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BETMGM FIRST HALF 2023 UPDATE

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NET REVENUE FROM OPERATIONS OF $944 MILLION IN FIRST HALF OF 20231

POSITIVE EBITDA FOR THE FULL SECOND QUARTER OF 20232

BetMGM, one of the leading sports betting and iGaming operators in North America, jointly owned by Entain plc and MGM Resorts International, is providing an update on First Half of 2023 (“1H 2023”) performance and outlook for full-year 2023.

Adam Greenblatt, Chief Executive Officer of BetMGM, commented:
“I am pleased with the significant progress we have made during the first half of 2023 as we continue our strong growth and remain on our path to profitability. Our financial guidance for the year remains on track – we expect to deliver $1.8 to $2.0 billion in full year revenue, as well as to be EBITDA positive in the second half of 2023. In fact, we have already achieved positive EBITDA for the full second quarter of this year. Our focus remains on building a sustainable, scalable and returns focused business with leading products that our players enjoy responsibly. We look forward to the remainder of the year, buoyed by ongoing product improvements, tremendous support from our shareholders providing access to new assets and partnerships, and – above all – our extraordinary team at BetMGM.”

  • BetMGM finished 1H 2023 with strong financial performance
    • Net revenue from operations of $944 million, on track to deliver at the upper end of previous guidance range for FY 2023 revenue of $1.8 to $2.0 billion
      • 1H same-state growth of 25% in net revenue from digital operations
    • Reached the key milestone of positive EBITDA for 2Q 2023
    • Improved same state CPAs by 8% in 1H 2023 year on year
    • Bonus optimization and player management program continuing to have significantly positive impact, delivering enhanced GGR to NGR conversion:
      • Sports NGR margin increased by 300 bps in 1H 2023 year on year
      • Digital sports 1H revenue per player up by 65% for players acquired in 2021 or earlier
    • Each of the annual cohorts of digital sportsbooks launched from 2019 through 2022 delivered positive Contribution Profit in 2Q3
  • Remain on track for previously stated guidance of EBITDA positive in the second half of 2023 (“2H 2023”)
    • Includes investment in upcoming launches in Kentucky and North Carolina that were not originally planned during 2023
    • Expectation that BetMGM will become self-sustaining in 2H 2023, with no additional equity investment expected from MGM Resorts or Entain after the $150 million previously committed for 2023
  • Established as a leading sports betting and iGaming operator in North America
    • Continued geographic footprint expansion in 1H 2023, with new digital sports betting launches in OhioMassachusetts, and Puerto Rico
    • Live in 26 jurisdictions, including Ontario, with access to approximately 48% of the adult population in the United States4
    • Market share across iGaming and sports betting of 18%5
      • Continued market leadership in iGaming with approximately 27% market share6
      • Online sports betting market share of 11%, with 13% share in markets where BetMGM was live on day one6
  • Entain and MGM Resorts contributed new technology, resources, and relationships to accelerate both BetMGM’s product evolution and its access to players
    • Entain’s acquisition of pricing and risk specialist Angstrom, announced on July 17th, will enhance BetMGM’s sports betting offering, particularly in the fast-growing markets of parlay and in-play wagering, and provide players with a greatly improved experience
    • In connection with MGM Resorts’ exclusive partnership with Marriott, announced on July 17th, BetMGM entered into a loyalty marketing agreement with Marriott whereby BetMGM will offer customers extensive opportunities to earn Marriott Bonvoy points while playing with BetMGM, create exclusive games and experiences, and allow customers to exchange BetMGM Rewards points into Marriott Bonvoy points
    • Various platform and product enhancements delivered to provide a more exciting and seamless experience. We’re on track with the rollout of Single Account Single Wallet
  • Ongoing commitment to player safety, prioritizing responsible gambling across our business
    • Five-year extension to GameSense partnership, announced on March 1st, continues BetMGM’s prominence of responsible gambling messages in its digital and out-of-home marketing campaigns, as well as in its mobile app and retail sportsbooks
      • Through its GameSense partnership, BetMGM provides customers with information about how to bet responsibly, setting limits, dispelling myths, and finding support and assistance
    • BetMGM awarded one of the Responsible Gambling Council’s top accreditations for integration of responsible gambling and player protection into platforms and operations
  • Award recognition including
    • Casino Operator of the Year by EGR North America (second year in a row)
    • Casino Operator of the Year at SBC Awards North America (third year in a row)
    • 2023-2024 Great Place to Work Certification™

