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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
- 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
- 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.”
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Notes |
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(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 |
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(2) |
FY2023 non-GAAP net revenue guidance established in January 2023 |
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(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”) |
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(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. |
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(5) |
BetMGM operates iGaming and Online Sports Betting in five markets and Sports Betting only (combined online and retail) in 23 markets. |
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(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. |
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(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.
boutique studios
Movers and Shakers: The blueprint for boutique studios looking to crack America
“Movers and Shakers” is a dynamic monthly column dedicated to exploring the latest trends, developments, and influential voices in the iGaming industry. Powered by GameOn and supported by HIPTHER, this op-ed series delves into the key players, emerging technologies, and regulatory changes shaping the future of online gaming. Each month, industry experts offer their insights and perspectives, providing readers with in-depth analysis and thought-provoking commentary on what’s driving the iGaming world forward. Whether you’re a seasoned professional or new to the scene, “Movers and Shakers” is your go-to source for staying ahead in the rapidly evolving iGaming landscape.
Charles Mott, Founder and CEO of S Gaming, says finding success in the US is a tough task, but that studios who can replicate the magic of the casino floor have what it takes to make it stateside
There are plenty of European studios that have set their sights on finding success in the US, but very few have actually managed to achieve it. This is because they are making a common mistake, and that’s failing to translate the preferences of US slot players into their games.
For more than a decade now, the UK and European markets have been defined by “the chase” – high volatility slots with massive, infrequent max wins and jackpots that deliver anticipation and thrills, but that also exhaust the player’s balance in minutes.
But if you walk on to the floor of any Las Vegas casino, the atmosphere is different. It’s about “time at machine”. It’s the neon, the regular dopamine hits of smaller wins and the ability to make $100 provide an entire evening’s worth of entertainment.
As the US market increasingly moves to online, with more states embracing regulated iGaming, it’s no longer finding its feet with players now actively looking for a digital version of the land-based soul they have loved for many years.
Moving away from the “big win” to the “long session”
US players have been culturally conditioned by the physical casino experience. Unlike the high-stakes digital environment of Europe, the American player often views slots as a leisure activity rather than a jackpot hunt.
This is why S Gaming has focused on fun, entertainment and sustainability, with our games matching the “steady tortoise” cadence of land-based slot machines. They still deliver lots of big win potential, but across longer and more engaging sessions.
For operators like BetMGM and Fanatics, both of which we’ve recently partnered with, it’s not just about fun, it’s about retention.
A player who loses their balance in three minutes is a churn risk, but a player who wins small, frequent prizes stays in the ecosystem for longer and ultimately generates a much higher lifetime value.
Efficiency over ego
But it’s not just about having the right games, distribution is also key to cracking America. This is a notoriously difficult market because it’s not one jurisdiction, it’s five (and counting) regulatory islands and in each, you need to secure regulatory approvals.
This is actually a moat that keeps many smaller studios out. It’s an issue we had to overcome, and ultimately looked for a partner that could help us bridge the gap. Our agreement with Gaming Realms allows us to use its remote game server and licences to launch into US states.
This “Infrastructure-as-a-Service” model allows a studio to focus on “game grammar” (math and art) while the partner handles the “plumbing” (compliance and connectivity). It’s the leanest way to hit the ground running with a tier-one operator across multiple states simultaneously.
Why tier ones are buying in
You might be wondering why a tier one giant like BetMGM has joined forces with a boutique UK studio and facilitated its launch into the US.
But the reality is that operators are fighting soaring acquisition costs right now and this means they no longer want more games, they want differentiated games that reduce churn and keep players coming back for more.
Our focus on sustainable entertainment aligns with current US regulatory requirements and the focus on responsible gaming. Games designed for longer, lower stakes sessions are inherently “safer” and more palatable to regulators and risk-averse operators alike.
And they just hit the mark more with players. Sure, winning is a big part of playing online slots, but how you get to the win and the perceived entertainment value is now just as if not more so important – not just in the US but in the UK and Europe, too.
The data-driven evolution
Success does not come from a single launch – it comes from having a feedback loop. We now have a handful of games live in the US market, including our flagship Triple 7 Jackpot title, from which we are gathering real-time data on player behaviour.
This is allowing us to move from “what we think players want” to “what the data tells us they love” and this in turn is allowing us to refine our product roadmap and the games we are producing for the US market, ensuring each title is more culturally resonant than the last.
The new era of transatlantic growth
Cracking America in 2026 isn’t about having the loudest brand of the biggest marketing budget – it’s about understanding the psychology of the casino floor.
The studio’s that succeed will be those that realise the US player isn’t looking for a new way to gamble, they’re looking for a digital version of the “Vegas” feeling they’ve known and loved for decades.
The post Movers and Shakers: The blueprint for boutique studios looking to crack America appeared first on Americas iGaming & Sports Betting News.
blask
When Africa gambles: seasonality patterns across five countries revealed by Blask
When Africa Gambles: Seasonality Patterns Across Five Markets Revealed by Blask , Nigeria, Tanzania, Kenya, the Democratic Republic of the Congo, and Egypt operate under diverse regulatory regimes and follow different domestic sports calendars — Egypt also observes a Friday–Saturday weekend. Yet, across these markets, gambling activity exhibits a shared rhythm: engagement climbs into Q4 and remains elevated through the year-end, with softer periods either mid-year (Nigeria, Tanzania, Kenya, DR Congo) or late winter (Egypt). Peaks broadly coincide with the European club season, while in some markets domestic leagues run in parallel.
Blask’s Seasonality feature, drawing on data from January 2016 to February 2026, allows mapping engagement by month, day, and hour, revealing nuanced patterns in each market:
Nigeria: The Long Saturday
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Annual curve accelerates into Q4: October is the top month, followed closely by September, November, and December. June marks the low point, with a modest rebound in July before the late-summer climb.

