BetMGM boosts annual forecast on iGaming, online growth
Ladbrokes owner Entain said on Monday BetMGM, its U.S. sports-betting joint venture with MGM Resorts, raised its annual revenue and core earnings forecast, driven by strong growth in its iGaming and online sports divisions.
BetMGM, which has been growing its online presence and capitalising on a booming e-betting market, now expects revenue of at least $2.6 billion and core earnings of at least $100 million in fiscal 2025, Entain said.
It had earlier forecast revenue of between $2.4 billion and $2.5 billion, and positive earnings before interest, taxes, depreciation, and amortization (EBITDA).
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
CNA
21 minutes ago
- CNA
Reddit unveils AI-driven ad tools to help brands tap into user discussions
Reddit launched two new AI-powered advertising features on Monday aimed at helping brands drive greater engagement by tapping user conversations on the platform, the company said. The company said its AI-driven tool, "Reddit Insights", would provide real-time insights to marketers for planning campaigns by identifying trends on the platform and testing campaign ideas. It will also provide a feature called "Conversation Summary Add-ons", allowing brands to integrate "positive" user comments directly under the ads to show what they think about the ad subject. Platforms such as Reddit, Snap and Pinterest are leaning on AI-driven ad targeting tools to attract marketers in a fiercely competitive ad market amid economic uncertainties. Reddit's announcement comes after WPP Media trimmed its forecast for global ad revenue growth to 6 per cent from its prior target of 7.7 per cent due to uncertainties related to changing U.S. trade policies. Brands are expected to prioritize flexible ad contracts and accelerate the adoption of AI tools in ad production and user targeting, the media investment arm of ad group WPP said last week. Last month, Reddit forecast second quarter revenue above Wall Street estimates, but CEO Steve Huffman said the company expected some disruption for traffic from Google search. Reddit also launched new content moderation and analytics tools in March, aimed at helping people adhere to community rules and better understand content performance.
CNA
2 hours ago
- CNA
Explainer-What are bitcoin treasury strategies, the latest trend in the public markets?
Certain public companies, including one founded by President Donald Trump, have been going on a cryptocurrency buying spree, capitalizing on higher token prices and a softening regulatory environment to load up on the attention-grabbing investment. Sixty-one publicly-listed companies not primarily engaged in digital assets have adopted what are known as bitcoin treasury strategies, in which firms allocate a portion of their cash and reserves toward the world's largest cryptocurrency, according to a report from Standard Chartered. Here is what you need to know about the trend: WHY ARE COMPANIES DOING THIS? Many of those companies are seeking to replicate the success of Strategy, formerly known as MicroStrategy, a software company that began accumulating bitcoin in 2020 and now holds more than $63 billion worth. Its stock is up more than 3,000 per cent since 2020 as the price of bitcoin has skyrocketed, hitting fresh all-time highs above $110,000 this year. Strategy copycats have doubled their holdings in bitcoin in just the last two months to collectively hold just under 100,000 bitcoin, Standard Chartered said. Those firms include Trump Media & Technology Group, which raised $2.5 billion last month to invest in bitcoin. While investors can readily buy bitcoin directly or through an exchange-traded fund, investors typically cannot get the same kind of leverage a public company might be able to get through the convertible debt markets to buy bitcoin. Companies like Strategy trade at a premium to their bitcoin holdings because investors believe that those firms can utilize their access to credit markets to purchase even more bitcoin. Strategy and Trump Media & Technology Group did not immediately respond to requests for comment. WHICH COMPANIES ARE DOING THIS? Besides Strategy and Trump Media & Technology Group, a joint venture announced in April between SoftBank, stablecoin issuer Tether, and Cantor Fitzgerald - previously helmed by U.S. Commerce Secretary Howard Lutnick - caught investors' attention. The group is launching a $3.6-billion venture called Twenty One with the goal of acquiring bitcoin. SolarBank, a Toronto-based solar energy company, announced this month it would implement a bitcoin treasury strategy, saying it would expose the company "to a new category of tech-savvy investors." SolarBank has not disclosed how much bitcoin it plans to buy, only saying that the allocation strategy will be determined by management. "Traditionally, people invest in utilities as (an) afterthought. It's a very low return. It's a stable return," said SolarBank CEO Richard Lu. "So, how do we bridge the excitement of the new world and a classic industry? We feel that the crypto part of that is a bridge we need to