Connect with us

BetMGM

PlayMichigan.com: Online sportsbooks make modest gains while online casinos set revenue record

Published

on

 

Volume at Michigan’s online sportsbooks narrowly ticked up in August to more than $192 million, pushing Michigan past $2 billion in online and retail wagering for the year. The modest gain did not lead to more revenue, though, as sportsbooks set the stage for four of the busiest months of the year, according to PlayMichigan, which analyzes and researches the state’s regulated online gaming and sports betting market.

“August marks the beginning of the most important stretch of the year for sportsbooks,” said Eric Ramsey, analyst for the PlayUSA.com Network, which includes PlayMichigan.com. “It only takes a few college games, the NFL’s preseason and futures bets to show the importance of football to the industry. But the small number of games in August is merely a precursor for the next four months.”

Michigan’s online sportsbooks took in $192.3 million in bets in August, up 2.3% from $188.0 million in July, according to official data released Thursday by the Michigan Gaming Control Board. With $16.3 million in retail wagering in August, which was announced earlier this week, Michigan’s online and retail sportsbooks accounted for $208.6 million in wagering, up 1.1% from $206.3 million in bets in July.

Gross gaming revenue from online betting fell 18.8% to $15.9 million from $19.6 million in July. With retail revenue included, the state’s sportsbooks combined to win $17.5 million for the month, a drop of 15.6% from July. Taxable revenue from online bets landed at $9.2 million, which generated $757,405 in state and local taxes.

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

The relatively modest bump in sports betting volume was enough to push past $2 billion in online and retail wagering all-time, and for the year. Michigan sportsbooks have tallied:

  • $2.2 billion in wagering since launch, including $2.1 billion this year alone.
  • $189.0 in gross gaming revenue, including $170.8 million in 2021.
  • $8.9 million in state and local taxes, including $7.4 million in state and local taxes this year.

“The hot start after launching online betting in January was the key in hitting $2 billion in wagering this soon, but it is remarkable growth, no matter how you view it,” said Matt Schoch, lead analyst for PlayMichigan.com. “Tax revenue has been somewhat underwhelming so far. As the market continues to mature, and promotional spends begin to slow, hopefully tax revenue improves.”

DraftKings took the online market lead with $61.4 million in wagers, up from $53.4 million in July. Gross gaming revenue rose to $4.4 million from $3.1 million in July. FanDuel fell to No. 2 in the state with $47.7 million in wagers, down from $54.5 million in July. The bets in August produced a market-best $4.8 million in gross sports betting revenue, down from $7.8 million in July.

BetMGM was third in the state with $43.7 million in wagers, up from $41.0 million in July. That total produced $3.9 million in gross receipts, down from $5.0 million in June.

The online market leaders were followed by:

  • Barstool ($13.1 million handle, down from $13.6 million in July; $741,707 gross revenue, down from $1.4 million)
  • Caesars ($10.0 million handle, up from $7.5 million; $162,383 GGR, down from $252,708)
  • PointsBet ($6.2 million handle, down from $7.8 million; $939,617 GGR, up from $849,524)
  • BetRivers ($3.1 million handle, up from $2.6 million; $236,884 GGR, up from $224,089)
  • Fox Bet ($2.5 million handle, down from $2.7 million; $328,911 GGR, up from $252,873)
  • FireKeepers ($1.1 million handle, up from $367,354; $109,987 GGR, up from $44,048)
  • TwinSpires ($1.0 million handle, even with July; $109,846 GGR, down from $138,911)
  • WynnBet ($883,496 handle, down from $2.3 million; $95,820 GGR, down from $357,718)
  • Golden Nugget ($668,503 handle, up from $623,977; $3,049 GGR, down from $98,615)
  • Four Winds ($483,992 handle, up from $318,987; $16,666 GGR, down from $35,979)
  • Parx ($455,331 handle; $87,231 GGR)

“Football is not only the main draw for most existing bettors, it is also the primary vehicle for each sportsbook to grow its customer base,” Schoch said. “The promotional offerings and seemingly wall-to-wall advertising that we’ve already seen shows how aggressive Michigan’s operators are and will continue to be over the next couple months.”