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Weekly cycle is weekend-led: Saturday dominates, Sunday and Friday show smaller peaks, weekdays are quieter.
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Hourly pattern forms a broad plateau on Saturday, with elevated activity from early morning to late evening (5am–9pm Lagos time). Weekday engagement is lower, concentrating in the late afternoon and evening.
Tanzania: Saturday as a Corridor
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Annual rhythm mirrors Nigeria: softening in June–July, rising from August into a Q4 plateau. Top months are November–December, with October close behind.

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Weekly cycle hierarchy is clearer: Saturday is strongest, Sunday elevated but lower, Friday leads weekday peaks.
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Saturday functions as a corridor rather than a sharp spike: activity stays high from 7am–11pm Dar es Salaam time, peaking mid-afternoon to early evening (3pm–7pm). Weekday activity tilts toward evening post-work.
Kenya: Two Clocks in One Market
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Annual curve rises from August into Q4, with December at the peak, October and November following. Low points in June–July.

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Weekly peaks favor the weekend: Saturday #1, Sunday #2.
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Hourly pattern shows dual peaks: a primary late-afternoon to evening spike (3pm–9pm Nairobi time) and a secondary pre-dawn rise (3am–7am), particularly visible on weekends.
DR Congo: The Morning Market
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January remains unusually strong alongside December, which is the top month.

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Weekly cycle follows the familiar weekend pattern: Saturday leads, weekend days generally brighter.
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Hourly peak occurs in the morning, roughly 5am–9am Kinshasa time, shifting an hour later in eastern regions. Weekdays maintain the morning lift, with Saturday adding extra intensity.
Egypt: Friday Leadership and After-Midnight Play
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Annual curve climbs steadily to year-end: December tops, followed by November and October. Softest periods are February and March.

