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Investing.com -- BetMGM on Monday raised its full-year 2025 revenue forecast to at least $2.6 billion after continued growth in online sports betting and iGaming, prompting a sharp rise in shares of Entain plc.
Entain, which co-owns BetMGM with MGM Resorts (NYSE:MGM) International, saw its stock jump more than 9% following the update.
The revised guidance reflects performance trends that remained consistent with the first quarter of the year.
A 34% increase in net revenue was reported for the period, with strong contributions from both online sports and iGaming.
EBITDA for 2025 is now projected to reach at least $100 million, an upgrade from the previous guidance, which had indicated a positive figure without a specified floor.
The company reiterated that online sports are expected to contribute positively to annual results, alongside iGaming.
This update follows earlier guidance issued on Feb. 4, which had forecast full-year net revenue between $2.4 billion and $2.5 billion. At the time, EBITDA was only projected to be “positive.” The U.S. joint venture operates under brands including BetMGM, Borgata Casino (EPA:CASP), and Party Casino.