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BETMGM FY23 UPDATE: FY23 NET REVENUE FROM OPERATIONS OF $1.96 BILLION AT TOP END OF GUIDANCE

Published

2 years ago

February 9, 2024

betmgm-fy23-update:-fy23-net-revenue-from-operations-of-$1.96-billion-at-top-end-of-guidance

BetMGM, LLC (“BetMGM”), one of the leading sports betting and iGaming operators across the U.S., jointly owned by MGM Resorts International (NYSE: MGM) (“MGM Resorts”) and Entain plc (LSE: ENT) (“Entain”) is today providing an update on performance for FY 2023.

BetMGM delivered a strong FY 2023 financial performance (based on unaudited results)
- Net revenue from operations grew 36% year over year to $1.96 billion¹, at the upper-end of $1.8-$2.0 billion guidance range²
  - Same-state growth in net revenue from digital operations of 14%
  - Key metrics across both iGaming and Online Sports Betting improved year over year, including average monthly actives, FTDs, hold percentages, bonus levels, NGR per active, and CPAs³
- EBITDA positive in the second half of 2023 with expected FY 2023 EBITDA loss of approximately $67 million⁴
Established as a leading operator across North America, live in 28 markets with access to 49% of adult population⁵
- Four new markets launched during the year: Ohio (online and retail), Massachusetts (online and retail), Puerto Rico (online) and Kentucky (online and retail)
- 14% market share in Sports Betting and iGaming in the U.S. and 22% in Ontario⁶
- Secured market access with Charlotte Motor Speedway ahead of expected March 2024 launch of newly legalised sports betting market in North Carolina, pending regulatory approval
Further operational progress supported by technology, product and capability enhancements, positions BetMGM to drive growth going forward
- Seamless execution of single account single wallet across 21 markets ahead of the 2023 NFL season
- Enhanced sports betting experience with improved speed⁷, broader market coverage and new differentiated bet types
- New in-house and exclusive games, including Dual Play Roulette, as well as largest progressive jackpots underpinning market leading iGaming offering
December 4th BetMGM business update set out strategic roadmap to drive growth in 2024
- Expanding the depth and breadth of our sports offering by leveraging Angstrom’s sophisticated modelling to support innovative and original products, including player-popular Same Game Parlay (“SGP”), SGP+ and new LIVE SGP products
- Continue to deliver market-leading and engaging gaming experiences that are more personalized and differentiated, including exclusive and MGM-branded content
- Increasingly investing in marketing and player acquisition as sports product and player retention continue to improve
- Unlocking BetMGM’s unique omnichannel advantages, particularly in Las Vegas, Nevada
  - Launched new improved app in January with single wallet functionality expected later in 2024
  - Leveraging Las Vegas sports teams and tentpole events, for example BetMGM’s first Big Game commercial featuring Tom Brady, Wayne Gretzky and Vince Vaughn
Reiterating guidance from December 2023 business update of targeting approximately $500 million of EBITDA in 2026
Recognized as Digital Operator of the Year by Global Gaming Awards, Online Casino of the Year by American Gambling Awards, and Casino Operator of the Year by EGR North America and SBC Awards North America.
Ongoing commitment to industry leadership in player safety and responsible gaming
- Secured five-year extension with GameSense program, providing player tools and capabilities to play responsibly
- Partnered with nine NFL teams to promote responsible gambling in stadiums during games
- Piloted the first of its kind program with Kindbridge Health to evaluate efficacy of offering self-excluded individuals’ referrals for problem gambling treatments

Adam Greenblatt, CEO of BetMGM, commented:

“Our performance in 2023 demonstrates our commitment to delivering on our promises. We were able to achieve strong organic growth, while executing against key strategic initiatives that lay the foundation for 2024 and beyond. The attainment of EBITDA profitability over the last three quarters of 2023 validates the effectiveness of our business model and provides the basis from which to invest further in expanding our sports offering through the integration of Angstrom and leveraging our largely untapped Las Vegas omni-channel advantages. With this comprehensive roadmap in place, we can focus on driving accelerated player acquisition and retention and strengthening our current market position. This clear strategic direction underpins our confidence in achieving our targets and building long-term, sustainable value for shareholders.”

