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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.”

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

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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.”

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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.

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

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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.

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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.

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Jamie Foxx Spotlights BetMGM Casino in New Commercial

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BetMGM, a leading sports betting and iGaming operator, is premiering its first online casino commercial featuring company brand ambassador Jamie Foxx. The 30-second spot entitled “Vegas Lights” showcases the relationship between the award-winning online casino and MGM Resorts International, with Foxx using the BetMGM mobile app to illuminate iconic Las Vegas experiences with each successive tap.

“BetMGM has been a phenomenal company to work with the past few years and creating this new commercial for their online casino was no exception. I love the way the spot turned out,” said Foxx.

“Vegas Lights” follows Foxx as he travels to several of MGM Resorts’ Las Vegas destinations including Bellagio, ARIA Resort & Casino and MGM Grand. The commercial emphasizes the connection between playing online and earning in-person rewards, such as show tickets and resort accommodations. Created by BetMGM’s award-winning agency of record, Highdive, the spot was directed by the award-winning duo, The Malloys, with Superprime, and shot with renowned cinematographer Jeff Cronenweth.

Casey Hurbis, Chief Marketing Officer, BetMGM, said: “Jamie Foxx is an extraordinary talent and a pivotal part of the way we showcase the best of BetMGM. This spot brilliantly captures BetMGM’s major differentiator of blending online and in-person casino experiences.”

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Mark Gross, Highdive Co-Founder and Co-CCO, said: “No one lights up Vegas like BetMGM and Jamie Foxx. Our new ‘Vegas Lights’ spot showcases how BetMGM Casino, and its real-life connection to Vegas, can make every moment feel like a win.”

The commercial will air in the five markets across North America where BetMGM Casino currently operates including Michigan, New Jersey, Pennsylvania, West Virginia, and Ontario.

AJ Mazza, Brand Director of BetMGM, said: “Jamie is a fantastic ambassador and opens up so many creative ways to unleash our brand. His energy and humor on set was irresistible, and it was an honor to collaborate with him.”

The post Jamie Foxx Spotlights BetMGM Casino in New Commercial appeared first on Gaming and Gambling Industry in the Americas.

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