BetMGM sees results near lower end of 2026 forecasts

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REUTERS/Brian Snyder 28 Jul 2026 07:18PM (Updated: 28 Jul 2026 07:37PM) Bookmark Bookmark Share WhatsApp Telegram Facebook Twitter Email LinkedIn Set CNA as your preferred source on Google Add CNA as a trusted source to help Google better understand and surface our content in search results. Read a summary of this article on FAST. Get bite-sized news via a newcards interface.

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online gambling operator BetMGM on Tuesday downgraded its annual outlook for the second time this year and pushed back its target of reaching $500 million in profit, as competition from prediction market platforms mounts intensifies.Licensed sportsbook operators in the U.S.

are 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.The company, a joint venture between Ladbrokes-owner Entain and U.S.

-based MGM Resorts, 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.

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.Entain shares were down marginally by 1120 GMT. Source: Reuters Newsletter Week in Review Subscribe to our Chief Editor’s Week in Review Our chief editor shares analysis and picks of the week's biggest news every Saturday.

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Click here to return to FAST Tap here to return to FAST FAST Advertisement Business BetMGM cuts outlook as prediction market competition grows A drone view shows an advertisement for the online sports betting company BetMGM at Fenway Park in Boston, Massachusetts, U.S., June 18, 2024.

REUTERS/Brian Snyder 28 Jul 2026 07:18PM (Updated: 28 Jul 2026 07:37PM) Bookmark Bookmark Share WhatsApp Telegram Facebook Twitter Email LinkedIn Set CNA as your preferred source on Google Add CNA as a trusted source to help Google better understand and surface our content in search results. Read a summary of this article on FAST. Get bite-size