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MGM and Entain Plan to Invest $450 Million More in Web-Betting Venture

  • BetMGM’s launch in N.Y. state Monday has ‘broken all records’
  • Sports and online casino business sees profit in 2023

MGM Resorts International and Entain Plc plan to put an additional $450 million into BetMGM this year, bringing their total investment to $1.1 billion as they expand their online betting venture to new markets.

The companies project more than $1.3 billion in revenue for the business this year, up from $850 million in 2021, according to a statement Wednesday. BetMGM’s operating loss last year could be as high as $440 million. They see positive cash flow in 2023.