BetMGM, the US-based sports betting and gaming joint venture between Ladbrokes-owner Entain PLC (LSE:ENT) and MGM Resorts International (NYSE:MGM), brought in $1 billion-worth of revenues in the first half of 2024, representing a 6% year-over-year increase.
FTSE 100-listed Entain has increased its North American footprint considerably through the BetMGM venture, having captured 22% of the iGaming market share.
BetMGM went live in North Carolina in July, meaning BetMGM now operates in 29 North American markets (primarily US states plus Ontario in Canada).
The joint venture remains a net lossmaker though, with first-half adjusted losses coming to US$123 million.
Losses are projected to continue in the second half due to the “expectation of greater than planned marketing investment in iGaming” in the following six months.
BetMGM is expected to fund this increased marketing spend through debt.
Adam Greenblatt, chief executive of BetMGM, said: "The first half of this year has been very important in laying the groundwork for BetMGM's future. 2024 is a year of investment, focusing on improving our customer experience and stepping up our level of investment in players.
“We are encouraged to see this strategy delivering accelerating momentum. We have exceeded our goals for both acquisition and retention, which should lead to higher year-over-year revenue growth for the second half of this year into 2025.”