Latest News
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
- 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
- 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.”
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Notes |
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(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  |
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(2) |
FY2023 non-GAAP net revenue guidance established in January 2023 |
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(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”) |
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(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. |
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(5) |
BetMGM operates iGaming and Online Sports Betting in five markets and Sports Betting only (combined online and retail) in 23 markets. |
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(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. |
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(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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The post Tusk Casino Celebrates Trace’s R2.3 Million Jackpot Victory appeared first on European Gaming Industry News.
Here are this weeks latest slots releases compiled by European Gaming
From golden reels to big money pots and pearls, Swintt’s Big Max games have always pushed the boundaries in terms of what’s possible from a Premium slot – and this month the popular series is back with a major bang in the brand-new release, Big Max Door. Featuring an extra-large 5×4 reel set and 20 fixed paylines, the slot uses the same mix of fruit symbols, BAR logos and lucky red sevens that have become such a hallmark of Big Max games, only this time around a new mystery reveal feature adds an exciting element to base game play.
Relax Gaming, the iGaming aggregator and supplier of unique content, has transported its portfolio of tumbling titles to the Ice Age in The Tumbles. This immersive 6×6 prehistoric-themed slot sees players in with a chance of winning up to 5,000x their stake via lucrative multipliers and a free spins feature. The base game sees snow and ice cover the surfaces, but sunnier surroundings soon appear for the free spins round, with the ice giving way to grasslands, hills, and rivers.
The new release from MGA Games, a leading provider of casino games for over 20 years, will take players on a journey to the beach of their dreams, immersing them in the beauty of Cancun from the comfort of their own home. Tropical Beach themed reels are filled with fresh fruit and toucans and transport players to a corner of paradise filled with prizes and fun in the sun.
The new release from MGA Games immerses players in a world of riches and excitement under the sea. Brightly coloured fish and coral backdrops provide the scenery for this exciting journey that offers plenty of opportunities to win as the reels spin with themed symbols such as sharks, octopus and chests full of coins. The game features the Wild figure, the best ally in this treasure hunt, and the Scatter figure, which will lead the player to a Free Spins screen full of surprises. In addition, Golden Ocean Megaways offers the possibility to buy Free Spins to increase the chances of winning.
Play’n GO invites players into their hall of mirrors to seek the fabled Mirror Joker and their reflective powers. Players will step foot into this reflective realm alongside the mischievous Mirror Joker with the aim of securing some big wins. Fans of other Joker titles, including games like Fire Joker (2016), Chronos Joker (2019), and Joker Flip (2024) are sure to love this new addition to the iconic series. Mirror Joker ventures into the dazzling world of mirrors where not all is as it seems while some rewards are even more than they first appear.
Spinomenal has added Majestic Spirit to its stable of stunning slots. Majestic Spirit is part of Spinomenal’s Wildlife Series that features a 5×3 design set against a backdrop of sweeping valleys and rugged mountains. Players embark on a ride across this wilderness hunting for special symbols to unlock big returns. A Black Stallion symbol represents the Wild and substitutes for any symbol except double symbols, free spins, and bonus symbols. Five Wild symbols on a winning line will pay x200.
Hölle Games has released “Book of Holla: Bonus Spin”, a new entry in the Holla die Waldfee franchise. This 5×3, 10 payline slot revisits the fairy in her magical forest home while unleashing the power of Book Spins and Bonus Spins! During Book Spins, as well as the usual special expanding symbol, the game adds a progressive collection bar.
The post Week 36/2024 slot games releases appeared first on European Gaming Industry News.
Latest News
Atlaslive Celebrates Multiple Nominations for EIGE 2024, Including Best Marketing Campaign
Atlaslive, a B2B software provider delivering high-quality solutions for the iGaming industry, has been shortlisted in all four of its nominated categories for the upcoming European iGaming Excellence (EIGE) Awards 2024. This recognition underscores Atlaslive’s commitment to innovation, excellence, and leadership in the iGaming industry.
The nominations include:
- Best Marketing Campaign: Our rebranding campaign has been recognized for its strategic approach and impact, reflecting Atlaslive’s dynamic evolution and our continuous efforts to connect more deeply with our partners.
- Best eSports Betting Provider: This nomination highlights our cutting-edge eSports offerings, which are designed to meet the growing demand for immersive and reliable eSports betting experiences.
- Innovation in iGaming Technology: At Atlaslive, we thrive on challenges and excel in high-pressure, high-traffic moments. Our peak performance technology, which ensures seamless operations even during the most demanding periods, has earned us a spot in this category.
- Best iGaming Supplier: Being recognized as one of the leading suppliers in the iGaming industry is a testament to our comprehensive and scalable solutions, which continue to set new standards for reliability and excellence.
The final vote for the EIGE 2024 Awards will take place during the European Gaming Congress, held on October 15-16, 2024, in Warsaw. Atlaslive is proud to attend as an industry leader, contributing its expertise in two key panel discussions:
- The Future of Esports: Opportunities and Challenges – October 15
- Optimizing Sportsbook Operations for Enhanced Performance – October 16
Atlaslive’s CEO, Maxim Slobodyanyuk, commented, “Our success is built on a foundation of relentless innovation and a deep understanding of the iGaming landscape. Every solution we develop is designed with our partners’ growth and success in mind, ensuring they have the tools they need to thrive in a competitive market. These nominations validate our strategic direction and the trust our partners place in us. We’re not just reacting to industry trends; we’re actively shaping the future of iGaming. By staying ahead of technological advancements and continuously refining our offerings, we aim to lead the industry in delivering exceptional value. Our vision is clear: to be the go-to partner for businesses seeking not only cutting-edge technology but also a collaborative and forward-thinking approach to long-term success.”
Join Atlaslive as the company shares insights and shapes the future of iGaming.
The post Atlaslive Celebrates Multiple Nominations for EIGE 2024, Including Best Marketing Campaign appeared first on European Gaming Industry News.
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