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Adam Greenblatt

BetMGM and Casino del Mar at La Concha Resort Launch Sports Betting in Puerto Rico

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BetMGM, in collaboration with the Casino del Mar at La Concha Resort, has launched Puerto Rico’s first legalized sports betting service.

BetMGM now is accepting wagers at the San Juan-based beach resort through 12 kiosks and five betting windows. A full-scale BetMGM retail sportsbook is set to open at La Concha Resort later this year. BetMGM plans to launch its mobile betting app in Puerto Rico in the months ahead as well.

“This is a monumental day for BetMGM as it marks the launch of our first operation outside of the U.S. mainland. Casino del Mar delivers exceptional guest experiences and is an ideal partner as we look to extend our brand in Puerto Rico,” BetMGM CEO Adam Greenblatt said.

“We are very excited to kick off sports betting at Casino del Mar through this important strategic alliance with BetMGM. In Puerto Rico, there is a wide base of sports fans who will now add the possibility of becoming winners to the excitement of their favorite sports games and matches,” Sigfrido de Jesús, General Manager of Casino del Mar, said.

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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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Adam Greenblatt

BetMGM Announces North Carolina Market Access Agreement with Charlotte Motor Speedway

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BetMGM, a sports betting and iGaming leader, and Charlotte Motor Speedway, the iconic motorsports and entertainment venue, announced a new market access agreement enabling BetMGM to bring its online sports betting platform to North Carolina once legalized sports betting launches.

“We have been eagerly awaiting legal, safe, regulated online sports betting in North Carolina, a state with more than 10 million people and one of the most vibrant sports environments in the country. BetMGM’s partnership with Charlotte Motor Speedway meets a great demand for entertainment from North Carolinians. Together we will deliver a premier and responsible gaming product that benefits many state agencies,” BetMGM CEO Adam Greenblatt said.

In addition to supporting many of North Carolina’s publicly funded colleges, tax revenues from sports betting will also support a major event fund, allowing the state to recruit national sports and entertainment events to drive additional tourism, job creation, and economic impact.

“BetMGM has established itself as a signature source for sports betting with partnerships in every major league sport and with venues across the country. With Charlotte Motor Speedway’s history of innovation, we wanted to move forward into this new era of sports entertainment with a progressive sportsbook. This partnership with BetMGM will bring sports fans new ways to enjoy their favorite events while expanding North Carolina’s tax base, supporting colleges and facilitating recruitment of major events for the future,” Greg Walter, Executive VP and General Manager of Charlotte Motor Speedway, said.

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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%.

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