Entain PLC’s joint-venture BetMGM LLC on Thursday confirmed its annual guidance as it updated the market on its performance.
BetMGM is a North American sports betting and iGaming operator. It is jointly owned by London sports betting and gambling company Entain and US casino owner MGM Resorts International.
The company said it has ‘established itself as a market leader’, achieving 25% market share in US sports betting and iGaming markets where it operates.
It estimates the total addressable market in North America to be in the region of $37 billion, as online sports betting expands, and customer dynamics strengthen.
It reaffirmed its outlook for the current financial year, expecting net revenue over $1.3 billion. It anticipates reaching positive earnings before interest, tax, depreciation and amortisation by 2023.
In the longer term, it is targeting a market share of between 20% and 30%, and an Ebitda margin between 30% and 35%.
Shares in Entain were up 0.8% to 1,296.50 pence each in London on Thursday afternoon.
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