Sports betting and online gaming operator BetMGM expects net revenue of more than $1.3bn in 2022, according to a performance update released today (January 19).
In a conference call, Gary Deutsch, BetMGM chief financial officer, commented on the sources of this revenue, noting that it doesn’t include major inputs from new states.
“In our plan for next year 90% of the revenue we’re looking at comes from states that are live as of today,” said Deutsch. “That includes New York.”
“We have visibility on our status in the market, and we’re competing there with the more mature states.”
However, the business also revealed that it does not expect to reach positive earnings before interest tax depreciation and amortisation (EBITDA) until 2023. Adam Greenblatt, CEO of BetMGM, said the business is already bringing in positive EBITDA in some states.