BetMGM upgrades 2022 revenue outlook on expansion plans By Reuters

(Reuters) -BetMGM upgraded its 2022 revenue outlook on Wednesday and said it still expects to turn a profit next year, as the U.S. sports-betting joint venture between MGM Resorts (NYSE:) and Entain expands into more markets and launches new products.

The sports betting venture, which operates online and in MGM casinos in the United States, expects to deliver over $1.3 billion in net revenue from operations in 2022 and would reach positive core profit in 2023.

It previously estimated revenue of $1 billion this year.

BetMGM, an online sportsbook for betting on NFL American football and NBA basketball games, had been in the spotlight in the past year after part-owner MGM and rival DraftKings (NASDAQ:) tried and failed to takeover Britain’s Entain.

Net revenue from the sports betting venture is expected to be about $850 million in 2021, while core loss is seen in the range of $420 million to $440 million.

Its owners are expected to invest $450 million in BetMGM this year, the same as in 2021, bringing the total investment to about $1.1 billion since Ladbrokes-owner Entain and New York-listed MGM launched it in 2018.

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