BetMGM expects to turn profitable in 2025 following e-betting boom
Corrects 2023 core loss to $62 million in paragraph 4
Feb 4 (Reuters) - U.S. sports-betting service BetMGM said on Tuesday it expects to turn a profit in 2025, boosted by an enhanced online presence following the integration of Angstrom Sports and strength in its iGaming segment.
BetMGM, a joint venture between MGM Resorts MGM.N and Entain ENT.L, has been driving up efforts to expand its online operations to cash in on the e-betting boom, as regulatory pressures to tackle gambling addiction intensify in the U.S.
The betting firm expects to report a core profit with net revenues of $2.4 billion to $2.5 billion for the full-year.
It posted a core loss of $244 million for fiscal year 2024, in line with its expectations after a year of increased investments, against the $62 million loss reported a year earlier.
Shares in Entain were up 7.3% at 745.4 pence at 1215 GMT.
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