cross." Upexi, a consumer products company, recently launched a treasury for Solana, another top cryptocurrency. "It is a great way for a company to really bring attention to itself and grow," said Brian Rudick, the firm's chief strategy officer. "If a company has a fiduciary duty to do what's best for shareholders, and if you're going to raise funds and invest it in the operating business, or if you can invest in funds and put it into a digital asset treasury that the market is rewarding companies that do so, you should do the latter," Rudick said. WHY NOW? The trend comes as Trump has sought to overhaul U.S. cryptocurrency policy after courting cash from the industry on the campaign trail. He signed an executive order in March to establish a strategic bitcoin reserve and has hosted industry leaders at the White House. Those moves have boosted the price of bitcoin and other cryptocurrencies. "It may be that some firms are trying to get political attention. This is clearly something President Trump has signaled his interest in," said Chester Spatt, a finance professor at Carnegie Mellon University. The stark shift in policy under Trump "is a serious tailwind for more and more institutions to get into the space," said Roshan Robert, CEO of crypto exchange OKX. "How institutions are looking at building out treasury applications is just a part of that broader picture." WHAT ARE THE RISKS? It is unclear if the various crypto treasury strategies will ultimately be successful, particularly if firms are buying in now as prices flirt with record highs in a sector that is no stranger to volatility. Charles Schwab, in a report last month, noted that if a company has significant crypto holdings that suddenly collapse in value, the firm could experience a liquidity crisis. Standard Chartered estimated that if bitcoin were to fall back below $90,000 it would put half of companies' bitcoin treasuries underwater. "As always, there will be some really, really big winners and some really big losers whenever there's a mania like this," said Ravi Doshi, the global co-head of markets at crypto platform FalconX.
CNA
2 hours ago
- CNA
How Lewis Hamilton and Apple brought F1 racing to the movie screen
CUPERTINO, California :Racing legend Lewis Hamilton, a producer on an upcoming movie starring Brad Pitt as a fictional Formula 1 driver, wanted the film to show the reality of what it looks, feels and sounds like to speed around a track at 200 miles per hour. To avoid having Apple's "F1 The Movie" seem "faked" by Hollywood, Hamilton provided input on details such as when drivers should brake or shift gears. The film will be released in theaters by Warner Bros on June 27. "I really wanted to make sure the authenticity was there, and it worked for both the younger and the older audience, and then making sure that the racing was true to what it is," Hamilton said in an interview with Reuters Television. "All the other drivers, all the teams, are relying on me to make sure that it does," the seven-time world champion added. In the movie, Pitt plays a driver who comes out of retirement to mentor a young hotshot portrayed by Damson Idris. Co-stars include Javier Bardem and Kerry Condon. Portions of the film were shot during real-life F1 events in Abu Dhabi, Mexico City and other Grand Prix stops. The filmmakers would shoot on the tracks during short breaks in the races. Pitt and Idris drove themselves in professional race cars at high speeds. Before filming started, Hamilton said he met with Pitt at a racetrack in Los Angeles so he could size up the actor's driving skills. "I really wanted to see, can you actually drive?" Hamilton said. A longtime motorcycle rider and racing fan, Pitt showed a baseline ability at that point that made Hamilton comfortable. "He already had the knack," Hamilton said, which the actor further developed through weeks of intense training. "He really went in deep," Hamilton said. "F1" was directed by Joseph Kosinski and produced by Jerry Bruckheimer, the team that put together the thrilling fighter-jet scenes in 2022 blockbuster film "Top Gun: Maverick." For "F1," they needed new cameras that would work in race cars, which can be slowed down by extra weight. Producing partner Apple, which began releasing movies in 2019, was able to help. The company used some of its iPhone technology to adapt a camera system typically used in real F1 cars during TV broadcasts. The hardware looked like a traditional F1 camera but delivered the high-resolution video that the filmmakers wanted for the big screen. "This movie was just a great example of putting the whole of the company behind a movie," Apple Chief Executive Tim Cook said. "We designed the camera that went into the car to capture the incredible driving experience. It makes you feel like you're actually sitting in the car and experiencing what Brad is experiencing." Cook said he felt the movie showcased the athleticism required to rise to the elite ranks of F1 driving. Hamilton said he had encouraged more examples of the sport's physical challenges. Drivers can lose five or 10 pounds, he said, from the exertion during a race.
