BetMGM

BETMGM FIRST HALF 2023 UPDATE

Published

3 years ago

July 28, 2023

GamingAmericas.com

NET REVENUE FROM OPERATIONS OF $944 MILLION IN FIRST HALF OF 2023¹

POSITIVE EBITDA FOR THE FULL SECOND QUARTER OF 2023²

BetMGM, one of the leading sports betting and iGaming operators in North America, jointly owned by Entain plc and MGM Resorts International, is providing an update on First Half of 2023 (“1H 2023”) performance and outlook for full-year 2023.

Adam Greenblatt, Chief Executive Officer of BetMGM, commented:
“I am pleased with the significant progress we have made during the first half of 2023 as we continue our strong growth and remain on our path to profitability. Our financial guidance for the year remains on track – we expect to deliver $1.8 to $2.0 billion in full year revenue, as well as to be EBITDA positive in the second half of 2023. In fact, we have already achieved positive EBITDA for the full second quarter of this year. Our focus remains on building a sustainable, scalable and returns focused business with leading products that our players enjoy responsibly. We look forward to the remainder of the year, buoyed by ongoing product improvements, tremendous support from our shareholders providing access to new assets and partnerships, and – above all – our extraordinary team at BetMGM.”

BetMGM finished 1H 2023 with strong financial performance
- Net revenue from operations of $944 million, on track to deliver at the upper end of previous guidance range for FY 2023 revenue of $1.8 to $2.0 billion
  - 1H same-state growth of 25% in net revenue from digital operations
- Reached the key milestone of positive EBITDA for 2Q 2023
- Improved same state CPAs by 8% in 1H 2023 year on year
- Bonus optimization and player management program continuing to have significantly positive impact, delivering enhanced GGR to NGR conversion:
  - Sports NGR margin increased by 300 bps in 1H 2023 year on year
  - Digital sports 1H revenue per player up by 65% for players acquired in 2021 or earlier
- Each of the annual cohorts of digital sportsbooks launched from 2019 through 2022 delivered positive Contribution Profit in 2Q³

Remain on track for previously stated guidance of EBITDA positive in the second half of 2023 (“2H 2023”)
- Includes investment in upcoming launches in Kentucky and North Carolina that were not originally planned during 2023
- Expectation that BetMGM will become self-sustaining in 2H 2023, with no additional equity investment expected from MGM Resorts or Entain after the $150 million previously committed for 2023

Established as a leading sports betting and iGaming operator in North America
- Continued geographic footprint expansion in 1H 2023, with new digital sports betting launches in Ohio, Massachusetts, and Puerto Rico
- Live in 26 jurisdictions, including Ontario, with access to approximately 48% of the adult population in the United States⁴
- Market share across iGaming and sports betting of 18%⁵
  - Continued market leadership in iGaming with approximately 27% market share⁶
  - Online sports betting market share of 11%, with 13% share in markets where BetMGM was live on day one⁶

Entain and MGM Resorts contributed new technology, resources, and relationships to accelerate both BetMGM’s product evolution and its access to players
- Entain’s acquisition of pricing and risk specialist Angstrom, announced on July 17^th, will enhance BetMGM’s sports betting offering, particularly in the fast-growing markets of parlay and in-play wagering, and provide players with a greatly improved experience
- In connection with MGM Resorts’ exclusive partnership with Marriott, announced on July 17^th, BetMGM entered into a loyalty marketing agreement with Marriott whereby BetMGM will offer customers extensive opportunities to earn Marriott Bonvoy points while playing with BetMGM, create exclusive games and experiences, and allow customers to exchange BetMGM Rewards points into Marriott Bonvoy points
- Various platform and product enhancements delivered to provide a more exciting and seamless experience. We’re on track with the rollout of Single Account Single Wallet

Ongoing commitment to player safety, prioritizing responsible gambling across our business
- Five-year extension to GameSense partnership, announced on March 1^st, continues BetMGM’s prominence of responsible gambling messages in its digital and out-of-home marketing campaigns, as well as in its mobile app and retail sportsbooks
  - Through its GameSense partnership, BetMGM provides customers with information about how to bet responsibly, setting limits, dispelling myths, and finding support and assistance
- BetMGM awarded one of the Responsible Gambling Council’s top accreditations for integration of responsible gambling and player protection into platforms and operations

Award recognition including
- Casino Operator of the Year by EGR North America (second year in a row)
- Casino Operator of the Year at SBC Awards North America (third year in a row)
- 2023-2024 Great Place to Work Certification

Notes:
1: 1H 2023 net revenue for BetMGM on a GAAP basis is expected to be approximately $923 million, including approximately $32 million related to Nevada MGM Resorts operations for which BetMGM records on a net basis as BetMGM is considered to be the agent in the Nevada transactions for GAAP purposes.
2: 1H 2023 Revenue and EBITDA figures are unaudited.
3. Contribution Profit for a particular state reflects Net Gaming Revenue minus direct costs (excluding depreciation and amortization and people costs) considered under GAAP presentation of Gross Profit plus marketing acquisition spend.
4: BetMGM operates iGaming and Sports Betting in five markets and Sports Betting in twenty-one markets.
5: Market share for last three months ending April 2023 by GGR including iGaming, retail and online sports betting, and only U.S. markets where BetMGM was active excluding New York; internal estimates used where operator-specific results are unavailable.
6: Market share for last three months ending April 2023 by GGR, including only U.S. markets where BetMGM was active and excluding New York in online sports; internal estimates used where operator-specific results are unavailable.