Online casinos and poker set fresh record

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

Gross gaming revenue at Michigan’s online casinos and poker rooms rose to a record $97.2 million in August, up 5.3% from $92.3 million in July. August’s revenue was up to $3.1 million per day over the 31 days of August from $3.0 million per day in wagers over the 31 days of July. That total yielded $17.9 million in state taxes and $6.9 million in local taxes.

August marked the fifth time in the past six months that revenue topped $90 million. August also was the first full month of live dealer online casino games, which launched in late July, helping to boost revenue.

Since launching in January, online casinos and poker rooms have generated $672.6 million in revenue and $166.6 million in state and local taxes.

“Michigan’s online casinos continue to grow, and with live dealer games now in the fold, there is no reason to believe that will end soon,” Ramsey said. “For all the interest in sports betting, it is the state’s online casinos that have proven to be the bigger benefit to the state, dwarfing sports betting in tax revenue.”

Other highlights from August:

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)
  • BetMGM/MGM Grand Detroit topped the online casino and poker market with $39.7 million in gross gaming revenue, which yielded $10.5 million in state and local taxes.
  • FanDuel/Motor City was second, with $14.2 million in gross receipts and $3.7 million in state and local taxes. DraftKings/Bay Mills was third with $12.6 million in gross receipts, producing $3.2 million in state and local taxes.
For more information and analysis on regulated sports betting in Michigan, visit PlayMichigan.com/news.

Powered by WPeMatico

Continue Reading
Advertisement

Adam Greenblatt Chief Executive Officer of BetMGM

BetMGM 1Q 2025 Business Update

Published

on

betmgm-1q-2025-business-update

 

Strong start to 2025 affirms strategic approach and confidence of positive EBITDA in 2025

BetMGM LLC , one of the leading sports betting and iGaming operators across North America, jointly owned by Entain plc and MGM Resorts International, is providing an update on its 1Q 2025 performance.

  • BetMGM’s strong momentum from 2H 2024 continued during 1Q 2025, driven by its leading iGaming offering and strengthened sports product, and refined approach to player management
  • 1Q Net Revenue up +34% YoY with strong growth across both iGaming (+27%) and Online Sports (+68%)
  • Positive 1Q EBITDA and underlying trends reaffirm confidence that FY 2025 will be EBITDA positive1

Adam Greenblatt, Chief Executive Officer of BetMGM, commented:

“2025 is off to an encouraging start for BetMGM as we execute our revised strategic plan. The momentum we built in the second half of 2024 continued into the first quarter as we implement our powerful iGaming strategy, enabling us to grow faster than the market and at scale. In Online Sports, we are elevating our brand and delivering improved performance, even in the face of unfavorable sports outcomes during key moments in the quarter. As we approach May, we remain confident in achieving full year positive EBITDA in 2025, supported by solid underlying activity trends and our successful delivery of positive EBITDA in the first quarter.”

1Q 2025 Key Financial Highlights

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)
1Q 2025 BetMGM Financial Summary1,2,3
Three months ended
March 31
$ millions, unless otherwise noted 2025 2024 YoY Change
Net Revenue
iGaming $443 $348 +27%
Online Sports $194 $116 +68%
Handle $4,088 $3,174 +29%
GGR Hold % 8.2% 8.7% (50)bps
NGR Hold % 4.8% 3.6% +110bps
Retail / Other $20 $26 (22)%
Total Net Revenue $657 $489 +34%
Contribution $116 ($38) +$153
EBITDA $22 ($132) +$154
Average Monthly Actives (thousands)4 1,067 1,009 +6%

