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BETMGM FIRST HALF 2024 UPDATE
BetMGM, LLC one of the leading sports betting and iGaming operators across the U.S., jointly owned by MGM Resorts International and Entain plc, is providing an update on First Half 2024 (“1H 2024”) performance.
Adam Greenblatt, Chief Executive Officer of BetMGM, commented:
“The first half of this year has been very important in laying the groundwork for BetMGM’s future. 2024 is a year of investment, focusing on improving our customer experience and stepping up our level of investment in players. We are encouraged to see this strategy delivering accelerating momentum. We have exceeded our goals for both acquisition and retention, which should lead to higher year-over-year revenue growth for the second half of this year into 2025.
Our online sportsbook players have been enjoying Angstrom-enabled product capabilities since the start of the baseball season, and we look forward to players enjoying this across our wider sports offering leading into the NFL season. We are also very excited to bring our unique omnichannel opportunities to players by fully leveraging MGM Resorts’ presence in Las Vegas. Single Account Single Wallet will be an important driver of the customer experience, with Nevada marking its completion ahead of the NFL season. Our iGaming business continues to perform strongly with attractive returns, and to maximize this strength and momentum, we plan to deploy additional marketing in the back half of this year. Our execution roadmap, building momentum and prospects ahead all support our confidence in BetMGM’s strong future.”
1H 2024 Update
- 1H 2024 financial performance demonstrating accelerating momentum through the year
- Net revenue from operations of $1.0 billion, up 6% versus prior year1,2
- 2Q net revenue growth of 9% YoY, up from 3% in 1Q
- 2Q online sports betting NGR per active up 16% YoY
- 2Q iGaming average monthly actives growth of 18% YoY, up from 9% in 1Q, with no new state launches
- EBITDA consistent with expectations of 2024 being an investment year, supporting customer acquisition and enhanced player experience initiatives
- Encouraging online sportsbook CPAs of FTDs driven by successful Super Bowl campaign
- 1H EBITDA of –$123 million2
- Net revenue from operations of $1.0 billion, up 6% versus prior year1,2
- Established as a leading operator in North America, live in 29 markets with access to 52% of adult population3
- Continued geographic footprint expansion, with BetMGM launch of digital sports betting in North Carolina in March and district-wide in the District of Columbia in July
- 13% GGR market share in the U.S. and Ontario across Sports Betting and iGaming4
- Demonstrates stabilization and continued strength in iGaming with approximately 22% market share5
- Continued focus on operational execution, delivering improved app, product capabilities, and market-leading partnerships across both digital sports and iGaming
- Enhanced Sports Product and Technology
- Further integration of Angstrom capabilities with new markets and features for MLB and back end of NBA seasons, provided by fully in-house single game parlay (“SGP”) and SGP+ products
- Improved player experiences with enhanced betting and SGP+ journeys, landing pages and new features including live bet tracking
- Actives who placed an MLB SGP bet this season up 40% YoY6
- Volume of weekly MLB SGP bets doubled versus last year6
- Leadership in iGaming
- Market-leading jackpots – New Jersey jackpot of over $5 million expected to be the largest regulated U.S. online jackpot ever paid
- Launched exclusive games and innovative reward mechanics with top suppliers, including GameCode and White Hat Gaming
- Launched BetMGM Arcade, the home for ‘non-traditional’ content including LuckyTap and Crash-style games
- Best-in-Class Marketing Partnerships
- Integration of partnerships with X, Marriott Bonvoy, and Associated Press
- Successful Super Bowl campaign with citywide takeover of Las Vegas and iconic commercial featuring Tom Brady, Wayne Gretzky and Vince Vaughn
- Exclusive ambassadorship with Brian Christopher Slots for all online regulated markets
- Enhanced Sports Product and Technology
- Ongoing commitment to player safety, prioritizing responsible gambling across our business
- Founding member of the newly established Responsible Online Gaming Association (“ROGA”), which brings together the largest U.S. online sports betting and gaming operators to develop and advance responsible gaming practices
- Expanded the Kindbridge Health program to eight additional jurisdictions, offering self-excluded individuals referrals for problem gambling treatment
- Research and funding support via sponsorship for the International Center for Responsible Gaming
- Award recognition, including
- EGR North America’s awards for both Employer and Sports Betting Operator of the Year
- Top 20 for Best Workplaces in New YorkTM by Fortune
- Hashtag Sports awards for both Best Sports Betting Partnership (X/Twitter) and Best Communications Strategy
Outlook
- As announced on December 4, 2023, BetMGM’s strategic roadmap assigned 2024 as an investment year, supporting enhanced player experiences and improved sportsbook product to drive long-term value for stakeholders
- Coupled with an improving sportsbook offering, and building on BetMGM’s iGaming strength which already delivers over $400 million contribution annually, expectation of greater than planned marketing investment in iGaming in 2H this year7
- Additional investment expected to be funded by bank debt
- Consistent with expectation of 2024 as an investment year, expect 2H EBITDA to be similar to 1H
- Pipeline of exciting opportunities ahead including key milestones:
- On track for Angstrom capabilities to be fully integrated across MLB, NBA and NFL offerings ahead of 2024 NFL season
- Single Account Single Wallet (SASW) rollout expected to be completed with Nevada in place prior to the 2024 NFL season
- Enabling BetMGM customers in MGM Resorts properties, representing 13 million room nights annually, to sign up at one of BetMGM’s eight retail sportsbooks and return to their home state with the same wallet
- Completing the integration of player wallets across all BetMGM markets and empowering the final Las Vegas unlock for BetMGM
- Investment in our execution roadmap, accelerating momentum and opportunities ahead all support our confidence in BetMGM’s pathway to $500 million EBITDA in the coming years
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The world of sports betting and gaming is set for a major shake-up with the launch of GoldenRace’s innovative, new number game, Goal2Win, designed to captivate the massive global football audience. Goal2Win successfully bridges the gap between the universal passion for the “king of sports” and the proven thrill of number-based predictions, offering partners a fresh, high-potential product for monetisation.
