BetMGM have announced that in the last quarter, they have turned a profit, which is a milestone they didn’t expect to achieve so quickly. The sports betting app have turned profitable, with sales rising a lot quicker than expected.
BetMGM Announce Huge Profit In Second Quarter
Online sports betting app BetMGM have announced huge profits for the second quarter – hitting the milestone far quicker than originally expected.
BetMGM have announced a turn of profit for the second quarter faster than expected. The company, a joint venture between MGM Resorts International and Entain Plc, revealed that on Wednesday it officially received positive results for the second quarter.
The sports betting company previous predicted that it wouldn’t start making these profits until the second half of the year. However, to the delight of all involved with BetMGM, they have surpassed their expectations.
First-half revenue rose by a whopping 25% in states where BetMGM was already operating. This certainly helps the sports betting company remain on track to deliver $1.8 – $2 billion in 2023 revenue. Thus meaning they can become self-sustaining in the second half of the year, with no more equity investment expected from it’s owners.
Since the US Supreme Court struck down a federal ban on sports betting back in 2018, sportsbooks have raced to try and attract online players with hugely expensive advertising campaigns, as well as vast promotional offers and free bets.
This has of course led to large losses in recent years, with many sports betting companies having to pay out million of dollars in total in free bets to new customers who signed-up through a promotion. Now, five years after the ban, the companies are under pressure from investors to become profitable.
BetMGM holds an 11% share of the online sports betting market, since being founded back in 2018. BetMGM trail just DraftKings and FanDuel – the two biggest players in the sports betting market.
But since announcing big profits for the second quarter of 2023, it looks like BetMGM could exceed all expectations when it comes to making a profit by the end of the year.
Paul has worked in sports as a writer ever since graduating from Liverpool John Moores University back in 2020, where he attained a First Class Honours Degree in Sports Journalism. Paul is comfortable writing about all sorts of different sports, but specifically specialises in boxing, golf, MMA, darts and horse racing. Paul's vast knowledge of worldwide sport means he is capable of covering almost any sport, including popular US sports such as NFL, NBA and MLB. Paul has years of experience covering sport for BBC Sport, as well as being a regular contributor at ESBR Boxing. Paul gained vital experience at BBC Radio 1 and Everton Football Club during his time at university, aiding his knowledge of the writing world. Paul has had the opportunity to attend big live sporting events and work as a reporter on numerous occasions. His experience writing on both live sports and sports betting content means he is comfortable with all aspects of sports reporting. As well as writing for Betting Sites, Paul's wealth of knowledge in a whole host of sports converts into writing in depth stories and providing reliable betting picks regularly.
