BetMGM expects further losses amid investment in customer experience
(Reuters) -U.S. sports-betting service BetMGM reported an interim loss on Monday and said it expects to post a loss in the second half of the year as well, as it ramps ups investment in customer experience and additional marketing.
The joint venture between MGM Resorts and Entain posted a core loss of $123 million in the first half that ended on June 30, and said its forecast for the final six months of the year is in line with its expectations.
CEO Adam Greenblatt said, “2024 is a year of investment, focusing on improving our customer experience and stepping up our level of investment in players.”
Gambling firms see less pressure in an improving economic environment as customer turn more confident about spending.
BetMGM, the third-largest online gambling company by revenue in the United States, said it expects revenue to grow in the second half of the year and into 2025, banking on demand from punters looking to cash in on the National Football League (NFL) season.
(Reporting by Radhika Anilkumar in Bengaluru; Editing by Subhranshu Sahu)
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