(MLB)

BetMGM Reports Nearly $2 Billion in Profits for 2023

BetMGM, the bookmaker, has announced impressive earnings of nearly $2 billion for the year 2023, meeting the higher end of its projected range. The company's management had forecasted revenues ranging from $1.8 billion to $2 billion. According to the report, BetMGM anticipates achieving positive EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) of $500 million by the year 2026.

BetMGM's notable expansion in the United States contributed to its success, now operating in 28 states. The company has strategically opened branches in Ohio, Massachusetts, and Kentucky, both online and in retail. Additionally, BetMGM has entered the online betting market in Puerto Rico, further solidifying its presence. This expansion has resulted in BetMGM capturing a 14% share of the entire US betting market.

9 February 2024, 12:00

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