Notes:
1: 1H 2023 net revenue for BetMGM on a GAAP basis is expected to be approximately $923 million, including approximately $32 million related to Nevada MGM Resorts operations for which BetMGM records on a net basis as BetMGM is considered to be the agent in the Nevada transactions for GAAP purposes.
2: 1H 2023 Revenue and EBITDA figures are unaudited.
3. Contribution Profit for a particular state reflects Net Gaming Revenue minus direct costs (excluding depreciation and amortization and people costs) considered under GAAP presentation of Gross Profit plus marketing acquisition spend.
4: BetMGM operates iGaming and Sports Betting in five markets and Sports Betting in twenty-one markets.
5: Market share for last three months ending April 2023 by GGR including iGaming, retail and online sports betting, and only U.S. markets where BetMGM was active excluding New York; internal estimates used where operator-specific results are unavailable.
6: Market share for last three months ending April 2023 by GGR, including only U.S. markets where BetMGM was active and excluding New York in online sports; internal estimates used where operator-specific results are unavailable.

BetMGM

BetMGM Extends its Partnership with EPIC Global Solutions

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BetMGM has extended its relationship with EPIC Global Solutions into a sixth year, drawing on the consultancy’s lived experience model to support player protection excellence across key consumer-facing teams.

BetMGM originally partnered with EPIC to provide meaningful exposure to the human impact of problem gambling for its employees and stakeholders. The “lived experience” approach from EPIC continues to positively impact the organisation’s responsible gambling framework, training strategy, and stakeholder engagement.

Through the extension of the work in 2026, EPIC has initially delivered two sessions of their “Gambling Harm Awareness” program to BetMGM teams during March, coinciding with Problem Gambling Awareness Month, and will undertake two further scheduled sessions with BetMGM’s customer-facing teams later in the year. Additional Gambling Harm Awareness sessions have been agreed for September, alongside digital Responsible Gambling training and an advisory day with EPIC consultants.

Client feedback from the two March engagements has evidenced strong increases in both knowledge and confidence around gambling issues among BetMGM teams. Quantitative feedback from employee surveys confirmed:

• 100% agreed or strongly agreed they had a better understanding of the potential personal, social, and financial effects of gambling harm, as well as a better understanding of how RG supports healthy play and how PG manifests as harm, and how proactive engagement can protect customers and the company;

• 98% agreed or strongly agreed they had a better understanding of how to identify key indicators in customer behavior, communication, or play patterns;

• 95% of respondents agreed or strongly agreed they had better knowledge of the difference between responsible gambling (RG) and problem gambling (PG);

• 100% of respondents agreed or strongly agreed they felt confident recognising the signs of gambling harm and in identifying common risk factors and vulnerable groups.

Richard Taylor, Director of Responsible Gambling, BetMGM, said: “Our long-standing partnership with EPIC Global Solutions continues to play an important role in how we support responsible play at BetMGM. Their lived experience approach brings valuable insight to our teams and enhances how we recognise and respond to gambling-related risk. As we enter our sixth year working together, EPIC’s expertise remains essential to strengthening our culture of responsibility across the business.”

“BetMGM continues to demonstrate a clear commitment to player protection, evidenced by the longevity of their working relationship with EPIC,” said Cory Brown, Gaming Policy & Consumer Protection Manager North America, EPIC Global Solutions.

“We’re pleased to have supported their mission for six years and look forward to further strengthening their team’s knowledge with the additional training we’re scheduled to deliver later this year.”

The post BetMGM Extends its Partnership with EPIC Global Solutions appeared first on Americas iGaming & Sports Betting News.

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BetMGM Named US Home of Gold Blitz™ by Games Global

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Games Global has named BetMGM the official “home of Gold Blitz™ in the US, with BetMGM Casino and Borgata Online Casino set to debut new titles from the popular franchise ahead of a wider market rollout.

As part of the agreement, BetMGM players will benefit from early access to upcoming Gold Blitz™ releases, allowing them to experience the latest gameplay features and innovations before they are introduced across the broader US market.

The partnership builds on the continued success of the Gold Blitz™ franchise, which has become one of Games Global’s most recognisable and high-performing mechanics.

Leading the rollout, BetMGM will be the first US operator to launch Gold Blitz Express™, the fourth instalment in the series. The new title introduces the Blitz Express feature, further enhancing gameplay depth and win potential. Additional releases, including Blazing Bison Gold Blitz Ultimate Double X, are scheduled to follow, reinforcing the ongoing expansion of the franchise.

