One of the world’s largest legal sports betting groups is driving profits from its operations in the U.S.
Entain generated $3 billion in total group net gaming revenue in H1 2023. The results, which excluded the company’s U.S. operations, were a 14% year-over-year increase compared to H1 2022. Entain — the part-owner of BetMGM — saw the sportsbook report $944 million in net gaming revenue in H1 2023, up 55% compared to the same period last year. Entain, which also owns the Ladbrokes brand, expects BetMGM to generate $1.8 billion in revenue in FY2023.
“We are making excellent progress in broadening our customer base and deepening our audience engagement,” said CEO Jette Nygaard-Andersen in a statement. “BetMGM continues to show momentum and backed by our technology and capabilities we are excited by the improvements we are delivering for customers in the U.S.”
BetMGM has emerged as one of the largest online betting sites in America with a market share of 18%. The sportsbook, which is co-owned by MGM Resorts, has licenses in more than 20 states, including New York — the largest online gaming market in the U.S. Last week, BetMGM secured a deal with real estate group Revolution Racing to offer betting in Kentucky. BetMGM will go live with retail wagering on Sept. 7 while mobile debuts on Sept. 28.
Busy start to the year
Entain expanding BetMGM’s reach adds to the company’s recent growth spurt. In April, Entain acquired sports media company 365scores in a deal valued at $160 million. Two months later, the company agreed to purchase Polish sports betting company STS Holdings for $946 million.
Entain bolstered its portfolio again in July with the acquisition of sports forecasting and data analytics company Angstrom Sports for roughly $160 million. It also recently completed the purchase of Netherlands-based sports betting BetCity for around $496 million.
As a result of the acquisitions, Entain expects full-year group EBITDA to range between $1.27 billion and $1.34 billion in FY2023. The company is also planning to launch BetMGM in North Carolina later this year, providing access to approximately 53% of the U.S. adult population.
