By The Weekly Edge desk ·
PlayUSA reported that BetMGM generated $711m in second-quarter net revenue, up 3%. Casino revenue increased 8% to $483m, while sports betting revenue remained flat; the company retained its outlook but expects results near the lower ends of its ranges.
Online casino growth offset flat sports betting revenue while BetMGM kept its outlook.
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BetMGM’s revenue and adjusted EBITDA increased as the operator maintained expectations for the lower end of annual guidance.
BetMGM’s retreat signals reduced focus on states without iGaming as prediction markets affect its business.
Greenblatt expects prediction markets’ addressable market to contract before the Supreme Court hearing, while reporting BetMGM handle growth.
The inquiry could inform MGC policy on safeguards for AI use in sportsbook marketing and responsible gaming.
A potential sale could affect operators considering commercial relationships with sports wagering media companies.
BetMGM and regulators should track the hearing because it concerns an individual qualifier’s adjudicatory matter.