By The Weekly Edge desk ·
CasinoBeats reported that BetMGM’s sports betting business recorded no Q2 growth as monthly active users fell 3%. BetMGM expects to reach its $500m adjusted EBITDA target later than planned, citing competition from prediction markets.
BetMGM’s earnings target is delayed as it reports pressure from prediction markets.
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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.