(Reuters) -U.S. sports betting firm BetMGM on Tuesday raised its annual revenue and profit forecasts for the third time this year and said it expects to return at least $200 million to its owners – Entain and MGM Resorts – before the end of the year.
BetMGM said its upgraded forecast was buoyed by stronger-than-expected demand in the third-quarter across its online sports and iGaming divisions.
“We have reached yet another inflection point in our journey, returning operating cash flow back to Entain and MGM Resorts,” BetMGM CEO Adam Greenblatt said.
U.S. sports betting has grown rapidly, driven by accelerating state-level legalization and heavy marketing by major operators, even as the sector faces intensifying regulatory scrutiny and increasing state-level taxation pressures.
Entain shares reversed course to trade 3% higher after the update, while New York listed MGM’s shares were up 0.5% in pre-market trading at 1117 GMT.
“BetMGM’s momentum from the first-half continued into the third-quarter, underpinned by the ongoing execution of our strategic plan,” Greenblatt added.
BetMGM expects at least $2.75 billion in revenue and a core profit of about $200 million for the year ending December 2025. It had previously forecast revenue of at least $2.7 billion and core earnings of at least $150 million for fiscal year 2025.
The sports betting brand had also raised its 2025 revenue and profit forecasts in June and July.
(Reporting by DhanushVignesh Babu in Bengaluru; Editing by Savio D’Souza and Mrigank Dhaniwala)
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