On Wednesday, BetMGM raised its revenue forecast for 2022 and said it still expects to make a profit next year as the MGM Resorts and Entain sports-betting joint venture expands into new regions and introduces new products.

In 2022, the sports betting business, which operates online and in MGM casinos across the United States, aims to generate more than $1.3 billion in net income from operations, with a positive core profit in 2023.

This year's revenue was earlier anticipated to be $1 billion.

BetMGM, an online bookmaker that offers wagers on NFL football and NBA basketball events, has been in the news in recent months after part-owner MGM and rival DraftKings attempted but failed to acquire Britain's Entain.

In 2021, the sports betting venture's net revenue is estimated to be around $850 million, with a core loss of $420 million to $440 million.

Its owners are anticipated to invest $450 million in BetMGM this year, the same as in 2021, bringing the total investment to around $1.1 billion since Entain, which owns Ladbrokes, and MGM, which is listed on the New York Stock Exchange, founded it in 2018.