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BetMGM

Gaming Corps expands Entain partnership with major Canadian rollout

Published

3 days ago

July 8, 2026

GamingAmericas.com

gaming-corps-expands-entain-partnership-with-major-canadian-rollout

Gaming Corps, a publicly listed game development company based in Sweden, has expanded its partnership with Entain, one of the world’s largest sports betting and gaming groups, marking the latest phase of a relationship that began with the companies’ original partnership agreement in 2022 and now spans multiple Entain brands.

Canada is a major focus for the extended partnership. Gaming Corps went live with Entain’s Joint Venture, BetMGM in Ontario in December 2025, followed by a wider Entain rollout in the province in March 2026. Both are now preparing for the opening of Alberta’s regulated iGaming market in July, with the studio’s content ready to go live from day one with BetMGM and Party Casino & Sports Interaction following shortly after.

The partnership has also continued to grow internationally, with Gaming Corps completing a full content launch in Brazil with Sportingbet and Betboo in May of this year, followed by the exclusive launch of 3 Pigs of Olympus across Entain’s UK-facing Ladbrokes, Coral Gala and Foxy brands in June.

Additional market launches in Portugal, Spain and New Zealand are also being prepared.

The latest phase includes a mix of Gaming Corps’ most recognisable content, from football-themed titles such as Penalty Champion, Goals to Glory: Football Fever and Goals to Glory: Instant Blitz, to the studio’s high-performing 3 Pigs IP.

Graham Greensmith, Chief Commercial Officer at Gaming Corps, said: “For Gaming Corps, this is a huge milestone. Entain is one of the biggest names in global gaming, so to see our relationship grow in this way is a clear sign of the trust, performance and commercial value we have built together.

“What makes this particularly exciting is the scale of the opportunity. This is not a single-brand launch or a one-market rollout. Entain is continuing to take Gaming Corps content into more territories, across more of its brands, and that says a lot about where we are as a business.

“We have worked hard to build a portfolio that gives major operators real flexibility, from high-performing IP to timely, event-led content and new game formats. To see that strategy being recognised by a partner of Entain’s calibre is incredibly rewarding, and we are very excited about what comes next.”

Obdulio Bacarese, Global Gaming Director at Entain, added: “Gaming Corps has been a valuable partner over the last four years. The strength of the relationship lies in how easily the content can be activated around different commercial priorities, from supporting new market entries to adding timely releases around key calendar moments. The studio understands the need for content that is flexible, relevant and easy to position locally, and we are pleased to continue building on the partnership.”

The post Gaming Corps expands Entain partnership with major Canadian rollout appeared first on Americas iGaming & Sports Betting News.

BetMGM

Entain expands Octoplay rollout to 11 markets

Published

4 days ago

July 7, 2026

Wladimir P.

entain-expands-octoplay-rollout-to-11-markets

Deal spans UK, Europe and North America via BetMGM, with Brazil, Greece, Italy and Spain launches in the pipeline.

Entain is expanding its Octoplay content partnership to 11 markets, with Alberta set to go live next. The companies said Octoplay will launch with Entain “on day one” in the Canadian province following the studio’s provincial licensing.

The partnership started with a UK launch and has since extended to Belgium, Canada, Croatia, Denmark, Georgia and Ontario, according to the companies. In the US, Entain’s joint venture BetMGM was Octoplay’s first operator partner, taking the studio live in Michigan and New Jersey.

Entain and Octoplay have also worked on product development. The companies said they co-developed “Jackpot Blitz”, described as a bespoke version of Octoplay’s jackpot engine built for Entain’s player base, and deployed across Entain’s brand portfolio.

On content exclusives, Octoplay said it is delivering four bespoke game projects for Entain in 2025, including a branded title for Coral and “the launch of an Elvis Presley branded game exclusively with BetMGM in the US”. The studio added that two further bespoke projects are in development.

“Our story with Entain is not a typical supplier-operator relationship,” says Ralitsa Georgieva, CEO at Octoplay. “They backed us early, opened markets we couldn’t have entered alone, and trusted us to build products that sit at the heart of their content strategy. From Jackpot Blitz to Elvis, every project has been a genuine partnership. We are now focused on bringing this momentum into Spain, Brazil, Italy, and Greece — and we’re only getting started.”

