Entain PLC jumped over 9% on Tuesday after joint-owned BetMGM said it expected to turn profitable over the coming year.
Though losses before interest, taxes, depreciation and amortization widened from US$62 million to US$244 million in 2024, a positive figure was expected this year, it said Tuesday.
Revenue, having climbed 7% to US$2.1 billion over the year, was guided to sit between US$2.4 billion and US$2.5 billion in the meantime.
BetMGM chief executive Adam Greenblatt noted earnings had trended “towards breakeven on a normalized basis” over the fourth quarter.
“Our leading iGaming business continues to grow strongly and deliver attractive returns,” he said.
“We also have an exciting opportunity in online sports, having made meaningful progress in 2024.”
Online sports revenue grew 4% to US$554 million, the results showed, as iGaming turnover jumped 13% to US$1.5 billion.
Entain jumped 8.1% to 751p on Tuesday.