/** * dev demo deploy */ //dev demo or none if (!defined('TD_DEPLOY_MODE')) { define("TD_DEPLOY_MODE", 'deploy'); } do_action( 'tdc_header' ); if ( has_action( 'tdc_header' ) ) { return; } ?>

BetMGM Strength Could Stoke New MGM Bid For Entain

Must read

[ad_1]

Posted on: July 26, 2023, 04:45h. 

Last updated on: July 26, 2023, 04:51h.

BetMGM’s increasingly sturdy financial performance could compel MGM Resorts International (NYSE: MGM) to revisit a takeover of Entain Plc (OTC: GMVHY), something the former’s management team said it’s not inclined to do.

Michigan iGaming sports betting online casino
Actor Jamie Foxx appears on a BetMGM billboard. The company’s strong results could renew MGM/Entain takeover talk. (Image: Detroit News)

The iGaming and online sportsbook operator provided investors with a financial update on Wednesday, noting it turned positive on the basis of earnings before interest, taxes, depreciation, and amortization (EBITDA) in the second quarter, and that it could be EBITDA-positive for the back half of 2023. Adding to external speculation that MGM could again move on Entain is the point that BetMGM will likely become self-sustaining in the coming months, requiring no further investments from the two joint venture partners.

In a note to clients on Wednesday, Jefferies analyst James Wheatcroft said MGM could attempt another takeover of Entain as soon as next month. He added that the offer MGM made for the Ladbrokes owner in early 2021, which was deemed inadequate, would value the target at $29.68 a share today. That’s well above the $17.69 closing price in US trading. Entain’s primary listing is in London and it trades over-the-counter in the US.

MGM executives have said they’re not interested in bidding anew for Entain, but they’ve also made it clear they’d like to control 100% of BetMGM.

BetMGM’s Impressive Financial Performance

While it trails rivals FanDuel and DraftKings (NASDAQ: DKNG) in terms of online sports wagering market share, BetMGM is notching impressive financial results.

Our financial guidance for the year remains on track – we expect to deliver $1.8 to $2.0 billion in full year revenue, as well as to be EBITDA positive in the second half of 2023,” said CEO Adam Greenblatt in a statement.

In the first half of this year, BetMGM posted same-state net revenue growth of 25% while notching a 65% increase in per-player revenue among clients acquired in 2021 or earlier. With first half debuts in Massachusetts, Ohio, and Puerto Rico, the operator is live in 26 jurisdictions covering 46% of the US adult population.

BeMGM’s first-half iGaming market share was 27%, good for one of the best percentages in the industry. The operator’s sports betting share is 11%, but that figure increases to 13% in markets in which the company was operational from day one.

How Tenable is MGM Buyout of Entain?

It remains to be seen if MGM makes another offer for Entain or if the former buys the latter out of BetMGM, but there are some certainties. First, speculation to this effect remains rampant.

Second, an outright takeover of Entain won’t be cheap. The Coral owner has a market capitalization of $10.17 billion and any suitor would have to offer more than that to get the conversation started. Additionally, Entain has been on a buying binge, gobbling up an assortment of smaller European gaming companies — assets that any potential buyer needs to assess.

The other certainties are that MGM has one of the industry’s strongest balance sheets, meaning it could make a significant deal if it so desires, and it reports second-quarter results on August 2. That could be an opportunity for management to discuss longer-ranging plans for BetMGM.

[ad_2]

