Reuters8d agobearish
BetMGM cuts outlook as prediction market competition growsU.S. online gambling operator BetMGM on Tuesday downgraded its annual outlook for the second time this year and pushed back its target of reaching $500 million in profit, as competition from prediction market platforms mounts intensifies. Licensed sportsbook operators in the U.S. are facing growing pressure from prediction market platforms such as Kalshi, while FanDuel, DraftKings and Fanatics have launched similar products, raising customer acquisition costs and threatening sports betting market share.
