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BETMGM FY23 UPDATE: FY23 NET REVENUE FROM OPERATIONS OF $1.96 BILLION AT TOP END OF GUIDANCE

Published

2 years ago

February 9, 2024

betmgm-fy23-update:-fy23-net-revenue-from-operations-of-$1.96-billion-at-top-end-of-guidance

BetMGM, LLC (“BetMGM”), one of the leading sports betting and iGaming operators across the U.S., jointly owned by MGM Resorts International (NYSE: MGM) (“MGM Resorts”) and Entain plc (LSE: ENT) (“Entain”) is today providing an update on performance for FY 2023.

BetMGM delivered a strong FY 2023 financial performance (based on unaudited results)
- Net revenue from operations grew 36% year over year to $1.96 billion¹, at the upper-end of $1.8-$2.0 billion guidance range²
  - Same-state growth in net revenue from digital operations of 14%
  - Key metrics across both iGaming and Online Sports Betting improved year over year, including average monthly actives, FTDs, hold percentages, bonus levels, NGR per active, and CPAs³
- EBITDA positive in the second half of 2023 with expected FY 2023 EBITDA loss of approximately $67 million⁴
Established as a leading operator across North America, live in 28 markets with access to 49% of adult population⁵
- Four new markets launched during the year: Ohio (online and retail), Massachusetts (online and retail), Puerto Rico (online) and Kentucky (online and retail)
- 14% market share in Sports Betting and iGaming in the U.S. and 22% in Ontario⁶
- Secured market access with Charlotte Motor Speedway ahead of expected March 2024 launch of newly legalised sports betting market in North Carolina, pending regulatory approval
Further operational progress supported by technology, product and capability enhancements, positions BetMGM to drive growth going forward
- Seamless execution of single account single wallet across 21 markets ahead of the 2023 NFL season
- Enhanced sports betting experience with improved speed⁷, broader market coverage and new differentiated bet types
- New in-house and exclusive games, including Dual Play Roulette, as well as largest progressive jackpots underpinning market leading iGaming offering
December 4th BetMGM business update set out strategic roadmap to drive growth in 2024
- Expanding the depth and breadth of our sports offering by leveraging Angstrom’s sophisticated modelling to support innovative and original products, including player-popular Same Game Parlay (“SGP”), SGP+ and new LIVE SGP products
- Continue to deliver market-leading and engaging gaming experiences that are more personalized and differentiated, including exclusive and MGM-branded content
- Increasingly investing in marketing and player acquisition as sports product and player retention continue to improve
- Unlocking BetMGM’s unique omnichannel advantages, particularly in Las Vegas, Nevada
  - Launched new improved app in January with single wallet functionality expected later in 2024
  - Leveraging Las Vegas sports teams and tentpole events, for example BetMGM’s first Big Game commercial featuring Tom Brady, Wayne Gretzky and Vince Vaughn
Reiterating guidance from December 2023 business update of targeting approximately $500 million of EBITDA in 2026
Recognized as Digital Operator of the Year by Global Gaming Awards, Online Casino of the Year by American Gambling Awards, and Casino Operator of the Year by EGR North America and SBC Awards North America.
Ongoing commitment to industry leadership in player safety and responsible gaming
- Secured five-year extension with GameSense program, providing player tools and capabilities to play responsibly
- Partnered with nine NFL teams to promote responsible gambling in stadiums during games
- Piloted the first of its kind program with Kindbridge Health to evaluate efficacy of offering self-excluded individuals’ referrals for problem gambling treatments

Adam Greenblatt, CEO of BetMGM, commented:

“Our performance in 2023 demonstrates our commitment to delivering on our promises. We were able to achieve strong organic growth, while executing against key strategic initiatives that lay the foundation for 2024 and beyond. The attainment of EBITDA profitability over the last three quarters of 2023 validates the effectiveness of our business model and provides the basis from which to invest further in expanding our sports offering through the integration of Angstrom and leveraging our largely untapped Las Vegas omni-channel advantages. With this comprehensive roadmap in place, we can focus on driving accelerated player acquisition and retention and strengthening our current market position. This clear strategic direction underpins our confidence in achieving our targets and building long-term, sustainable value for shareholders.”