Notes
(1)	FY2023 net revenue for BetMGM on a GAAP basis is expected to be approximately $1,920 million, which includes approximately $64 million related to Nevada MGM 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)	FY2023 non-GAAP net revenue guidance established in January 2023
(3)	Key metrics include average monthly actives, first time depositors (“FTDs”), hold percentages, bonus levels, net gaming revenue per active (“NGR per active”), and cost per acquisition (“CPAs”)
(4)	BetMGM has not completed its financial closing procedures for the three months and year ended December 31, 2023 and actual results can differ materially from these estimates. In addition, BetMGM’s independent registered public accounting firm has not audited, reviewed or performed any procedures with respect to these preliminary estimates. During the course of the preparation of BetMGM’s audited financial statements, BetMGM and its auditors may identify items that would require material adjustments to these estimates. As a result, these estimates constitute forward-looking statements and, therefore, investors are cautioned that they are subject to risks and uncertainties, including possible adjustments.
(5)	BetMGM operates iGaming and Online Sports Betting in five markets and Sports Betting only (combined online and retail) in 23 markets.
(6)	Market share for last three months ending November 2023 by GGR including only U.S. markets where BetMGM was active; internal estimates used where operator-specific results are unavailable. Ontario market share reflects the three-month period through December 2023.
(7)	Google Core Web Vitals validate that BetMGM in now one of the fastest apps in the U.S.

Forward-looking statements:

This document contains certain statements that are forward-looking statements. They appear in a number of places throughout this document and include statements regarding our intentions, beliefs or current expectations and those of our officers, directors and employees concerning, amongst other things, results of our operations, financial condition, liquidity, prospects, growth, strategies and the business we operate. Examples of these statements include, but are not limited to, BetMGM’s expectations regarding its financial outlook (including EBITDA guidance). These forward-looking statements include all matters that are not historical facts. By their nature, these statements involve risks and uncertainties since future events and circumstances can cause results and developments to differ materially from those anticipated. Any such forward-looking statements reflect knowledge and information available at the date of preparation of this document. Among the important factors that could cause actual results to differ materially from those indicated in such forward-looking statements include the significant competition within the gaming and entertainment industry; BetMGM’s ability to execute on its business plan; changes in applicable laws or regulations, particularly with respect to iGaming and online sports betting; BetMGM’s ability to manage growth and access the capital needed to support its growth plans; and BetMGM’s ability to obtain the required licenses, permits and other approvals necessary to grow in existing and new jurisdictions. In providing forward-looking statements, Entain is not undertaking any duty or obligation to update these statements publicly as a result of new information, future events or otherwise, except as required by law. Other than in accordance with its legal or regulatory obligations (including under the Market Abuse Regulation (596/2014), the Listing Rules, the Disclosure Guidance and Transparency Rules and the Prospectus Rules), Entain undertakes no obligation to update or revise any such forward-looking statements. Nothing in this document should be construed as a profit forecast. Entain and its directors accept no liability to third parties in respect of this document save as would arise under English law.

Non-GAAP Financial Information:

This press release includes net revenue from operations and estimated EBITDA, which have not been prepared in accordance with GAAP. BetMGM believes this presentation, which it uses for its own analysis of operations, is useful in that it reflects the true economic performance of the business. If BetMGM presented net revenue from operations in accordance with GAAP, then BetMGM would present the revenues associated with its Nevada digital and retail sports betting operations different, until such time as BetMGM is licensed as a Nevada gaming operator. Currently under GAAP, its calculation of Net Revenue would be on a basis net of operating costs, such that the GAAP reported Net Revenue would be lower than the Net Revenue reported herein, with Net Income remaining the same.

