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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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Weekend Reels | Week 30: Slot Drops & Trends

Published

7 hours ago

July 24, 2026

Wladimir P.

weekend-reels-|-week-30:-slot-drops-&-trends

Here are this weeks latest slots releases compiled by Eastern European Gaming

Spinomenal has released 3 Fuego Chillies, a new 5×3 video slot themed around a Mexican street fiesta. The game ships with a feature-led Bonus Game and a top prize billed as a Grand Jackpot of x3,000 the total bet.

CT Interactive has released its latest slot game, 40 Mega Star. As the night sky comes alive with countless shimmering lights, only a select few stars have the power to capture attention and become true Mega Stars.

TaDa Gaming has expanded its popular Unlimited Fortune mechanic with the launch of Joker Coins Unlimited Fortune. Combining Lock & Respin, progressive bonus expansion, jackpots, multipliers and the signature Unlimited Fortune feature, this compact three-reel release delivers layered gameplay and win potential of up to 5000x.

Blueprint Gaming is releasing an upgraded version of Super Graphics Upside Down exclusively on Lottomart, giving Lottomart’s UK players early access to the title. Originally launched in 2021, Super Graphics Upside Down is being re-released with a new bonus wheel feature and an increased max win potential, rising from 250X to 3000X, according to the companies.

ICONIC21 has released Wild Gold Mine 2, a high-volatility sequel to its Wild Gold Mine slot. The game is played across 243 ways and launches with multiple RTP configurations, with a stated top prize of 10,000x.

Games Global has launched Rumble Kong CASHINGO, a new jungle-themed online slot developed with exclusive studio partner Alchemy Gaming. The title went live on 23rd July 2026. Rumble Kong CASHINGO is a 5×5, 3,125 ways-to-win game built around an expanding CASHINGO collection grid.

Swintt has released a new slot from its Elysium Studios label, titled Odyssey Hold & Win. The supplier said the game is built around a Hold & Win collection mechanic and features a stated maximum win of 3,317x. Odyssey Hold & Win runs on a 4×4 grid that can expand to 4×8 when Athena appears, according to the company.

ELA Games has released a new slot, Age of Cleopatra, adding another ancient-Egypt theme title to its portfolio. The studio positions the game as a medium-volatility release and says it is available to demo now. Age of Cleopatra runs on a 5×3 reel set-up with 25 paylines.

Endorphina has launched Zalatar, a new myths-and-legends themed online slot, expanding its recent run of fantasy-leaning releases. The supplier said Zalatar is a 5-reel, 3-row game with 25 fixed paylines, 96.03% RTP and high volatility.

The post Weekend Reels | Week 30: Slot Drops & Trends appeared first on EE Gaming | Global iGaming & Tech Intelligence Hub.

Awards

Slotsoo Awards 2026 Celebrate the Best Casinos and Game Providers

Published

9 hours ago

July 24, 2026

Wladimir P.

slotsoo-awards-2026-celebrate-the-best-casinos-and-game-providers

Slotsoo is proud to announce the winners of the Slotsoo Awards 2026, recognising the online casinos and game providers that have delivered the best player experiences over the past year. Now firmly established as an annual celebration of excellence, the awards continue to recognise the companies setting new standards for quality and innovation across the iGaming industry.

Spotlighting the Best Game Providers of 2026

Following last year’s successful debut, the Slotsoo Game Provider Awards returned for a second year to recognise the studios pushing online slots forward through original ideas, engaging gameplay, and consistently high-quality releases. This year’s winners are:

The Machine MVP – Pragmatic Play
Bonus Buyer – Eurasian Gaming
Volatility Virtuoso – 1spin4win
Jackpot Jumbo – Platipus Gaming
Symphony Spinner – Peter & Sons
Reel Renegade – TaDa Gaming
Promising Prodigy – EXCO Game Studio

Pragmatic Play retained the prestigious Machine MVP award for a second consecutive year, while every other category crowned a new winner, highlighting the emergence of fresh talent and new ideas among game providers.

