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MGM RESORTS AND ENTAIN ANNOUNCE BETMGM BUSINESS UPDATE

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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 performance and outlook for 2022.

  • BetMGM is achieving market share in line with its long-term target of 20% – 25% in U.S. sports betting and iGaming
    • Number 2 operator for sports betting and iGaming across the markets in which it operates with a 24% market share for the three months to November 2021
    • Remains market leader in iGaming with 30% market share for the three months to November 2021 in the markets in which it operates
  • Live in 19 jurisdictions – 4 iGaming, 19 sports betting
    • Expects to reach approximately 40% of the U.S. adult population with 2 further jurisdiction launches as well as launch in Canada and Puerto Rico in the coming months
  • Strong financial performance in FY 2021:
    • Net revenue from operations expected to be approximately $850 million1, ahead of management expectations and up nearly 5 times from prior year
    • Same-state growth in net revenue from operations up 140% from prior year
    • FY 2021 EBITDA loss expected to be in the range of $420 – $440 million, in line with expectations
    • Cost per acquisition was in line with management’s forecast, which reaffirms the expectation of achieving a long-term acquisition cost of $250
    • Player values in line with expectations, supporting long-term total addressable market opportunity in North America of approximately $32 billion
  • FY 2022 net revenue from operations expected to be over $1.3 billion
  • Continued growth will be supported by investment in additional markets and product deployments:
    • Expecting to launch online sportsbooks in Illinois and Louisiana in the first quarter as well as retail sportsbooks in Puerto Rico and both online sportsbook and iGaming in Ontario later this year
    • Expanding our first-to-market Bingo product and the BetMGM Racing app into additional states while continuing to enhance our products in existing markets
    • Continuing to employ our returns-driven marketing strategy while further incorporating the MGM Resorts loyalty program into all aspects of our offering
    • Maintaining our market-leading customer service while prioritizing responsible gaming across all facets of our business
  • BetMGM anticipates reaching positive EBITDA in 2023, based on its current assumption of future live markets
    • We have achieved positive contribution in several states, some within one year of launch, driven by our prudent, data-driven marketing strategy and by leveraging our omni-channel offering
  • Wholly supportive of BetMGM’s continuing success, strong performance and market leadership, the investment by MGM Resorts and Entain is expected to be approximately $450 million in 2022
    • This would bring the combined total investment from MGM Resorts and Entain to approximately $1.1 billion since launch in 2018

 

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FanDuel to Eliminate Credit Card Deposits Starting March 2

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FanDuel Sportsbook will no longer accept deposits by credit cards beginning March 2, the same step DraftKings Sportsbook took in August.

FanDuel issued a statement saying this decision has been in the works.

“Over the last few months, FanDuel has been evaluating the payment methods that we offer to customers and made the decision to remove credit cards as an option for our Sportsbook, casino and racing product in the United States. This change was made to improve the deposit experience for our customers,” the sportsbook said.

Many sports bettors don’t use credit cards because they are responsible for the fees.

U.S. Sen. Elizabeth Warren of Massachusetts applauded FanDuel’s actions.

“Last week, I asked sports betting companies about Americans getting scammed by credit card companies when placing sports bets – to the tune of a $10 junk fee just to fund a $20 bet,” Warren posted on social media.

“Glad to see Fanduel take action to protect consumers from these junk fees, joining DraftKings. The rest of the industry should follow suit.”

Two notable sportsbooks with nationwide locations, BetMGM and Caesars, accept credit cards.

FanDuel also announced Jan. 22 a program called “Play with a Plan” to encourage responsible wagering. Bettors are able to track their account activity, set spending limits and establish deposit notifications.

The post FanDuel to Eliminate Credit Card Deposits Starting March 2 appeared first on Americas iGaming & Sports Betting News.

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Evoplay Strengthens Canadian Presence with BetMGM Partnership

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Evoplay is celebrating another milestone in its regulated-market journey with a new launch in Ontario, teaming up with BetMGM to bring its games to one of Canada’s most dynamic and competitive jurisdictions.

The rollout introduces 18 Evoplay titles to BetMGM Casino in Ontario, carefully selected to deliver long-term engagement and appeal to a wide range of player preferences. The first wave includes proven performers such as:

• Hot Triple Sevens

• Hot Volcano

• Gold of Sirens Bonus Buy

• Inner Fire Bonus Buy.

These are games that have already demonstrated strong results across multiple regulated markets.

This launch marks another confident step in Evoplay’s Canadian expansion, reinforcing the company’s commitment to aligning its content with local market requirements, player expectations, and regulatory standards.

Alex Malchenko, Head of Sales at Evoplay, said: Ontario continues to set a high standard for regulated online casinos, making it a market where the right partnerships truly matter. Collaborating with BetMGM allows us to expand our reach with a portfolio that has already performed strongly across multiple areas and territories.

Oliver Bartlett, VP of Gaming at BetMGM, said: “Partnering with Evoplay adds a strong selection of proven, high-performing titles to our growing portfolio in Ontario.”

The post Evoplay Strengthens Canadian Presence with BetMGM Partnership appeared first on Americas iGaming & Sports Betting News.

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BetMGM Updates Anti-Harassment Policy to Protect Athletes

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BetMGM, a leading sports betting and iGaming operator, has updated its terms of service to explicitly prohibit athlete harassment. Under the revised terms, BetMGM will suspend a customer’s account if the customer is found to have used harassing or abusive language toward athletes, coaches, or team or league personnel.

While the operator’s previous terms allowed account suspension for any lawful reason, including harassment, the update provides even more clarity around the policy and underscores BetMGM’s commitment to sports integrity and player safety. Updates to the terms of service are subject to regulatory approval as required.

“We are unwavering in our commitment to sports integrity — and that commitment extends to safeguarding athletes, coaches and league personnel. Our legal, regulated environment enables us to identify misconduct, investigate reports, and take action when necessary. Any confirmed instance of harassment will result in decisive measures, including account suspension,” said Rhea Loney, BetMGM’s Chief Compliance Officer.

Football legend and BetMGM ambassador Barry Sanders said: “As a professional athlete, I know how important respect is — both on and off the field. BetMGM is sending a strong message that harassment has no place in sports or sports betting. I’m proud to see BetMGM protecting athletes and promoting integrity.”

This update aligns with BetMGM’s broader responsible gambling initiatives, including the integration of educational messaging through GameSense at 10 football stadiums nationwide. GameSense is an industry-leading program developed and licensed to MGM Resorts International and BetMGM by the British Columbia Lottery Corporation. The program is integrated across BetMGM’s mobile and desktop platforms, as well as MGM Resorts properties nationwide, providing practical tips and promoting positive, transparent, and proactive engagement around responsible play. BetMGM offers a variety of responsible gambling tools including the ability to set time and spending limits.

The post BetMGM Updates Anti-Harassment Policy to Protect Athletes appeared first on Americas iGaming & Sports Betting News.

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