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LEON Esports announces partnership with GamerLegion’s CS2 team

Published

1 hour ago

October 23, 2025

Zoltan Tundik

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Reading Time: < 1 minute

LEON Esports is excited to announce a new partnership with GamerLegion’s Counter-Strike 2 team — a leading German esports organization ranked among the top 15 teams in the world, renowned for its consistent top-tier performances.

This collaboration marks a new chapter for LEON Esports, as the brand continues to expand its presence in competitive gaming. Over the years, LEON has become an active force in esports — supporting professional teams and hosting its own tournaments across titles like CS2, Dota, Free Fire and Deadlock.

Together with GamerLegion, LEON Esports aims to bring even more action and engagement to fans — with exclusive offers, special markets, social media giveaways, and more challenges made for true esports and betting enthusiasts.

This partnership follows LEON’s successful collaborations with other major esports organizations such as SAW (Portugal), FlyQuest (Australia), and NFA (Brazil) — strengthening its position as one of the key players in the global esports scene.

Get ready for the next level — follow the action on our channels:

LEON Esports Linktree

The post LEON Esports announces partnership with GamerLegion’s CS2 team appeared first on European Gaming Industry News.

Compliance Updates

SuperPot, the Unique Sports Betting Jackpot, Now Available in the UK

Published

2 hours ago

October 23, 2025

George Miller

superpot,-the-unique-sports-betting-jackpot,-now-available-in-the-uk

Reading Time: 2 minutes

Delasport’s groundbreaking sports betting jackpot game, SuperPot, has received full certification from GLI in the UK. With this authorization, SuperPot becomes a one-of-a-kind, dedicated Sportsbook Jackpot solution on the British market.

The news comes just days after the revolutionary solution became certified for Ontario and marked its debut integration there and soon will go live with several brands in the market. SuperPot gives players the chance to predict the outcomes of major sporting fixtures.

Each ticket purchase contributes to a growing jackpot, and the winner is the one with the most correct picks – even without a perfect score. This “Must-Win” mechanic sets the product apart from traditional sportsbook offerings, appealing both to sports bettors seeking new thrills and casino players looking for an accessible entry point into sports wagering.

Advantages for UK Operators

SuperPot introduces an always-awarded must-win mechanic: each round’s pot is paid to the top predictor – players compete against their peers, and the most correct predictions win. This sets it apart from The Tote and free-to-play predictors and broadens appeal beyond horse racing into football, basketball, American football, and ice hockey. UK operators gain an assured strong turnover margin, while players benefit from a guaranteed payout to someone every round.

In addition, licensed operators in the UK, SuperPot represents a new way to grow engagement and extend player lifecycles, while securing stable margins from turnover without added exposure.

“Securing approval in the UK marks a major step forward for us,” said Delasport’s Global Sales Director Reece Calderbank. “SuperPot blends the excitement of jackpots with the passion for sports, offering players an easy-to-understand, highly rewarding experience. It’s designed to stand out in a mature and competitive market and ensure risk-free high margin for Operators.”

Market Outlook

The UK gambling market remains one of the largest and most established worldwide. According to the UK Gambling Commission, the total Gross Gambling Yield (GGY) in iGaming for April 2023–March 2024 reached £6.9 billion, with online Sports betting accounting to £2.4 billion GGY, driven primarily by football and horse racing.

The Tote pools enjoy durable racing liquidity is growing year by year to hundreds of millions and SuperPot gives operators that same mass-appeal mechanic as a paid, must-win product they control and extend it to additional sports and to new segments of players.

Industry research indicates that the UK sports betting market is forecast to grow at a CAGR of 11.4% between 2025 and 2030. Meanwhile, quarterly reporting from the Gambling Commission shows continued growth: in Q1 2025, online GGY rose 7% year-on-year to £1.45 billion, with record levels of active accounts and betting activity.