Notes
(1)	FY2023 net revenue for BetMGM on a GAAP basis is expected to be approximately $1,920 million, which includes approximately $64 million related to Nevada MGM 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)	FY2023 non-GAAP net revenue guidance established in January 2023
(3)	Key metrics include average monthly actives, first time depositors (“FTDs”), hold percentages, bonus levels, net gaming revenue per active (“NGR per active”), and cost per acquisition (“CPAs”)
(4)	BetMGM has not completed its financial closing procedures for the three months and year ended December 31, 2023 and actual results can differ materially from these estimates. In addition, BetMGM’s independent registered public accounting firm has not audited, reviewed or performed any procedures with respect to these preliminary estimates. During the course of the preparation of BetMGM’s audited financial statements, BetMGM and its auditors may identify items that would require material adjustments to these estimates. As a result, these estimates constitute forward-looking statements and, therefore, investors are cautioned that they are subject to risks and uncertainties, including possible adjustments.
(5)	BetMGM operates iGaming and Online Sports Betting in five markets and Sports Betting only (combined online and retail) in 23 markets.
(6)	Market share for last three months ending November 2023 by GGR including only U.S. markets where BetMGM was active; internal estimates used where operator-specific results are unavailable. Ontario market share reflects the three-month period through December 2023.
(7)	Google Core Web Vitals validate that BetMGM in now one of the fastest apps in the U.S.

Forward-looking statements:

This document contains certain statements that are forward-looking statements. They appear in a number of places throughout this document and include statements regarding our intentions, beliefs or current expectations and those of our officers, directors and employees concerning, amongst other things, results of our operations, financial condition, liquidity, prospects, growth, strategies and the business we operate. Examples of these statements include, but are not limited to, BetMGM’s expectations regarding its financial outlook (including EBITDA guidance). These forward-looking statements include all matters that are not historical facts. By their nature, these statements involve risks and uncertainties since future events and circumstances can cause results and developments to differ materially from those anticipated. Any such forward-looking statements reflect knowledge and information available at the date of preparation of this document. Among the important factors that could cause actual results to differ materially from those indicated in such forward-looking statements include the significant competition within the gaming and entertainment industry; BetMGM’s ability to execute on its business plan; changes in applicable laws or regulations, particularly with respect to iGaming and online sports betting; BetMGM’s ability to manage growth and access the capital needed to support its growth plans; and BetMGM’s ability to obtain the required licenses, permits and other approvals necessary to grow in existing and new jurisdictions. In providing forward-looking statements, Entain is not undertaking any duty or obligation to update these statements publicly as a result of new information, future events or otherwise, except as required by law. Other than in accordance with its legal or regulatory obligations (including under the Market Abuse Regulation (596/2014), the Listing Rules, the Disclosure Guidance and Transparency Rules and the Prospectus Rules), Entain undertakes no obligation to update or revise any such forward-looking statements. Nothing in this document should be construed as a profit forecast. Entain and its directors accept no liability to third parties in respect of this document save as would arise under English law.

Non-GAAP Financial Information:

This press release includes net revenue from operations and estimated EBITDA, which have not been prepared in accordance with GAAP. BetMGM believes this presentation, which it uses for its own analysis of operations, is useful in that it reflects the true economic performance of the business. If BetMGM presented net revenue from operations in accordance with GAAP, then BetMGM would present the revenues associated with its Nevada digital and retail sports betting operations different, until such time as BetMGM is licensed as a Nevada gaming operator. Currently under GAAP, its calculation of Net Revenue would be on a basis net of operating costs, such that the GAAP reported Net Revenue would be lower than the Net Revenue reported herein, with Net Income remaining the same.

