MGM Resorts International and Entain Plc expect to pump $450 million into their BetMGM mobile app this year. The infusion from the 50-50 partnership brings their total investment to $1.1 billion as they add new markets.
The companies predict more than $1.3 billion in revenue for 2022, up from $850 million in 2021. BetMGM’s operating loss last year could turn out to be $440 million. But the partnership sees positive cash flow in 2023, according to Bloomberg.
BetMGM is in operation in 19 jurisdictions. It ranks second in sports betting and online casino games, with about 24 percent market share overall, the companies said.
“All of our gaming states continue to surprise on the upside,” CEO of BetMGM, Adam Greenblatt, said on a call with investors.
BetMGM’s debut in New York was the best first day in any market in new customer registrations, deposits, bets and more, according to Greenblatt.
“We’re delighted with how it’s gone,” he said. “We’ve broken all records.”
