Online Sports Betting App BetMGM Turns Profitable With Sales Rising
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BetMGM, an online sports betting app, turned a profit in the latest quarter, hitting that milestone sooner than expected.The company, a joint venture between MGM Resorts International and Entain Plc, said Wednesday it achieved the positive result for the second quarter. The company previously projected it would reach that goal in the second half of the year. Shares of Entain rose 4% in London, while MGM Resorts added 1.1% in New York. BetMGM said optimizing player bonuses contributed to its strong financial performance, suggesting the turnaround hinged in part on cost controls. First-half revenue rose 25% in states where BetMGM was already operating.The company remains on track to deliver $1.8 billion to $2 billion in 2023 revenue and expects to become self-sustaining in the seco...