Goal2Win is a premium offering that takes the familiar, classic number game format and integrates it with a dynamic, football-centric theme. This unique combination makes the game instantly recognisable yet excitingly new, appealing both to seasoned sports bettors and newcomers seeking an engaging, simplified experience.
Goal2Win is GoldenRace’s proposal to mix innovation and tradition. It offers operators a product that leverages the immense reach of football fandom while delivering the straightforward, engaging gameplay and massive win potential expected from a top-tier number game. It’s a compelling blend of excitement, simplicity, and significant reward potential.
Key features driving engagement and potential winnings:
Goal2Win is engineered for maximum player retention and high stakes, boasting dynamic gameplay and powerful features:
- Multiplier feature: Players can place the same set of bets across an impressive twenty-two consecutive events, significantly driving up potential winnings and ensuring sustained engagement over time.
- Jackpots and Mega Jackpots: The game includes tiered winnings with both standard Jackpots and highly coveted Mega Jackpots, promising life-changing sums and acting as a powerful player motivator.
- Quick picks: For rapid access to the action, the Quick picks option allows the system to randomly select numbers, streamlining the betting process for players.
- Row/Column selector: Enhancing the user experience, selector buttons enable players to easily pick an entire row or column of numbers, simplifying sophisticated betting.
Goal2Win represents a unique opportunity for operators to tap into the immense global football fanbase with a product that is both innovative and instantly recognisable. It stands poised to become a staple offering, driving higher stakes and attracting a broader demographic to the operators’ portfolio.
The post GoldenRace launches Goal2Win to bridge the gap between football and numbers appeared first on European Gaming Industry News.
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Yaspa, the Pay by Bank fintech, today announced a partnership with PayAdmit, the London-based payment software provider and orchestrator used by merchants across eCommerce, iGaming and digital services. The integration brings Pay by Bank to PayAdmit’s platform, giving its merchants a faster, secure, cost-effective way to accept customer payments with real-time confirmation.
PayAdmit offers a modular payments stack that includes White Label, Cashier Service, Payment Bridge and Payment Concierge Service — a high-touch support layer for resolving payment issues in real time. The platform aggregates 350+ global payment methods and provides streamlined onboarding, enabling merchants to go live in as little as 14 days.
Adding Yaspa gives PayAdmit’s clients a high-conversion bank payment option built for speed, conversion and compliance.
Yaspa’s Head of Commercial, Amie Kadhim, said: “PayAdmit moves fast and sets a high bar on payment performance, reliability and checkout experience. We’re excited to power their next chapter with instant bank payments that are speedy, secure and deliver a smooth, mobile-first experience – boosting approval rates and settling funds immediately.”
For PayAdmit’s merchants, the integration with Yaspa delivers:
- Real-time deposit confirmation
- Lower processing costs versus traditional methods i.e. debit and credit cards
- Reduced fraud and chargeback risk with bank-level authentication
- A smoother mobile journey with no card details to key in
Yaspa’s benefits align with PayAdmit’s focus on performance, security and a modern, merchant-friendly toolkit.
Vladyslav Kolodistyi, CEO of PayAdmit added: “Our mission is to give merchants a flexible, future-proof payments stack. Partnering with Yaspa adds a best-in-class, instant bank payment option, so clients get higher conversion with less complexity.”
The post PayAdmit partners with Yaspa to integrate Pay by Bank on its payments platform appeared first on European Gaming Industry News.
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Continent 8 Technologies, a leading provider of cutting-edge managed IT solutions designed for the global iGaming and online sports betting industry, announces the appointment of Julia Weygandt as Head of Client Growth & New Business.
Based in Malta, Julia will spearhead strategic initiatives to drive customer growth and capture new market opportunities globally, working closely with the existing Sales team and Practice Leads.
Julia brings over 20 years of experience in gaming, entertainment, and technology, with a proven track record in commercial strategy, international market expansion, and strategic partnerships. Her career includes senior roles such as COO at G Games and Tornado Games, and Head of International Partnerships at GAMOMAT, where she successfully scaled operations and delivered significant revenue growth.
Julia is an active advocate for diversity and leadership in gaming, serving as a Board member for Global Gaming Women and leading partnerships for the Behind the Gloves initiative, which combines boxing and corporate engagement to support charitable causes.
Nick Nally, Chief Revenue Officer at Continent 8 Technologies, commented: “Julia’s appointment reflects our commitment to delivering exceptional value and growth opportunities for our customers. Her deep industry knowledge, commercial acumen, and passion for building strong partnerships make her an outstanding addition to our team. We are excited to see the impact she will have as we continue to expand globally.”
Julia Weygandt, Head of Client Growth & New Business, added: “I’ve known the Continent 8 team for a long time; they are a trusted and respected partner to the world’s leading iGaming operators and suppliers, and I am thrilled to join at such an exciting time. My focus will be on driving client success through innovative solutions and strategic growth initiatives, ensuring we continue to lead in this fast-evolving industry.”
The post Continent 8 appoints Julia Weygandt as Head of Client Growth & New Business appeared first on European Gaming Industry News.
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