Financial Highlights

  • 1Q Net Revenue of $657 million, up +34% YoY, continuing acceleration with strong underlying player engagement metrics
    • iGaming Net Revenue up +27% YoY driven by leading iGaming offering
    • Online Sports Net Revenue up +68% YoY demonstrating strengthened product offering, expansion of NGR margin, and enhanced player engagement
      • Handle up +29% YoY5
      • NGR margin improvement of +110 bps YoY
    • Average Monthly Actives up +6% YoY, reflecting significant growth in iGaming players, partially offset by improved OSB approach to player segmentation and management
  • 1Q EBITDA of $22 million (up $154 million YoY), with iGaming Contribution of $133 million and positive Contribution from Online Sports
    • 1Q EBITDA benefited from one-time accounting items offset by the impact of customer friendly sports results
  • Continued stabilization of GGR market share in active markets with iGaming (22%) and Online Sports (8%), further cementing BetMGM’s podium position in the market6,7
  • $150 million revolving credit facility remains undrawn

Operational highlights

  • Market leading iGaming offering
    • 1Q Average Monthly Actives up +43% reflecting our leading iGaming offering and focused marketing investment
    • Active Player Days up +39% YoY driven by unique and exclusive content across both real-money and free-to-play engagement games8
    • Improved cross-sell engagement with +13 ppt YoY increase in percent of Online Sports players playing iGaming9
  • Strengthened Online Sports product coupled with focus on premium mass players and improved engagement
    • Broader market range, improved pricing and enhanced parlay offering contributed to strong gains in player economics and activity metrics
      • Growth of +4.8 ppt in parlay bet mix (inclusive of SGPs)10
      • Bets per Active increased +28% YoY11
  • Refined approach to player retention with improved segmentation and promotional strategy
  • Handle per Active up +37% YoY12
  • Active Player Days up +20% YoY

Outlook

  • BetMGM’s year-to-date performance provides increased confidence in exceeding guidance, however we remain mindful it is still relatively early in the year. As such, we reaffirm our expectations for FY 2025 to be EBITDA positive, and Net Revenue guidance of $2.4 billion to $2.5 billion
    • Reiterated expectations of Online Sports to be Contribution positive for FY 2025
  • Reaffirmed confidence in BetMGM’s pathway to $500 million EBITDA in the coming years

The post BetMGM 1Q 2025 Business Update appeared first on Gaming and Gambling Industry in the Americas.

Continue Reading

BetMGM

BetMGM Poker Championship Returns to ARIA Resort & Casino in Las Vegas June 30 – July 4

Published

on

betmgm-poker-championship-returns-to-aria-resort-&-casino-in-las-vegas-june-30-–-july-4

 

BetMGM, a leading sports betting and iGaming operator, announced the BetMGM Poker Championship returns to ARIA in Las Vegas Monday, June 30 to Friday, July 4, highlighting the ARIA Poker Classic Summer Series. The no-limit hold ‘em tournament has a $3,500 buy-in and offers participants a $3 million guaranteed prize pool. For the fourth consecutive year, the BetMGM Poker Championship will begin in ARIA’s Poker Room and conclude with a live-streamed Final Table at the PokerGO Studio. The ARIA Poker Classic runs May 29 through July 13 with the full schedule available at ARIA Poker on X.

“BetMGM’s relationship with MGM Resorts is our differentiator and the BetMGM Poker Championship presents a unique opportunity to connect our online players with one of the premier properties and events that Las Vegas has to offer. We are preparing to use our brand ambassadors – Darren Elias and Abby Merk – as well as our media partners, to engage with the poker community in new ways throughout the summer,” said Angus Nisbet, VP of Gaming at BetMGM.

Online qualifiers for the BetMGM Poker Championship run at 9:15 p.m. EST every Thursday and Sunday through Sunday, June 22. More than 100 players from BetMGM Poker markets including New Jersey, Michan, Pennsylvania, and Ontario (Canada) will win BetMGM Poker Championship packages that include a $3,500 Championship entry, a five-night stay at ARIA, travel credit, and a BetMGM swag bag. A full online qualifier schedule is available at BetMGMPoker.com.

