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Adam Greenblatt

BetMGM Targets $500M EBITDA in 2026

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Entain, the owner of betting firm Ladbrokes, announced that it aims to achieve a core profit of $500 million in 2026 for its U.S. sports-betting service, BetMGM, which it jointly owns with MGM Resorts.

The 2026 goal was set after BetMGM revealed it expects to be at the higher-end guidance for 2023. According to CEO Adam Greenblatt, revenue should be between $1.80 billion and $2.00 billion in the current financial year.

Greenblatt also said the operator sees 2024 as an “investment period,” having already proved profitability this year. While BetMGM expects to achieve a profitable H2 in 2023, the company expects negative EBITDA for 2024. It is, however, hoped the business will be EBITDA-positive in 2025.

BetMGM is now available in 28 markets in North America. Greenblatt noted North Carolina will be the brand’s next entry, with further opportunities in New York, Maryland, and Illinois.

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As for market share, the CEO said BetMGM is now the third-largest online operator in the US, holding a 17% market share in total, behind only FanDuel and DraftKings.

To fortify BetMGM’s offerings, Entain completed the acquisition of US-based Angstrom Sports in July, with a potential consideration of up to £203 million ($256.3 million).

In addition to its partnership with MGM Resorts, Entain has been extending its footprint into Canada, the Netherlands, and other European regions through various acquisitions. The company continues to position itself strategically in response to evolving market dynamics.

The resurgence of live sporting events post-pandemic has contributed to the recovery of the online sports betting sector. Following the U.S. Supreme Court’s overturning in 2018 of a federal law prohibiting most states from engaging in sports betting, gambling firms have been intensifying their presence in the US.

However, Entain recently lowered its online profit margin forecast for 2023 after posting a revenue drop in Q3, leading to a decrease in its share value. Online net gaming revenue for the quarter was up 9% on a reported basis, but down 6% on a proforma basis.

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This downward revision in profit margin is a reflection of some ongoing challenges faced by gambling firms, including stricter regulations and the impact of a cost-of-living crisis. In its announcement, Entain revealed that its online core profit margin for the year is expected to be approximately 25%, down from the 27.1% reported last year.

Entain has also set its sights on a return to growth in 2024. The operator expects that online net gaming revenue will start growing on a pro forma basis in the next year. Specifically, the company forecasts low single-digit growth in online gaming revenue, with online core profit margin expected to range between 24% and 25%.

Adam Greenblatt

BetMGM Sponsors Progressive Jackpot During Wheel of Fortune’s “Big Money Week”

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BetMGM, a leading sports betting and iGaming operator, will celebrate Wheel of Fortune’s 8000th episode during the legendary game show’s “Big Money Week” scheduled to air May 20-24. For the first time in the history of the wildly successful syndicated game show, there will be a Nightly Progressive Jackpot sponsored by BetMGM that will be added to whatever a contestant wins if they solve the show’s Bonus Puzzle.

During game play, there will also be a BetMGM-branded “Double Jackpot” wedge on the famous Wheel giving contestants who earn the opportunity to add double the Nightly Progressive Jackpot to their total if they win the Bonus Round.

“BetMGM is honored to join Wheel of Fortune during this milestone week and be a part of a game show that has earned a place in American television history. ‘Big Money Week’ is a great collaboration, giving contestants and viewers at home the opportunity to experience the excitement of a progressive jackpot,” said BetMGM’s CEO Adam Greenblatt.

Sony Pictures Television and BetMGM have come together to integrate BetMGM branding into Wheel of Fortune’s “Big Money Week” featuring on-set placements including:

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Co-branded graphics displayed in the center monitor
In-show displays of BetMGM’s logo on host Pat Sajak’s monitor
Two BetMGM Double Jackpot Wheel wedges
A BetMGM jackpot ticker appearing above the puzzle board during each episode.

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Adam Greenblatt

Prove Identity Partners with BetMGM

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Prove Identity Inc., the global leader in digital identity, announced a strategic partnership with BetMGM, a sports betting and iGaming leader, to enhance the security and user experience for BetMGM customers through the cutting-edge Prove Pre-Fill identity solution.

Prove Pre-Fill accelerates digital consumer onboarding by up to 79% and is used by more than 1000 businesses globally across diversified industries, including 9 of the top 10 banks. This collaboration marks a significant milestone in Prove’s journey toward providing seamless and secure digital sports betting and casino services in the U.S. states where BetMGM operates, pending regulatory approval.

“BetMGM is an innovator in the space, always looking to find new and compelling ways to improve the online gaming experience. Prove Pre-Fill is the latest example of that and allows customers to get access to the content they desire faster than ever before through the identity verification process, enabling them to take full advantage of BetMGM’s vast product offerings,” Tom Hill, Director of Digital Identity and Head of Sports Betting and iGaming at Prove, said.

“We’re committed to providing customers with a seamless and secure sports betting experience, and our partnership with Prove is a testament to that safe bet. Prove Pre-Fill adds an extra layer of security, reduces sign-up abandonment, and improves the overall user experience by streamlining the identity verification and authentication processes. Users can now enjoy the BetMGM sports betting and casino experience faster and with greater peace of mind,” Adam Greenblatt, CEO of BetMGM, said.

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Key Highlights of the Partnership:

  1. Streamlining User Onboarding: Prove Pre-Fill technology will revolutionize the onboarding process for BetMGM users, minimizing sign-up abandonment rates. By simplifying and expediting account creation, BetMGM aims to provide a frictionless experience from the start.
  2. Preventing Bonus and Promotion Abuse: Prove’s solutions will be crucial in preventing rampant bonus and promotion abuse – for example, using the same bonus code multiple times normally intended for only first-time users – within the BetMGM digital sports betting and casino platforms. This ensures a fair and secure user environment, fostering a trustworthy and enjoyable gaming experience.
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Adam Greenblatt

Marriott Bonvoy and BetMGM Unlock a New World of “Play, Earn, Stay” with New Rewards Connection

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Marriott Bonvoy, Marriott International’s award-winning travel program, and BetMGM, a leading sports betting and iGaming operator, launched an unprecedented rewards collaboration in the online sports betting and iGaming industry, giving fans an extra stake in the game.

Players in licensed states can link their Marriott Bonvoy and BetMGM accounts and earn BetMGM Rewards points when they wager using the BetMGM sports betting app or play at the award-winning online casino. They can then exchange BetMGM Rewards points for Marriott Bonvoy points, up to 100,000 points annually, which they can then use to redeem extraordinary experiences, including future free nights with Marriott Bonvoy’s more than 30 hotel brands and 10,000 destinations globally.

“The collaboration with Marriott Bonvoy is a monumental differentiator for us. This partnership will extend our brand to millions of potential new customers while offering our players the unique benefit of utilizing their gameplay to tap into the world of Marriott Bonvoy’s unrivaled portfolio of experiences,” said BetMGM CEO Adam Greenblatt.

BetMGM offers a seamless user interface to earn BetMGM Rewards points and then transfer those points for Marriott Bonvoy points through the app’s rewards store. Linked accounts will have access to participate in exclusive games, experiences, and offers on the BetMGM platform.

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“This landmark collaboration between Marriott Bonvoy and BetMGM goes beyond hospitality and gaming, unlocking new opportunities for members to ignite their passions and deepen connections with the people and places they love. We are excited to welcome BetMGM members with more global access to more than 30 hotel brands,10,000 locations and a growing portfolio of exclusive and curated member experiences including sports, music, art, and culinary events around the world,” Peggy Roe, EVP and Chief Customer Officer at Marriott International, said.

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