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BetMGM Boosts Profit Outlook, Promises $200M Payout to Investors This Year
BetMGM has raised its annual revenue and profit forecasts, announcing a plan to return at least $200 million to its owners, MGM Resorts International and Entain, by year-end.
- BetMGM upgraded its annual profit outlook for the third time this year, driven by robust demand in its online sports betting and iGaming sectors during the third quarter.
- The company anticipates returning at least $200 million to its owners, "MGM Resorts International" and "Entain," by the end of 2023, demonstrating strong financial performance.
- BetMGM highlighted that its increased earnings before interest, taxes, depreciation, and amortization will enhance cash flow, marking a significant milestone in its operational journey.
Why It Matters
This announcement signals a growing confidence in the U.S. sports betting market, reflecting broader industry trends toward profitability and investor returns, which could attract further investment in the sector.