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BetMGM

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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Adam Greenblatt

BetMGM Secures Exclusive Online Casino Content Rights to “Family Feud” and “The Price is Right” with Fremantle Partnership

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BetMGM, a leading iGaming and sports betting operator, announced a new and exclusive online casino rights partnership with Fremantle, a world leader in creating, producing and distributing entertainment content for over 100 years. The multi-year agreement secures the intellectual property rights for iconic game shows “The Price is Right” and “Family Feud” for slots, table games, and non-traditional casino games. The partnership establishes the foundation for BetMGM to create customized online casino content around both game show brands.

“This partnership unlocks various ways for BetMGM and Fremantle to collaborate and expand our brand. ‘Family Feud’ and ‘The Price is Right’ are two of the most popular game shows in North America, and we look forward to bringing their fun and excitement to our online casino in various exciting ways,” said Adam Greenblatt, Chief Executive Officer of BetMGM.

During select weeks throughout the upcoming seasons, BetMGM will be featured as a sponsor with exclusive, never-before-seen partnership integrations for “Family Feud” and “The Price is Right”. Throughout 2025 BetMGM and Fremantle will reveal additional details on these planned partnership activations.

Suzanne Lopez, COO of Fremantle North America, said: “Our exclusive deal with BetMGM and our premier game show IP represents a significant milestone for us both. This innovative collaboration paves the way for in-game branding across diverse online casino categories, while also providing opportunities for integrated TV sponsorships. It’s all about enhancing how fans of ‘The Price Is Right’ and ‘Family Feud’ connect with the shows in fresh, immersive ways.”

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The company’s award-winning online casino is home to over 3500 titles across North American markets and one of the largest state-by-state exclusive jackpot networks. BetMGM’s jackpot network currently consists of more than 20 game titles including popular games such as MGM Grand Millions, Bison Fury, and Loot’En Khamun and the Dead Sea Scrolls.

The post BetMGM Secures Exclusive Online Casino Content Rights to “Family Feud” and “The Price is Right” with Fremantle Partnership appeared first on Gaming and Gambling Industry in the Americas.

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BetMGM

EveryMatrix content live in West Virginia with tier-1 brands

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BetMGM and Rush Street Interactive (RSI) are live with EveryMatrix exclusive casino content in West Virginia further extending the technology and games supplier’s regulated US footprint.

EveryMatrix will provide both tier-1 US brands’ customers in the ‘Mountain State’ with games from its in-house studios. This includes Armadillo Studios and, later this year, content from newly acquired Fantasma Games via integration with SlotMatrix, its proprietary B2B aggregation platform, and the industry’s largest content library with 30,000+ games from 350+ studios.

This marks the third state both brands are live with EveryMatrix content following launches in New Jersey and Michigan.

The industry’s fastest growing iGaming technology provider has secured commercial agreements with multiple tier-1 operators in the US with delivery through SlotMatrix.

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EveryMatrix has more than 300 global customers and holds North American licences in Ontario, New Jersey, Michigan, West Virginia, Connecticut and Pennsylvania.

Erik Nyman, President, EveryMatrix Americas, said: “Our North American footprint is rapidly growing, and we have ambitious plans to accelerate our roadmap across 2025 and beyond.

“SlotMatrix is at the core of our content integration strategy delivering tier-1 US and Canadian brands with new and existing high-performing content, strengthened later this year by Fantasma Games, that already has strong US market share and further bolstered by our vast aggregation portfolio.”

The post EveryMatrix content live in West Virginia with tier-1 brands appeared first on Gaming and Gambling Industry in the Americas.

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BetMGM Appoints Casey Hurbis as Chief Marketing Officer

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BetMGM has appointed Casey Hurbis as its new Chief Marketing Officer. Reporting directly to BetMGM Chief Revenue Officer Matt Prevost, Hurbis brings 30 years of diverse consumer marketing expertise to BetMGM’s leadership team, positioning the brand to further accelerate its rapid momentum in the sports betting and iGaming industry.

“Building BetMGM from the ground up into one of the most recognizable brands in the sports betting and iGaming sphere has been an incredible accomplishment made possible by the tireless efforts of our amazing team. Bringing a visionary leader like Casey Hurbis on board adds another impactful advantage for our brand,” said Prevost.

Over the past three decades, Hurbis has spearheaded innovative, needle-moving strategies in consumer engagement, digital advertising, partnership development, experiential marketing and more — expertise that will evolve into big-impact initiatives for BetMGM. Most recently, Hurbis served as Chief Marketing Officer at Rocket Mortgage, where he led marketing strategies that captured the country’s attention for the nation’s largest retail mortgage lender. Highlights of his tenure include consecutive No.1 rankings on USA Today’s Ad Meter for Super Bowl commercials and the launch of the Rocket Mortgage Classic, which has become the most awarded event on the PGA Tour.

Hurbis said: “Sports betting is one of the most competitive and rapidly evolving industries in the marketing world, and I’m honored to join BetMGM at such an exciting time in its growth. BetMGM is a brand with incredible momentum, backed by a team that is redefining how we engage and entertain audiences. I look forward to pushing the boundaries of creativity and innovation to not only attract new audiences but enhance the experience for our loyal players to even greater heights.”

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Before joining Rocket Mortgage, Casey spent 24 years in automotive marketing, culminating in his role leading advertising and communications for FIAT and Alfa Romeo. Alongside his brand-building expertise, Casey is deeply committed to philanthropy, supporting organizations such as the Special Olympics, the Salvation Army and Bethany Christian Adoption Services. He also serves on the Board of Directors for Adcraft Detroit, Michigan State Communication Arts and Sciences, Brand Innovators and the Detroit Sports Commission.

Hurbis and BetMGM’s creative agency of record, Highdive, previously collaborated on three top-ranked Super Bowl campaigns at Rocket Mortgage, laying the foundation for even greater synergies and success at BetMGM.

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