 2021 in the markets in which it operates live in 19 jurisdictions – 4 igaming, 19 sports betting expects to reach approximately 40% of the u.s. adult population with 2 further jurisdiction launches as well as launch in canada and puerto rico in the coming months strong financial performance in fy 2021: net revenue from operations expected to be approximately $850 million 1, ahead of management expectations and up nearly 5 times from prior year same-state growth in net revenue from operations up 140% from prior year fy 2021 ebitda loss expected to be in the range of $420 – $440 million, in line with expectations cost per acquisition was in line with management's forecast, which reaffirms the expectation of achieving a long-term acquisition cost of $250 player values in line with expectations, supporting long-term total addressable market opportunity in north america of approximately $32 billion fy 2022 net revenue from operations expected to be over $1.3 billion continued growth will be supported by investment in additional markets and product deployments: 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 expanding our first-to-market bingo product and the betmgm racing app into additional states while continuing to enhance our products in existing markets continuing to employ our returns-driven marketing strategy while further incorporating the mgm resorts loyalty program into all aspects of our offering maintaining our market-leading customer service while prioritizing responsible gaming across all facets of our business betmgm anticipates reaching positive ebitda in 2023, based on its current assumption of future live markets we have achieved positive contribution in several states, some within one year of launch, driven by our prudent, data-driven marketing strategy and by leveraging our omni-channel offering wholly supportive of betmgm's continuing success, strong performance and market leadership, the investment by mgm resorts and entain is expected to be approximately $450 million in 2022 this would bring the combined total investment from mgm resorts and entain to approximately $1.1 billion since launch in 2018 conference call: betmgm will host a conference call at 10:00 a.m.
MGM Ratings Summary
MGM Quant Ranking
You've reached your free article limit.
Want To Read More Articles?
See what it all means for your stocks with premium tools
Stockprices is a weekly video covering what moved markets
this week, featuring a panel of Stockprices editors. It is published by the
close of trading on Fridays. Hosted by Nathaniel E. Baker, contributing editor,
and featuring: Aaron Task, VP Contributor Content and co-host Stockprices's Alpha
Trader podcast; Brad Olesen, VP News; Steve Alpher, Managing Editor News, co-host
Alpha Trader.
Unsubscribe From All
You successfully activated
“Only Essentials”
Confirm Upgrade
Your subscription will be moved to the annual plan. Service will automatically renew unless cancelled. No Refunds. Click upgrade to confirm.
Stockprices uses Plaid to connect you account
Connect effortlessly
Plaid lets you securely connect your financial accounts in seconds
Your data belongs to you
Plaid doesn't sell personal info, and will only use it with your permission