Ryan Kirk, ARIA’s Director of Poker Operations, said: “ARIA has long been recognized as the epicenter of poker in Las Vegas and we’re proud, once again, to host the BetMGM Poker Championship during our ARIA Poker Classic. This event continues to raise the bar, bringing together the prestige of our world-class poker room with BetMGM’s innovative online platform. We look forward to welcoming players from across North America to experience the energy, excitement and hospitality that ARIA delivers.”

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

The post BetMGM Poker Championship Returns to ARIA Resort & Casino in Las Vegas June 30 – July 4 appeared first on Gaming and Gambling Industry in the Americas.

Continue Reading

BetMGM

BetMGM Returns as Entitlement Sponsor of NASCAR Xfinity Series Race at Charlotte Motor Speedway, May 24

Published

on

betmgm-returns-as-entitlement-sponsor-of-nascar-xfinity-series-race-at-charlotte-motor-speedway,-may-24

 

BetMGM, a leading iGaming and sports betting operator, announced its return for the second year as the entitlement sponsor of the BetMGM 300 race (part of NASCAR’S Xfinity Series) at Charlotte Motor Speedway on Saturday, May 24.

The sports betting operator is also the title sponsor of the BetMGM Speed Street, the epicenter of entertainment, food and interactive experiences for fans in town for NASCAR’s tripleheader weekend, May 23-25. Headlining the fan festival will be GRAMMY-nominated, global phenom Smash Mouth bringing their signature sound and chart-topping hits to the BetMGM Speed Street Stage on Saturday, May 24.

“A little over a year after launching sports betting in North Carolina, BetMGM is pleased to be at the heart of the excitement for the BetMGM 300 and BetMGM Speed Street. As NASCAR betting continues to grow, this weekend presents a wonderful opportunity to connect with passionate motorsport and music fans in the Tar Heel State,” Casey Hurbis, Chief Marketing Officer at BetMGM, said.

BetMGM will be integrated throughout the BetMGM 300 NASCAR Xfinity Series showdown, from the honorary starter to pace cars and signage on billboard turns, to barrier decals and pit signs. The winner of the race will be awarded a full-size, custom BetMGM slot machine along with the BetMGM 300 trophy. Fans will be able to take photos with the trophy, slot machine and Richard Childress Racing’s No. 8 BetMGM Chevrolet driven by Kyle Busch at a new victory lane experience located within the BetMGM Speed Street.

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

Charlotte Motor Speedway President and General Manager Greg Walter said: “The stakes are going to be high when the Xfinity Series returns for the BetMGM300 this Memorial Day Weekend, but one sure bet is that the fans will ultimately be the big winners. With a weekend full of great music, driver appearances and interactive displays in BetMGM Speed Street and high-octane action on the track, this will be the can’t-miss event to kick off summer.”

The post BetMGM Returns as Entitlement Sponsor of NASCAR Xfinity Series Race at Charlotte Motor Speedway, May 24 appeared first on Gaming and Gambling Industry in the Americas.

Continue Reading

Trending

Get it on Google Play

Fresh slot games releases by the top brands of the industry. We provide you with the latest news straight from the entertainment industries.

The platform also hosts industry-relevant webinars, and provides detailed reports, making it a one-stop resource for anyone seeking information about operators, suppliers, regulators, and professional services in the European gaming market. The portal's primary goal is to keep its extensive reader base updated on the latest happenings, trends, and developments within the gaming and gambling sector, with an emphasis on the European market while also covering pertinent global news. It's an indispensable resource for gaming professionals, operators, and enthusiasts alike.

Contact us: [email protected]

Editorial / PR Submissions: [email protected]

Copyright © 2015 - 2024 - Recent Slot Releases is part of HIPTHER Agency. Registered in Romania under Proshirt SRL, Company number: 2134306, EU VAT ID: RO21343605. Office address: Blvd. 1 Decembrie 1918 nr.5, Targu Mures, Romania