21st Apr 2021 14:37
(Alliance News) - Entain PLC on Wednesday said sports betting and iGaming operator BetMGM LLC has been the market leader across the US iGaming market during the three month period to February.
The London-based gambling operator jointly owns BetMGM with MGM Resorts International.
Entain said BetMGM has a market share of 23% over the three months to February and is on course to take the number two spot in US sports betting and iGaming overall.
As a result, Entain said BetMGM now expects the total addressable market in the US and Canada to be approximately USD32 billion, and expects to achieve USD1 billion net revenue from operations in 2022.
The investment by Entain and MGM Resorts this year is expected to be around USD450 million, which is on top of the USD210 million already invested up to the end of 2020.
"The US market is shaping up to be even larger and more exciting than we originally envisaged, and we now believe it will be worth USD32 billion, including Canada. Furthermore, the outstanding progress that the team has made so far means that we now expect to achieve 20% to 25% US market share long term. The unique partnership of Entain's proprietary technology platform and MGM Resorts' leading brand and loyal customer base gives us the best resources to win in this market," said BetMGM Chief Executive Adam Greenblatt.
Shares in Entain were up 2.0% at 1,659.00 pence in London on Wednesday.
By Zoe Wickens; [email protected]
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