Entain PLC (LSE:ENT), the owner of Ladbrokes and Coral, has updated investors on the performance of BetMGM, its US joint venture, ahead of a presentation to analysts and investors later today.
The betting operator said the JV will deliver revenue in 2023 towards the upper end of the US$1.8-US$2.0 billion range and achieve EBITDA profitability in the second half.
The firm said key enhancements in both digital sports and market-leading iGaming product are presenting the opportunity to invest competitively behind the brand, driving accelerated player acquisition and aiding player retention.
The presentation will also provide clarity on why 2024 is an investment year to drive enterprise value for shareholders together with the setting of a target of approximately US$500 million EBITDA in 2026.
The presentation will be hosted by BetMGM's CEO Adam Greenblatt and CFO Gary Deutsch.
Shares in Entain are down 1.3% at 797.80p.