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BGaming releases Frenzy Clusters slot with expanding grid feature

Published

16 minutes ago

June 23, 2026

Wladimir P.

bgaming-releases-frenzy-clusters-slot-with-expanding-grid-feature

New cluster-pay title includes five character companions, Free Spins with progressive multipliers, and a ×10,000 max win at 97.11% RTP.

BGaming has released a new slot, Frenzy Clusters, adding another #Entertainment title to its portfolio. The game uses a cluster-pay mechanic and an expanding grid, with BGaming stating a maximum win of ×10,000 and an RTP of 97.11%.

Frenzy Clusters is built around five selectable character companions—Golub, Hugo, Bloke, Aussie, and Olaf—each positioned as culturally inspired. BGaming says the character choice does not affect outcomes, but characters react to wins with animations and interact with events on the reels.

Gameplay runs on a grid with blocked edge cells that can be unlocked by landing winning clusters next to them, expanding the play area. After wins, the game can trigger one of three random symbol effects: Rockets (clear a horizontal line), Books (clear a 3×3 area), and Spheres (remove all instances of the same symbol). BGaming says grid expansions last one spin in the base game and persist for the duration of the bonus round.

The Free Spins feature is triggered by three or more Scatters. BGaming says the bonus includes a progressive multiplier based on the number of Scatters, with no limit, and that players can access the bonus via Buy Bonus options or use a Chance feature to increase trigger probability.

Alex Baliukonis, Game Producer at BGaming, said, “At BGaming, we encourage our design team to get as creative as possible, and titles like Frenzy Clusters are the kind of magic they deliver.

This is one of our most imaginative titles to date, with each of the game’s five characters being designed to appeal to different players. Fantasy roleplay fans will definitely spot plenty of references in the game, with the team pulling inspiration from some of their favorite campaigns, and we have also been inspired by other popular culture stories.

The game goes beyond its aesthetic appeal, offering some big wins and a creative twist on the popular cluster-play dynamic, with the expanding grid providing the kind of engagement and progressive action that is tailor-made for streamers.”

The post BGaming releases Frenzy Clusters slot with expanding grid feature appeared first on EE Gaming | Global iGaming & Tech Intelligence Hub.

Climb Time Mummy Cash Uncovered

Games Global and High Limit Studio launch Climb Time Mummy Cash Uncovered

Published

16 minutes ago

June 23, 2026

Wladimir P.

games-global-and-high-limit-studio-launch-climb-time-mummy-cash-uncovered

Egyptian-themed slot adds Climb Time progression, Guaranteed Wild Meter and a Bonus Booster Wheel with rewards up to 6,250x.

Games Global has launched Climb Time Mummy Cash Uncovered in partnership with exclusive studio partner High Limit Studio. The new Egyptian-themed 5×3 slot adds feature progression, hidden prize reveals and a bonus wheel, with the company stating maximum rewards of up to 6,250x.

At the core is the Cash Uncovered mechanic, triggered by landing a Mummy or Wild symbol on every reel. When activated, the feature reveals hidden prizes on Wild symbols and awards all displayed values simultaneously.

The title uses the Climb Time progression system to unlock upgrades through play, including Random Wilds, the Bonus Booster Wheel and enhanced Mummy symbols. As players progress, four mummy modifiers are added to reel one: Hot Spin Mummy (prizes up to 1,250x), Boost Mummy (increases prizes up to 15x), Collect Mummy (gathers values up to three times) and Multiply Mummy (multipliers up to 10x).

A Guaranteed Wild Meter tracks Random Wilds landing on reels two to five during the base game. If a spin results in no win, the symbols are collected to build the meter. Landing three bell scatters awards 10 Free Spins, played with the number of Guaranteed Wilds accumulated. Coin symbols also feed a Treasure Pot that can randomly activate a Wheel Bonus.

High Limit Studio Creative Director Adrian Wotton said: “The Egyptian theme was a natural fit for the Cash Uncovered mechanic and gave us the opportunity to approach the concept from a different angle. Combined with the Guaranteed Wild Meter and enhanced mummy features, we’ve introduced new layers to the experience while staying true to what made the original title so popular.”

