BetMGM, a joint venture between Ladbrokes-owner Entain and U.S.-based MGM Resorts, has downgraded its annual outlook for the second time this year. The company expects full-year net revenue and adjusted core profit to come in towards the lower end of its forecast ranges of $2.9 billion to $3.1 billion and $300 million to $350 million, respectively.
Competition from Prediction Market Platforms
The U.S. online gambling operator is facing growing pressure from prediction market platforms such as Kalshi, while FanDuel, DraftKings, and Fanatics have launched similar products, raising customer acquisition costs and threatening sports betting market share.
BetMGM also said it no longer expects to hit its $500 million adjusted core profit target by 2027, blaming a more competitive landscape and regulatory complexity stemming from the rise of prediction market platforms.
Original reporting: Appleton, WI News Feed (HLL/CB) — read the source article.