Source link

More articles

Latest article

Ibu Sulastri Pkl Pasekan Menang Mahjong Ways 2 Jam Ganjil Pak Salim Petani Balongan Auto Jp Di Mahjong Ways 2 Ibu Nurlela Warung Lohbener Dapat Rp180 Juta Dari Mahjong Anak Kosan Cikedung Tembus Multiplier Mahjong Ways 2 Ibu Rahmi Penjual Kue Di Sliyeg Menang Mahjong Jam Subuh Pak Hasan Sopir Truk Kroya Kaget Lihat Saldo Mahjong Naik Ibu Sumarni Guru Paudd Di Bangodua Dapat Hoki Mahjong Pemuda Pasekan Auto Hepi Menang Mahjong Ways 2 Ibu Eni Penjual Lauk Di Kertasemaya Bawa Pulang Rp190 Juta Pak Jatmiko Kuli Pasar Jatibarang Dapat Kejutan Mahjong Ibu Sriatun Pedagang Bumbu Di Pasekan Tembus Jp Mahjong Ways Pak Rusdi Petani Juntinyuat Dapat Hoki Digital Mahjong Ibu Hamidah Pkl Bangodua Bawa Pulang Rp178 Juta Mahjong Mahasiswa Kroya Dapat Jp Mahjong Ways 2 Sambil Belajar Ibu Ratna Pemilik Warung Lohbener Dapat Hoki Subuh Mahjong Pak Surip Petani Di Pasekan Dapat Scatter Mahjong Ways 2 Ibu Nuraini Pkl Sliyeg Bawa Rp165 Juta Karena Mahjong Pak Darto Kuli Bangunan Di Gabuswetan Menang Mahjong Ibu Wulandari Jualan Kopi Di Kertasemaya Auto Jp Mahjong Anak Warnet Balongan Dapat Hoki Dinihari Main Mahjong Ibu Yani Pkl Di Jatibarang Dapat Rp168 Juta Dari Mahjong Pak Salim Kuli Proyek Kroya Bisa Renovasi Dapur Mahjong Ibu Lestari Warung Kelontong Di Pasekan Dapat Hoki Mahjong Pemuda Bangodua Auto Saldo Naik Dari Mahjong Ways 2 Ibu Hj Siti Jual Nasi Di Lohbener Tembus Jp Mahjong Pak Widodo Petani Di Cikedung Dapat Rp200 Juta Mahjong Ibu Nurul Guru Ngaji Bangodua Auto Jp Lewat Mahjong Anak Kosan Kertasemaya Main Mahjong Ways 2 Saat Hujan Ibu Marni Penjual Lauk Balongan Dapat Rp173 Juta Mahjong Pak Rahmat Petani Sukagumiwang Menang Mahjong Ways 2 Ibu Sulasmi Pkl Desa Pasekan Auto Jp Mahjong Ways 2 Pak Hamid Sopir Pickup Lohbener Dapat Kejutan Mahjong Ibu Sari Penjaga Kos Sliyeg Bawa Pulang Rp169 Juta Mahjong Pemuda Gabuswetan Main Mahjong Ways 2 Jam 02 45 Dan Menang Ibu Nanik Warung Sarapan Kertasemaya Auto Jp Dari Mahjong Pak Tejo Kuli Pasar Di Juntinyuat Menang Mahjong Ways 2 Ibu Rahayu Penjual Bubur Di Bangodua Tembus Mahjong Ways Anak Warnet Pasekan Jp Berkat Simbol Emas Mahjong Ibu Hamidah Pkl Sliyeg Dapat Multiplier Gila Mahjong Pak Jumadi Petani Jatibarang Lihat Scatter Beruntun Mahjong Pembuat Tempe Rumahan Di Boyolali Dapat Berkah Malam Dari Mahjong Ways 2 Pemuda Pemalu Di Kos Tua Tak Sangka Aksi Isengnya Di Mahjong Ways 2 Bikin Heboh Pemuda Tulungagung Ukir Rekor Menang Beruntun Di Mahjong Ways Pola Kuno Di Gerabah Jawa Diduga Terinspirasi Dari Mahjong Ways Pola Angka Ganjil Di Mahjong Wins 3 Ungkap Ritme Tersembunyi Seorang Siswa Tuli Mampu Baca Irama Kemenangan Di Mahjong Wins 3 Maen Mahjong Ways 2 Sambil Ngopi Bikin Velda Kaget Banget Akmal Gak Sangka Bisa Raih Rp 6.250.000 Dari Mahjong Ways 2 Nongkrong Biasa Jadi Hoki Mahjong Ways 2 Buat Rani Mahasiswa Bernama Zahra Temukan Freespin Mahjong Ways 2 Waktu Ujian