Adam Greenblatt
BetMGM Publishes FY2022 Business Update
BetMGM joint owners MGM Resorts and Entain plan to pump another $150m into the company in 2023, amid an update on BetMGM’s FY2022 performance.
The operator said in a trading update that it finished FY2022 with a net revenue of $1.44bn, ahead of prior guidance of over $1.3bn. It is aiming to achieve net revenue from operations of between $1.8bn and $2bn in FY 2023.
BetMGM said it expects EBITDA loss of approximately $440m, in line with prior guidance – and expects to bring EBIDTA positive in the second half of 2023.
Key to the results were higher gross gaming margins resulting from improved customer experience and other product improvements, as well as the fact that Q4 2022 online sports net revenue margin has doubled compared to Q4 2021.
BetMGM expanded its online footprint in 2022 with launches in six US states including Kansas and Maryland, while in January this year it moved into Ohio. Four new retail sportsbooks were also opened.
Adam Greenblatt, chief executive officer of BetMGM, said: “2022 was a year in which we delivered against many key strategic initiatives and achieved several company milestones, including exceeding our financial targets, launching a redesigned BetMGM mobile app and furthering our commitment to responsible gambling.
“With continued and unwavering support from our shareholders, we look to 2023 confident in achieving further key milestones, including $1.8bn to $2bn in net revenue from operations and being EBITDA positive in the second half of 2023.”
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Adam Greenblatt
Gannett and BetMGM Announce Multi-Year Partnership
Gannett Co., Inc. announced a multi-year strategic partnership with BetMGM, a leading sports betting and iGaming operator. As part of the agreement, BetMGM will serve as the preferred online sportsbook and casino partner for USA TODAY Sports providing sports betting odds and betting information across the expansive USA TODAY Network in more than 200 local U.S. markets across 43 states with more than 300 digital news and media brands in the portfolio.
“We are thrilled to announce a re-imagined partnership with BetMGM, a trusted operator in the sports betting landscape. As a best-in-class partner, our goal is to deliver their trusted sports betting information to our audience of more than 44 million sports fans – especially now that football season has kicked off. We believe BetMGM complements our existing portfolio of partners and will enable us to drive further audience growth and engagement. We anticipate this collaboration will immediately lead to an increase in the overall monetization of our content platform,” said Michael Reed, Gannett Chairman and Chief Executive Officer.
The agreement incorporates BetMGM sports betting odds into stories and content sharing betting odds, moneylines, spreads and over/unders for games as well as a BetMGM “Bet Now” feature. BetMGM Sportsbook and BetMGM Casino will be listed as a partner on website footers across all USA TODAY Network publications.
“BetMGM is proud to partner with Gannett and the USA TODAY Network. Their unrivaled reach at a local and national level enables us to connect with a massive audience. By integrating odds and insights seamlessly into Gannett’s content, we’re empowering fans to stay informed and engaged with their favorite teams and games. We look forward to a successful partnership that fuels the excitement of sports betting throughout football season and beyond,” said BetMGM CEO Adam Greenblatt.
Gambling.com Group will serve the USA TODAY Network audience and sports enthusiasts BetMGM sports betting offers and expert insights leveraging their proprietary advertising technology in states where online gambling is regulated.
Adam Greenblatt
BetMGM Wins Sports Betting Operator and Employer of the Year at EGR North America Awards 2024
BetMGM, a leading iGaming and sports betting operator, was recognized as Sports Betting Operator of the Year and Employer of the Year at the EGR North America Awards 2024. The EGR North America Awards, hosted in New York City on June 27, celebrate excellence in the North American online gaming industry and are considered the premier gaming awards.
“Winning two EGR North America Awards is a tremendous honor. We have a passionate team at BetMGM dedicated to delivering best-in-class betting experiences which saw exponential leaps in capability this year with unparalleled omnichannel opportunities, enhanced user interface and increased brand visibility. These awards are a tribute to all the hard work and the strong culture that we are building at BetMGM,” Adam Greenblatt, Chief Executive Officer of BetMGM, said.
Sports Betting Operator of the Year is awarded to the operator that brought innovation to the sports betting sector, provided a high-quality player experience and showed evidence of real growth via mobile and web. BetMGM was acknowledged for its ability to innovate and differentiate in a crowded industry, successfully forming strategic partnerships with X and Marriott Bonvoy and capitalizing upon its unique omnichannel advantage in Las Vegas during Super Bowl LVIII. BetMGM parent company Entain’s acquisition of sports pricing and analytics firm Angstrom in 2023 fueled the expansion of BetMGM’s betting library, allowing the operator to produce a broader and more exciting product for the customer.
The Employer of the Year award recognizes the operator or affiliate that demonstrated its commitment to organizational performance improvement through investment in the recruitment, personal and skills development, and motivation of every employee. On the heels of being recognized as a one of this year’s Best Workplaces in New York by Great Place To Work and Fortune, BetMGM once again proved it is building a workplace to attract and retain top talent in the rapidly growing iGaming and sports betting industry. BetMGM prides itself on being an inclusive, value-driven organization that prioritizes true transparency and two-way communication with weekly, virtual all-hands forums and active employee resource groups. In 2023, BetMGM optimized onboarding, enhanced training programs, continued diversity and inclusion learning, and focused on career development and strategic in-sourcing.
The wins mark the first time that BetMGM received EGR North America Awards for Sports Betting Operator and Employer of the Year. The company was previously awarded Casino Operator of the Year in 2022 and 2023.
Adam Greenblatt
BetMGM Ranked #16 on Fortune Media and Great Place To Work’s 2024 Fortune Best Workplaces in Metro New York
BetMGM announced that Great Place To Work and Fortune magazine have recognized the operator as one of this year’s Best Workplaces in New York. The leading sports betting and iGaming operator landed at No.16 and secured the spot on the prestigious list by surpassing rigorous benchmarks, establishing itself as one of the best workplaces among companies headquartered in the New York region. About 92% of employees surveyed said that BetMGM is a great place to work, 35% points higher than the average U.S. company.
“Landing on this prestigious list is a reflection of BetMGM’s ongoing commitment to fostering a great work environment. I am honored to lead an organization filled with dedicated and talented employees who have created a place where people feel welcomed and supported,” Adam Greenblatt, CEO of BetMGM, said.
To determine the Fortune Best Workplaces in New York List, Great Place To Work collected nearly 140,000 confidential survey responses from employees at eligible companies. Via the Trust Index Survey, employees shared honest feedback about their experience by responding to 60 statements about the employee experience and answering two open-ended questions. To be eligible for the list, companies must be Great Place To Work Certified and headquartered in the New York region.
Some other figures from the survey revealed that 96% of BetMGM employees were made to feel welcome when they joined the company and 94% of employees surveyed are proud to tell others that they work at BetMGM.
“Congratulations to the Best Workplaces in New York. As the business landscape is disrupted — from AI, global conflict, and market pressure — companies who have built a reservoir of trust with their employees will be more resilient and, ultimately, more successful,” Michael C. Bush, CEO of Great Place To Work, said.
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