“What sets Octoplay apart is the combination of creative ambition and the operational speed to deliver against it,” says Obdulio Bacarese, Global Gaming Director at Entain. “We identified them as a studio with exceptional potential, and what we’ve seen since — the rapid multi-market scaling, Jackpot Blitz, four bespoke exclusives, the Elvis launch in the US — has confirmed that judgment. Octoplay has earned its place as a strategic content partner for this group.”

The post Entain expands Octoplay rollout to 11 markets appeared first on EE Gaming | Global iGaming & Tech Intelligence Hub.

BetMGM

BetMGM Relaunches Borgata Online Platform

Published

1 week ago

July 2, 2026

GamingAmericas.com

betmgm-relaunches-borgata-online-platform

BetMGM, a leading iGaming and sports betting operator, announced the official relaunch of Borgata Online, representing the platform’s latest evolution and building on more than a decade of continuous innovation since its 2013 debut as one of New Jersey’s first regulated online casinos. Borgata Hotel Casino & Spa will host a Fourth of July weekend celebration to mark the launch of the reimagined platform.

“Borgata wrote the first chapter of legal online gambling in 2013 and now we are writing the next one. Borgata players are some of our most engaged and loyal customers, so we wanted to ensure their experience reflects the exceptional quality that has become synonymous with the Borgata name. Borgata provides a seamless connection to online and in-person experiences and exemplifies what a legal, regulated online casino can achieve. This latest product investment underscores how seriously we take our responsibility to players, regulators, and all who have made Borgata Online what it is today,” said Matt Prevost, Chief Revenue Officer at BetMGM.

Borgata’s online journey began October 9, 2013 when it received New Jersey’s first internet gambling permit from the New Jersey Division of Gaming Enforcement. Borgata was part of the state’s initial soft-launch group November 21, 2013, and legal online casino gambling in New Jersey went fully live to the public November 26, 2013. Borgata Online has since been a consistent contributor to New Jersey’s economy, with records dating to 2015, indicating the brand has contributed $250 million in taxes to the state.

Built on more than two decades of regional brand equity established in Atlantic City, the reimagined Borgata Online (available in New Jersey and Pennsylvania) delivers a refreshed interface, streamlined navigation, and ongoing feature parity with BetMGM’s flagship platform.

Key enhancements and events include:

Streamlined navigation

• The update delivers a full, visual refresh alongside a suite of new features designed to improve usability and engagement. Among the enhancements are structured top navigation tabs and a standardized bottom navigation bar, making it easier for players to browse and navigate the platform. The redesigned account hub centralizes information including available bonuses, playable balance, and withdrawable balance within a single tap.

• Casino players will benefit from improved access to their gaming activity. They can quickly launch favorite and recently played games directly from the home screen, streamlining the path back into gameplay.

New Rewards Hub

• Central to the update is a new unified Rewards Hub that consolidates promotions, Borgata Rewards Points, and MGM Rewards tier status into a single destination. It provides players with full visibility into the value they’ve earned and showcases the scope of the online and on-property ecosystem.

Expanded game selection built for Borgata players

• Borgata Online features 4000 titles, including 250 exclusive games and an industry-leading live dealer offering. Bespoke Borgata-branded games are planned throughout the remainder of the year, including Borgata Gem Strike and Borgata 777 Respin Deluxe, the sequel to Borgata 777 Respin, which has ranked among the platform’s top-performing titles for more than five years.

Fourth of July weekend

• Borgata Hotel Casino & Spa and Borgata Online will present a fireworks spectacular on Friday, July 3. Produced by the world-renowned Fireworks by Grucci, the 20-minute display of colorful, choreographed pyrotechnics will illuminate the Atlantic City skyline starting at 9:30 p.m. Public viewing will be available starting at 8:30 p.m. from Borgata’s surface lot.

• Borgata Online will celebrate its launch with a multi-day on‑property activation. Festivities begin Friday, July 3 with an adult game zone experience featuring interactive entertainment and branded giveaways, followed by hotel activations Saturday, July 4 and Sunday, July 5. Throughout the weekend, guests can visit the claw machine activation in the lobby, where new Borgata Online players who sign up and make a $25 deposit can pull for prizes, including the chance to win a $10,000 online casino bonus, luxury prizes and bonus spins. Casino bonus is non‑withdrawable and subject to a 1x playthrough requirement. It will be credited to the player’s account with three days to claim and will expire seven (7) days thereafter.

• Guests are invited to step into a nostalgic New Jersey diner scene for a complimentary retro-inspired photo opportunity on the casino floor – Saturday, July 4 from noon to 5 p.m. and Sunday, July 5 from 2-8 p.m.

The post BetMGM Relaunches Borgata Online Platform appeared first on Americas iGaming & Sports Betting News.