Casino Awards Return for a Fourth Year

Since their debut in 2023, the Slotsoo Casino Awards have celebrated the operators raising the standard for online casino experiences. This year’s winners continue that tradition, earning recognition for excellence across bonuses, withdrawals, gamification, and overall quality. The seven winners for 2026 are:

The Gambling GOAT – Lunar Spins
The Bonus Buff – Go4Casino
The Loyalty Lord – Valhalla Wins
The Withdrawal Wizard – Taste Vegas
The Gamification Guru – Lucky Fuel
The Payout Professor – Stupid Casino
The Noisy Newcomer – Kudos Bet

While the Game Provider Awards saw several first-time winners, the Casino Awards reflected the continued strength of a few established operators. C24 Partners enjoyed a particularly successful year, with four awards going to brands from its portfolio, including the main trophy The Gambling GOAT.

Recognition That Goes Beyond Popularity

Unlike many industry awards, the Slotsoo Awards are not decided by public voting. Winners are selected by the Slotsoo team after evaluating casino operators and game providers throughout the year. Each nominee is assessed on factors such as player value and innovation.

This approach ensures that both established industry leaders and ambitious newcomers have an equal opportunity to be recognised. Whether it’s a casino redefining loyalty rewards or a game studio introducing fresh mechanics, the awards highlight companies that genuinely move the industry forward.

Other News from Slotsoo.com This Summer

The Slotsoo Awards weren’t the only milestone for the company this summer. In June, the team attended the HIPTHER Baltics & Nordics Gaming Conference in Tallinn, connecting with industry professionals, exploring the latest developments in iGaming, and returning home with plenty of inspiration.

July marked the publication of Slotsoo’s first book, The Casino Player’s ABC, written by Markus Björk, Head of Content. This tongue-in-cheek ABC book for adults takes a humorous look at the ups and downs in slot gaming. Markus Björk comments:

“The awards and the book may seem like very different projects, but they share the same goal. Both are about celebrating what makes this industry unique and helping players navigate it with a sense of humour.”

With another successful awards season, the publication of their first book, and an active presence at industry events, 2026 has been one of Slotsoo’s busiest and most exciting years to date.

The post Slotsoo Awards 2026 Celebrate the Best Casinos and Game Providers appeared first on EE Gaming | Global iGaming & Tech Intelligence Hub.

BETBY

BETBY Builds on a Strong Start to 2026 with Solid H1 Sportsbook Growth

Published

9 hours ago

July 24, 2026

Wladimir P.

betby-builds-on-a-strong-start-to-2026-with-solid-h1-sportsbook-growth

BETBY, the Tier 1 sportsbook supplier, has continued its strong start to 2026, delivering solid year-on-year growth across its business during the first half of the year. Building on the positive Q1 results reported in April, the supplier’s performance was supported by continued market expansion, product innovation, and strong activity across its operator partnerships.

During the first half of 2026, BETBY’s sportsbook Gross Gaming Revenue (GGR) increased by 42.7% compared to H1 2025. The number of active players across the provider’s partner network grew by 47%, while the total number of bets placed rose by 21.2%, reflecting sustained growth across both new and existing operator partnerships.

The period also saw BETBY further expand its product ecosystem through several key launches and developments. Among them was BETBY Predictions, the industry’s first fixed-odds prediction markets feed, opening a new betting vertical for operators. The supplier also introduced Stories, an engagement feature built around a familiar, interactive content format and delivered directly within the sportsbook experience.

The FIFA World Cup provided an additional boost during the last three weeks of June, generating high levels of betting activity across BETBY’s partner network and demonstrating the scalability and reliability of its sportsbook during the world’s largest sporting event.

BETBY’s proprietary esports feed, Betby Games, also delivered continued growth during H1 2026, recording a 28% year-on-year increase in Gross Gaming Revenue. Active players grew by 46%, while the number of bets placed rose by 14.8%. These figures reinforce Betby Games’ importance within BETBY’s broader product portfolio.

Leonid Pertsovskiy, Chief Executive Officer at BETBY, said: “After a strong first quarter, we are pleased to see that the positive trend continued throughout the first half of the year. These results reflect the strength of our long-term strategy, combining continued market expansion with a clear focus on product innovation and helping our partners grow.

“The launch of products such as BETBY Predictions and features like Stories, alongside the continued evolution of Betby Games, demonstrate our commitment to delivering solutions and technology that create measurable value for operators. We are proud of what we have achieved so far this year and remain focused on continuing this progress throughout H2.”

The post BETBY Builds on a Strong Start to 2026 with Solid H1 Sportsbook Growth appeared first on EE Gaming | Global iGaming & Tech Intelligence Hub.