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Weekly cycle differs: Friday peaks, Thursday and Saturday slightly behind, reflecting Egypt’s Friday–Saturday weekend.
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Nighttime engagement is strongest in the group, concentrating after midnight (2am–5am Cairo time), consistently across all days of the week.
The Bigger Picture
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Q4 is peak season across all five markets. Nigeria peaks earliest (October), while Tanzania, Kenya, DR Congo, and Egypt maintain high engagement through November–December. Four markets soften mid-year, Egypt peaks late winter.
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Weekend structures explain weekly splits: Saturday for Nigeria, Tanzania, Kenya, DR Congo; Friday for Egypt.
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Hourly patterns diverge: Nigeria and Tanzania show broad Saturday blocks, Kenya focuses on prime time with pre-dawn tails, DR Congo peaks in the morning, Egypt peaks after midnight. Cross-market scheduling without these insights risks missing most demand.
The post When Africa gambles: seasonality patterns across five countries revealed by Blask appeared first on Eastern European Gaming | Global iGaming & Tech Intelligence Hub.
Africa
Groove Targets Africa’s iGaming Boom at SiGMA Cape Town 2026
Groove Targets Africa’s iGaming Boom at SiGMA Cape Town 2026 , Groove, the defiantly innovative iGaming platform and aggregator, has confirmed its attendance at next week’s SiGMA Africa Summit in Cape Town, signalling the company’s intent to establish a strong presence in the world’s fastest-growing iGaming market.
Africa’s iGaming sector is expanding at unprecedented speed, and Groove is entering not as a spectator, but as a builder, bringing its signature “Unseen Architecture” approach to scalable, compliance-ready aggregation, combined with a commitment to listening before acting.
Leading the company’s presence at the summit will be Yahale Meltzer, Founder and CEO of Groove, whose vision for the continent extends far beyond content delivery.
“Africa is not an emerging market,” Meltzer said. “It is an emerging universe. You feel it in the numbers, the youngest population on earth, mobile engagement that bypasses desktop entirely, fintech leapfrogging traditional banking in ways the West is only beginning to understand. This is not a place where you parachute in with a European playbook and hope it lands. This is a place that demands listening, adaptation, and genuine partnership.”
At Groove, the founding philosophy has always been about rhythm — the pulse that connects operators, providers, and players in sync with seamless iGaming experiences. Africa’s rhythm, Meltzer notes, is distinct.
“It’s mobile-first, payment-adaptive, and hungry for experiences that feel local, not imported. That’s exactly the kind of challenge our architecture was built to solve.”
The structural advantages driving Africa’s iGaming growth are considerable. The median age in multiple key markets is under twenty, smartphone adoption is climbing rapidly, and over ninety percent of iGaming interactions now occur via mobile, bypassing desktop entirely. Fintech integration, through systems like M-Pesa, has brought millions of previously unbanked players into the ecosystem. Regulatory frameworks are also maturing in markets including Nigeria, Kenya, and South Africa, offering licensed operators clearer paths to compliance.
For an aggregator like Groove, whose platform delivers over 15,000 games from 150+ providers via a single API, these conditions represent not just opportunity, but alignment.
Groove’s presence in Cape Town is built around four core objectives. First, forging meaningful operator partnerships. The summit gathers Africa’s most ambitious operators alongside global players seeking regional entry, and Groove will showcase localised content packages, mobile-optimised experiences, and payment-agnostic infrastructure designed for African realities.
Second, deepening regional intelligence. Meltzer emphasises: “The regulatory picture in Africa is not a monolith. What works in Lagos requires adaptation in Nairobi, and something entirely different in Johannesburg. You don’t learn those nuances just from a report, even with Groove Command, our data-driven game matching system. You learn them by sitting in the room with the people who live them.”
Third, offering African operators clear pathways to growth. Fourth, positioning for the long term: attendance at SiGMA Africa is not a checkbox exercise — it signals that Groove views the continent as integral to its global strategy.
“We’re not coming to Cape Town to hand out brochures and fly home,” Meltzer said. “We’re coming to listen, to learn, and to find the partners who see what we see: a region on the cusp of something extraordinary. Groove’s job is to provide the infrastructure and games that turn that ‘something’ into sustainable, thrilling player experiences, whether that’s in Lagos, Nairobi, Johannesburg, or beyond.”
He added: “Africa’s rhythm is rising. We’re here to Groove with it.”
The post Groove Targets Africa’s iGaming Boom at SiGMA Cape Town 2026 appeared first on Eastern European Gaming | Global iGaming & Tech Intelligence Hub.
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