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Entain PLC on Monday gave an outlook for BetMGM, its joint-venture in the US, owned jointly with MGM Resorts International, ahead of its business update for analysts and investors at 16:00 GMT.
The London-based sports betting and gambling operator - via Coral, Ladbrokes, PartyPoker and various other brands - said it expected a BetMGM revenue in the upper range of $1.8 billion to $2.0 billion for 2023. For 2022, Entain had reported BetMGM net gaming revenue of $1.44 billion.
Further, Entain expects BetMGM to achieve earnings before interest, tax, depreciation and amortisation profitability in the second half of 2023. For 2026, it targets about $500 million in Ebitda for BetMGM.
Entain noted ‘key enhancements in both digital sports and market-leading iGaming product presenting the opportunity to invest competitively behind the brand, driving accelerated player acquisition and aiding player retention.’
Entain shares fell 1.3% to 797.60 pence each on Monday afternoon in London.
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