Globally, Gold Blitz™ has delivered strong results, consistently ranking among Games Global’s top-performing game families and attracting over one million active players in 2025 across partner operators.

The agreement further strengthens the relationship between Games Global and BetMGM, supporting the operator’s efforts to drive player engagement across regulated US markets.

Joann Pierce, Chief Commercial Officer US at Games Global, said:
“Gold Blitz™ has become a cornerstone of our portfolio, delivering strong performance across multiple markets. Partnering with BetMGM to bring new releases to players first reflects our shared commitment to premium, engaging content. Early access initiatives like this allow us to showcase innovation while supporting our partners’ growth.”

Oliver Bartlett, Senior Vice President of Gaming at BetMGM, added:
“We’re committed to delivering top-tier gaming experiences, and Gold Blitz™ represents one of the most exciting game families in the market. Being first to launch these new titles ensures our players enjoy cutting-edge gameplay ahead of the wider industry.”

Responsible Gaming:
If you or someone you know has a gambling problem, support is available. In the US, call 1-800-GAMBLER or 1-800-MY-RESET, or visit BetMGM.com for full terms and eligibility requirements. 21+ only. Please gamble responsibly.

The post BetMGM Named US Home of Gold Blitz™ by Games Global appeared first on Eastern European Gaming | Global iGaming & Tech Intelligence Hub.

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PA Gaming Control Board Imposes $100,000 Fine on BetMGM

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The Pennsylvania Gaming Control Board (Board) at its public monthly meeting approved a consent agreement presented by the Board’s Office of Enforcement Counsel (OEC) resulting in a $100,000 fine to BetMGM.

In its approval of the consent agreement, the Board agreed that BetMGM failed to have sufficient procedures to prevent fraudulent behavior on its BetMGM and Borgata wagering platforms. This includes insufficient Know-Your-Customer (KYC) protocols that allows for the creation, access and use of multiple accounts by individuals using personal identifying information of other individuals and the funding of those accounts using stolen or fraudulently obtained payment devices.

The consent agreement identified four individual fraud rings that:

1. operated for approximately 25 months until January 2024 with 1567 accounts created using personal identifying information of other individuals and $229,580 of combined wagering;

2. operated for approximately 34 months until November 2024 with 34 accounts created using personal identifying information of other individuals and over $14,598 of combined wagering;

3. operated for approximately 29 months until November 2023 with 119 accounts created using personal identifying information of other individuals and $895,092 of combined wagering

4. operated for approximately 19 months until December 2023 with 304 accounts created using personal identifying information of other individuals and $867,910 of combined wagering.

The Board also took actions to place 16 individuals on its various Involuntary Exclusion Lists. Placement on an Involuntary Exclusion List prohibits individuals from either gaming in a casino in Pennsylvania, via an online betting site regulated by the Board, or at a Video Gaming Terminal (VGT) location.

The actions by the Board include placement of four adults on the Involuntary Casino Exclusion list for leaving minors unattended at a casino property while they gambled:

• A male patron who left an 11-year-old in a vehicle in the parking lot at Hollywood Casino York for 52 minutes while he gambled at slot machines and table games;

• A male patron who left a 5-year-old in a vehicle in the parking lot at Rivers Casino Philadelphia for 17 minutes while he gambled at table games and the sportsbook;

• A male patron who left a 9-year-old in the parking lot at Rivers Casino Philadelphia for 1 hour 7 minutes while he gambled at table games and the sportsbook; and,

• A male patron who left two minors, ages 7 and 12, in a vehicle in the parking lot at Parx Casino for 32 minutes while he gambled at slot machines.

Actions such as these to deny statewide gambling privileges serve as a reminder that adults are prohibited from leaving minors unattended in the parking lot or garage, a hotel, or other venues at a casino since it creates a potentially unsafe and dangerous environment for the children. To complement the efforts by casinos to mitigate this issue, the Board created an awareness campaign, “Don’t Gamble with Kids” (DontGamblewithKids.org).

In addition to the four adults listed above, 12 others were placed on either or both of the Involuntary Casino Exclusion and Involuntary Interactive Exclusion Lists for various actions.

These matters, presented by the Board’s Office of Chief Counsel and the OEC, raise the number of individuals now on the Board’s various Involuntary Exclusion Lists to 1515.

The post PA Gaming Control Board Imposes $100,000 Fine on BetMGM appeared first on Americas iGaming & Sports Betting News.

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