In such a competitive environment, a product like SuperPot has the potential to deliver an incremental ~2% revenue boost for operators who adopt it, further differentiating their sportsbook offering in the UK’s crowded marketplace.

The post SuperPot, the Unique Sports Betting Jackpot, Now Available in the UK appeared first on European Gaming Industry News.

Dominic Le Garsmeur Chief Product Officer at Fincore

How to get your product roadmap moving

Published

2 hours ago

October 23, 2025

George Miller

Reading Time: 3 minutes

Dominic Le Garsmeur, Chief Product Officer at Fincore, says product roadmaps often stall, but they don’t need to. Not if operators and suppliers design for adaptability and build on the right foundations.

Why do product roadmaps usually stall?

Product roadmaps are full of ambition – and rightly so. They capture bold ideas and big strategic bets; they’re the blueprint for the future of the business. But even the best plans can stall before they deliver real impact.

There are plenty of reasons. From shifting regulations to legacy tech, overloaded teams, or unclear ownership. The most damaging is outdated technology. Technical debt eats up development capacity, forcing teams to spend their time firefighting stability instead of building the next feature.

Fragmented ownership is another killer. When product, tech, compliance and ops aren’t aligned, there’s no shared direction. Work keeps moving, but what ships isn’t aligned to real needs—busy output rather than product that drives results.

What impact does regulation have on product roadmaps?

Regulation can force teams to switch focus, diverting resources from innovation to compliance. When every sprint turns into a regulatory emergency, progress halts.

That said, regulation doesn’t have to kill innovation. If an organisation designs for adaptability — with modular systems and clean architecture — it can absorb regulatory change without derailing strategic goals.

If a product roadmap stalls, what should operators and suppliers do?

Don’t wait for the perfect moment. Create forward motion now. At Fincore, we see four core tactics that make the difference:

1. Start with outcomes. Work backwards from the results you need, then design the tech strategy and architecture to deliver them.
2. Modernise surgically. Target the real bottlenecks — technical or procedural — and fix what unlocks the most progress first. Our modular IP components can be integrated quickly to deliver visible gains.
3. Automate with intent. Introduce automation where it frees up people and accelerates throughput.
4. Partner for momentum. Choose a partner that embeds with your teams. Not as a consultant, but as part of your delivery engine. That’s how we operate at Fincore: hands-on, aligned, and built to move things forward without disruption.

How can organisations prevent their product roadmaps from stalling in the first place?

Prevention starts with intent. Build your roadmap around adaptability, not just speed.

That means aligning tech strategy with business goals and reviewing that alignment often. Design systems for interoperability and flexibility, not minimum viable survival. Prioritise foundations such as clean data, seamless integrations and real-time monitoring. Deliver in tight loops to stay responsive and realistic.

When you do that, momentum accelerates. Teams move faster, releases land cleaner, and regulatory shifts stop being roadblocks. They just get handled.

What are the benefits of a product roadmap firing on all cylinders?

Momentum changes everything.

New features, channels and jurisdictions go live faster, without the drag of platform instability. Teams feel energised, focused, and proud of what they’re shipping. Regulatory changes stop being crises. Innovation becomes continuous.

And with that rhythm comes confidence across departments, across leadership, across the entire organisation. Everyone can see and feel progress.

How does Fincore help operators achieve this?

We don’t just unstick roadmaps. We build systems that keep them moving.

That starts with stabilising architecture and clearing technical debt. Then we go deeper: modernising code, streamlining processes, and aligning culture around delivery. Our modular software toolkit accelerates progress without risk. Clean integrations, real-time data, and automation that scales.

We embed alongside internal teams, taking ownership of outcomes and shipping value fast. The result? Sustainable momentum.

Unlocking a roadmap isn’t just about fixing delivery. It’s about reigniting progress and keeping it burning. Clean builds. Confident teams. Continuous flow. That’s progress done right.

The post How to get your product roadmap moving appeared first on European Gaming Industry News.