(Reuters) – U.S. sports betting company BetMGM reported an interim loss on Monday and said it expects to post a loss in the second half of the year as it invests more in customer experience and additional marketing.
The joint venture between MGM Resorts (NYSE:) and Entain reported a core loss of $123 million in the first half that ended June 30, and said its outlook for the final six months of the year was in line with its expectations.
“2024 is a year of investment, with a focus on improving our customer experience and increasing our level of investment in players,” said CEO Adam Greenblatt.
Gambling companies are experiencing less pressure as the economic environment improves and customers become more confident in spending.
BetMGM, the third-largest online gambling company by revenue in the United States, said it expects revenue growth in the second half of the year and into 2025, banking on demand from gamblers looking to cash in on the NFL season.
