Latest News

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.

Related Topics:latest-news Press Releases

Up Next

Inspired Announces Partnership With Kambi To Provide Virtual Sports Offering To The Kambi Sportsbook

Don't Miss

Super Bowl – how have providers approached the 2024 edition?

Carsten Koerl

Sportradar Reports First Quarter 2026 Financial Results

Published

17 seconds ago

April 29, 2026

Wladimir P.

sportradar-reports-first-quarter-2026-financial-results

Sportradar Group has announced the financial results for its first quarter ended March 31, 2026.

Carsten Koerl, CEO of Sportradar Group, said: “Sportradar’s first quarter growth reflects our premier position as the scaled leader in the expanding global sports data ecosystem. We continue to deepen our relationships across our expansive distribution network, providing additional content, products and services to our sportsbook, media and technology clients. Our recently acquired portfolio of IMG content has further bolstered our diverse offering and is resonating with customers worldwide while also expanding our margins as we increasingly leverage our existing infrastructure. Maximizing the opportunities our market leadership position and long-standing relationships remains our priority as we also begin to capitalize on new avenues of growth, including prediction markets and iGaming. Driving value for our partners and clients has always been our focus and continuing to do so should build additional shareholder value in the months and years ahead. Our confidence in our trajectory is demonstrated by the increased buyback activity this past quarter as well as the enhanced open market share repurchase program announced today.”

Total revenue for the first quarter was €347 million, up €35 million, or 11% year-over-year, driven by 15% growth in Betting Technology & Solutions, partially offset by a 4% decline in Sports Content, Technology & Services.

Betting Technology & Solutions revenues of €288 million were up 15% year-over-year primarily driven by a 20% increase in Betting & Gaming Content due to contributions related to the acquisition of IMG ARENA, uptake of the Company’s content and products, as well as U.S. market growth, partially offset by the significant impact of foreign currency movements. Managed Betting Services revenues declined 2%, as higher turnover in the Managed Trading Services business was offset by unfavourable sporting outcomes during the quarter.

Sports Content, Technology & Services revenues of €59 million declined 4% year-over-year primarily driven by a 9% decline in Marketing & Media Services, due primarily to a reduction in marketing campaigns from certain existing customers during the quarter, partially offset by increased revenue from Integrity Services.

The Company generated strong revenue growth globally with Rest of World up 14% and the US up 4%. Foreign currency movements, particularly due to the U.S. dollar relative to the Euro, continue to negatively impact earnings. As a percentage of total Company revenues, US revenue represented 26% of total Company revenue in the first quarter as compared to 28% in the prior year quarter.

Loss for the period was €6 million, down €31 million, compared to a profit of €24 million in the same quarter a year ago, as the Company’s strong operating results were more than offset primarily by a foreign currency loss of €9 million versus a gain of €28 million in the same period a year ago, due principally to unrealised currency fluctuations mainly associated with U.S. dollar-denominated sports rights. The first quarter of 2026 also included higher depreciation and amortization and finance costs primarily related to the acquisition of IMG ARENA, partially offset by lower income taxes.

Adjusted EBITDA

First quarter Adjusted EBITDA was €66 million, up €7 million, or 12% compared to €59 million in the same quarter in 2025. The increase was largely driven by the 11% revenue growth, primarily offset by the inclusion of costs related to IMG ARENA, most notably sport rights.

Business Highlights

Announced key addition to Sportradar’s leadership team, naming Sameer Deen as Chief Operating Officer, commencing May 18, 2026.

Launched Playradar, a dedicated iGaming brand delivering hybrid sports-casino content to global operators across slots, table games, virtual sports, arcade and crash games, operating exclusively in regulated markets.

Expanded the Company’s multi-year partnership with Hard Rock Bet, adding official PGA TOUR and UFC data and enhanced in-play betting capabilities including 3D shot tracking and micro markets.

Extended and expanded the Company’s integrity services agreement with FIFA for an additional five years through 2031, providing AI-driven bet-monitoring, intelligence and investigation support, and risk assessment services across FIFA’s 211 member associations and competitions worldwide.

Announced a multi-year partnership with the Liga Nacional de Basquete for worldwide rights for official data as well as audiovisual betting, completing Sportradar’s presence across Brazil’s three most popular sports.

The post Sportradar Reports First Quarter 2026 Financial Results appeared first on Eastern European Gaming | Global iGaming & Tech Intelligence Hub.

