Profitablility Expected For BetMGM In Second Half of 2023
Contents
BetMGM has become one of the most recognized names in betting with the massive expansion of online sports betting and online casinos.
Thanks to MGM Resorts International, Entertain, and Roar Digital, BetMGM is available in plenty of different markets and has become the platform of choice for many bettors. Additionally, the platform has seen some positive news as BetMGM is expected to reach profitability soon.
BetMGM Looking Towards Profitable Second Half of 2023
2023 is looking to be a major year for MGM Resorts International, as its wagering app BetMGM is heading towards profitability. According to Reuters, BetMGM is expected to become profitable in the second half of the year after outperforming projections.
With the online betting site available in a growing amount of U.S. states, BetMGM is staying strong in the competitive gambling industry, as seen with last year’s positive revenue totals.
The betting platform brought in $1.44 billion in total revenue on the year, outperforming a predicted $1.3 billion. Those numbers are only expected to go higher this year, with anywhere from $1.8 billion to $2 billion expected in 2023.
BetMGM and Entain are also expected to invest an extra $150 million in Entain this year. Additionally, Adam Greenblatt, Chief Executive for BetMGM, believes that the popular sporting events in the second half of the year will help fuel profitability. This makes sense, as the NFL kickoff, NBA Finals, NHL Stanley Cup Finals, and World Series are all held throughout the back half of the year.
Plenty of action on the ice 🏒 pic.twitter.com/bSPMcLSyT4
— BetMGM 🦁 (@BetMGM) January 27, 2023
BetMGM Continuing To Launch In New States
The wide availability of the BetMGM betting platform has been a major factor in the betting app’s growth and expected profitability. BetMGM Sportsbook was one of the first online betting sites available in the new Ohio sports betting market, and is now one of the most popular choices for bettors in the area.
Along with that online launch, a BetMGM retail sportsbook has opened its doors at the MGM Northfield Park in Northfield, Ohio. Additionally, BetMGM has received a license in anticipation of the upcoming launch of Massachusetts sports betting. An in-person BetMGM Sportsbook is expected to be available at MGM Springfield for the rollout of retail sports betting in the state on January 31st, 2023.
BetMGM Sportsbook is also available in plenty of other major markets across the U.S., such as New York, New Jersey, Arizona, Michigan, and Illinois. BetMGM Casino, the iGaming version of BetMGM, has gained plenty of fans thanks to its well-designed platform. The online casino is currently available in popular iGaming states such as West Virginia, Pennsylvania, Michigan, and New Jersey.
And with the potential for more areas allowing online casino gaming, as seen with a recent bill that could potentially lead to legal Maryland iGaming, BetMGM Casino should also see more growth in the future. Both BetMGM Sportsbook and BetMGM Casino are also available in Ontario, which went live with sports betting in April of 2022.
With more states going legal and the platform gaining more fans, expect BetMGM to remain competitive with other big names in betting like DraftKings, Caesars, and FanDuel.