Games Global Director of Games Strategy and Partner Management Dave Reynolds added: “Climb Time Joker Cash Uncovered proved how well this mechanic resonates with players, and this release gives operators a follow-up that builds on that success. High Limit Studio has layered in feature progression and the Guaranteed Wild Meter to deepen the experience – evolving a concept players already know into something with even broader appeal.”

The post Games Global and High Limit Studio launch Climb Time Mummy Cash Uncovered appeared first on EE Gaming | Global iGaming & Tech Intelligence Hub.

2RBO Affiliates

ToonieBet Named Exclusive iGaming Partner of the Hamilton Tiger-Cats

Published

16 minutes ago

June 23, 2026

Wladimir P.

tooniebet-named-exclusive-igaming-partner-of-the-hamilton-tiger-cats

2RBO Affiliates is proud to announce that ToonieBet, an iGaming brand featured within its portfolio, has been named the Exclusive and Official iGaming Partner of the Hamilton Tiger-Cats. This partnership brings the Tigers’ spirit to the digital world, uniting a leading gaming platform with one of the most iconic and battle-tested teams in the Canadian Football League.

The collaboration marks a massive leap in ToonieBet’s expansion across the Canadian market, strengthening its position among a highly engaged sports audience. For affiliates, this is a call to sharpen the claws and prepare for a massive hunt for high-intent traffic and record-breaking conversions. By aligning with a club that defines grit and history, ToonieBet provides partners with direct access to a loyal fanbase where the passion for the play is unmatched and engagement extends far beyond the final whistle.

Through this alliance, affiliates gain access to premium traffic fueled by a dedicated sports community. By tapping into localized campaigns and sports-led activations, partners can expect optimized conversion funnels and stronger retention. This synergy ensures superior player LTV from a fanbase that lives and breathes the black-and-gold.

Aviv, Head of 2RBO Affiliates, highlighted the strategic value of this collaboration for affiliates:

“Partnering with the Hamilton Tiger-Cats allows us to engage with a football culture driven by loyalty, tradition, and a deeply engaged сommunity. For affiliates, this unlocks strong opportunities to connect with high-intent audiences, build campaigns around key fixtures in the season, and drive more consistent, long-term performance within the Canadian Football League ecosystem.”

“We are thrilled to welcome ToonieBet to the family as the Exclusive and Official iGaming Partner,” stated the Hamilton Tiger-Cats Press Office. “This partnership strengthens the connection between our club, our fans, and the wider digital world that surrounds the game. Together, we’re bringing new energy to the fan experience—creating exciting ways to engage, celebrate every moment of the season, and stay closer to the action. It’s time to ‘eat ’em raw’ together!

Ready to make every game count? Drive traffic to ToonieBet and turn player engagement into consistent revenue!

About ToonieBet

ToonieBet is a sports-oriented brand with casino and sportsbook features powered by exciting gamification. Players can play a thousand games and bet on sports events hunting for trophies and collecting cups for incredible prizes and generous bonuses.

About 2RBO Affiliates

2RBO Affiliates is a high-performance affiliate programme representing numerous iGaming brands. Built on an advanced platform, the programme combines modern gamification features, flexible commission models, and a no negative carryover policy to help maximise partner profitability. With transparent reporting, innovative tracking tools, and a strong focus on partner support and compliance, 2RBO Affiliates delivers scalable growth and long-term collaboration across competitive markets.

About Hamilton Tiger-Cats

The Hamilton Tiger‑Cats are a Canadian Football League (CFL) team based in Hamilton, Ontario. The club traces its roots to 1869, accumulating 15 Grey Cup titles, making it one of the most successful and storied football teams in Canada. A pillar of the local sports scene and owned by Hamilton Sports Group, the Tiger‑Cats are known for their longstanding tradition of excellence, both on the field and in the community through local initiatives.

The post ToonieBet Named Exclusive iGaming Partner of the Hamilton Tiger-Cats appeared first on EE Gaming | Global iGaming & Tech Intelligence Hub.