Asia

TCSJOHNHUXLEY to Showcase Intelligent Software and Advanced Table Solutions at G2E Asia 2026

Published

18 seconds ago

April 29, 2026

Wladimir P.

tcsjohnhuxley-to-showcase-intelligent-software-and-advanced-table-solutions-at-g2e-asia-2026

TCSJOHNHUXLEY is going to showcase a powerful new era of live gaming at G2E Asia 2026, held at The Venetian Macao from May 12 to 14, 2026. Located at Booth B1338, the company will highlight a suite of intelligent software and advanced display technology designed to maximise table profitability across the gaming floor. While maintaining a strong focus on its world-class core product range, this year’s showcase demonstrates how data-driven insights and smart hardware integration can transform operational performance for the modern operator. Building on over 50 years of manufacturing expertise, TCSJOHNHUXLEY continues to deliver innovations that go beyond traditional equipment—offering a complete, long-term partnership for casinos worldwide.

A major highlight of the exhibition will be the introduction of T-Connect 2, the latest evolution of the company’s comprehensive table management system. This sophisticated software ecosystem integrates smart sensors to provide real-time data insights, empowering operators to optimise their gaming floors with a modular and flexible approach to game management. T-Connect 2 serves as the central hub for the connected pit, enhancing security and streamlining operations for numerous casinos across Asia.

The company will also showcase its latest display innovations, including the Dynamic Display System (DDS) and the versatile Ora Winning Number Display range – renowned for its exceptional clarity, customisation, and reliability in presenting critical game information. A key highlight will be the groundbreaking Ora Vue Blackjack Display Controller, which introduces a new dimension to the game through advanced camera recognition technology that enables automatic card entry. This intelligent system enhances the player experience by delivering real-time access to hand histories, live odds, and historical statistics – making gameplay more engaging, transparent, and accessible for players of all levels. The Ora Vue Blackjack Display Controller integrates seamlessly with the Ora Luxe Winning Number Display, creating a fully connected and visually refined solution for the modern gaming floor.

To drive further excitement, TCSJOHNHUXLEY will demonstrate its widely popular Supernova Progressive Jackpot System, a unique and customisable platform designed to drive player engagement and heighten excitement across the gaming floor. This unique system allows operators to create bespoke jackpot configurations tailored to their specific gaming floor, offering a seamless blend of traditional gameplay and modern rewards.

Rebecca Kingswell, TCSJOHNHUXLEY global head of operations and managing director APAC, said: “G2E Asia 2026 is an exceptional platform for us to showcase our commitment to industry-leading innovation. We are excited to meet with our partners in the region to demonstrate how our latest developments can transform table performance and drive measurable growth. Our focus remains on delivering the high-impact solutions that operators need to succeed in an evolving marketplace.”

The post TCSJOHNHUXLEY to Showcase Intelligent Software and Advanced Table Solutions at G2E Asia 2026 appeared first on Eastern European Gaming | Global iGaming & Tech Intelligence Hub.

Games Global

St8 Enters into Partnership with Games Global

Published

19 seconds ago

April 29, 2026

Wladimir P.

st8-enters-into-partnership-with-games-global

St8 has announced a strategic partnership with Games Global that will bring the supplier’s extensive and diverse catalogue of titles to operators across regulated markets worldwide.

Through the deal, Games Global’s content portfolio will initially be rolled out to St8’s operator network in Ontario, with additional markets expected to follow as the collaboration expands.

Games Global’s high-performing library is developed by its exclusive studio partners, including Alchemy Gaming, Gameburger Studios, Fortune Factory Studios, Stormcraft Studios, PearFiction Studios, ALL FOR ONE Studios, Foxium, among many others, providing operators with proven, player-favourite titles.

The deal significantly strengthens St8’s growing offering, giving its operator partners seamless access to leading content with global appeal through one connection, alongside promotional tools, reporting capabilities and full compliance coverage.

Vladimir Negine, Chief Executive Officer at St8, said: “Our focus at St8 is giving operators the right foundations to grow in regulated markets. Joining forces with Games Global strengthens our content offering with a portfolio that has proven appeal with players worldwide. We look forward to bringing these titles to our partners, beginning with Ontario and expanding into additional regulated markets.”

Mark MacCombie, Chief Commercial Officer at Games Global, said: “We’re really pleased to be working with St8, as it allows us to expand the reach of our content across a broader network of operators. Their scalable platform gives us an efficient route to market, helping us deliver content from our extensive roster of exclusive studios to new audiences.”

The post St8 Enters into Partnership with Games Global appeared first on Eastern European Gaming | Global iGaming & Tech Intelligence Hub.