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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.
B2B Marketing Team of the Year
Inside the Mind of an Industry Leader: SOFTSWISS CMO Valentina Bagniya on Team Building, Creativity, and Global Growth
Reading Time: 6 minutes
This year marked significant progress for the SOFTSWISS marketing function – new initiatives, new markets, and recognition through four major marketing awards, including Marketer of the Year and B2B Marketing Team of the Year. To better understand your path as a leader, let’s go back to where it all began. What brought you into marketing, and what ultimately inspired your move into iGaming?
Oh, this question takes me way back. I grew up in a family where both of my parents studied in the Faculty of Philosophy. So, when it came time for me to choose a university and a field of study, their academic background definitely played a role – it stayed with me and influenced my thinking. That’s why I also decided to apply to the Faculty of Philosophy.
But I never really saw myself as a philosopher. One of the departments within the faculty was quite new – it had only been established a few years earlier. It was called ‘Information and Communication’. When I read the programme description and visited the university for the open day, I realised that the department was closely connected to advertising, marketing, and PR. And that sparked a huge interest in me. I thought, “This is great – I should give it a try!” Back then, I honestly thought marketing was mostly about creating commercials. That was the image I had.
So that’s how I ended up studying at the Faculty of Philosophy, in the Information and Communication department – and that’s where I got my first real introduction to marketing. Though in reality, I didn’t go into pure marketing right after graduation. My first job was actually in analytics. I worked as an analyst first in a consulting company, and then at British American Tobacco.
To be honest, I think that was probably the best possible starting point for someone entering the marketing field. Understanding the value of data and analytics is absolutely critical and fosters strategic thinking. Many people, even those working in the industry, still see marketing primarily as something purely creative and imaginative. But to create truly impactful campaigns, you have to work precisely with numbers, data, and research. You must think about the strategy based on the data first, and only after that, think about the bright execution.
So,I could say my parents led me into marketing.
Leading a marketing team of more than 70 people at SOFTSWISS requires a thoughtful approach to talent management. What qualities do you prioritise when shaping a team of this scale?
Let’s probably start with the basics.
At the foundation of any strong team are professionals who are capable of doing their jobs well. That’s why it’s important for me to make sure that the people I bring onto the team possess the necessary hard skills in their respective fields.
However, even more important to me are personal traits and qualities. There are a few things I pay particular attention to.
First and foremost – responsibility: the ability to take ownership of one’s actions, decisions, and their consequences, and to understand how those decisions affect the company, our clients, and the team as a whole.
Second – ambition. To me, being ambitious means not settling for the safe or easy route. It’s about setting bold goals and having the drive to achieve them. I truly believe that ambitious people drive progress – they push themselves and others forward, helping the company grow and achieve meaningful results.
Closely related to this is a results-oriented mindset. It’s easy to fall into a routine of just completing tasks, forgetting that each task exists to serve a bigger purpose: to create an impact for the business. A bold, creative campaign might look great on the surface, but what really matters is whether it delivered business results and made a tangible difference. So I would even rephrase that: it’s not just about focusing on results – it’s about understanding what those results mean for the business and aligning your actions with that.
When we talk about building a team, I also consider collaboration and team cohesion. In a large team, it’s critical to understand that there aren’t just “my” goals or “someone else’s” goals – there are our goals. Supporting one another and working as a unified whole is essential. Team members who are engaged and involved contribute to high performance and shared success.
I also value qualities like curiosity, because without the desire to learn, ask questions, and explore new ideas, it’s hard to grow. I look for creativity, the ability to go beyond the obvious, to bring fresh perspectives and non-standard solutions. And finally, I’d add proactiveness and courage, which in many ways go hand in hand with ambition. These are the key qualities I look for when I’m building a team.
What inspires you?
What inspires me?
I’d probably name two things. The first is the people I work with. This includes my leaders, those who set ambitious goals, grant their trust and support in the process of achieving them, and give me space to evolve. And of course, it’s my team, the people I work with every single day. Watching how they overcome challenges and grow beyond what they thought was possible is incredibly energising. Sometimes they don’t even believe they can do something – and then they face their fears, push through, and deliver amazing results. That kind of transformation truly inspires me.
Second – I’m naturally a goal-driven person. I’m deeply inspired by achievement – both my team’s and my own. iGaming is an industry where you see the impact almost immediately – the feedback loop is fast, the competition strong, and the bar always rising. That energy is inspiring.
So yes – it’s the people and the results we achieve together that inspire me the most.
Let’s talk about a couple of projects/work you are proud of. What makes them special to you?
Well, I’d say the one I’m most proud of is the team I’ve built from scratch at the company where I currently work. This team played a key role in helping me elevate SOFTSWISS from a local brand to the international stage, turning it into one of the most respected and influential names in the iGaming industry.
When it comes to marketing campaigns that stand out and make me proud, one in particular comes to mind: our “Bringing the Heat” campaign. It was a game-changer – it challenged the more traditional approach in B2B iGaming marketing and helped SOFTSWISS take the lead.
The campaign received multiple awards, and its strength came from two factors. First, we used an unconventional creative approach – something you’d typically see in FMCG or emotional consumer brands, not in B2B tech. It was bold, vivid, and emotionally engaging.
Second, the channel mix we used was truly unique for the B2B space. Instead of relying solely on traditional digital channels, direct mail, and sales outreach, we took into account the unique character of the Maltese market, where the campaign was launched. Given that a significant portion of the population in Malta works in iGaming, we decided to go much broader – incorporating out-of-home advertising, radio, and even BTL activations.
The result? A significant boost in brand awareness and – just as importantly – in actual business results. Today, this campaign is seen as a benchmark in B2B marketing within iGaming, and we’ve already noticed other companies following the same path.
What advice would you give to people starting out in the industry today?
I have a pretty long list, but it’s doable, believe me.
- Develop strategic thinking and the ability to think big.
- Enhance your emotional intelligence to establish effective relationships with key stakeholders and empower your team.
- Be proactive and persistent – this will help you achieve the hardest goals.
- Develop adaptability and the ability to pivot and navigate uncertainty when the context changes.
- Be technology and analytics-savvy.
- Learn from everything and everywhere, especially from mistakes, whether your own or others’, as this is about creating and cultivating a growth mindset.
- Attend industry events, learn how different markets work.
- And don’t underestimate the importance of understanding compliance and regulations. They shape how marketing can and should function in iGaming.
What challenges and opportunities do you see for marketing teams in iGaming going forward?
Marketing today faces a paradoxical situation: we’ve never had more tools, channels, and data – and yet never faced more complexity in connecting meaningfully with people.
The biggest challenge? Consistency.
The pace of change tempts teams to chase everything – every trend, every new platform, every buzzword.
But the brands that win will be the ones that simplify. That stands for something clear, consistent, and relevant across markets and generations. Focus and consistency are the new superpowers.
Another challenge is trust.
Consumers and customers are more sceptical than ever, especially in iGaming. One misstep can become global in minutes. So building brand trust is not a campaign – it’s a discipline. And it must be rooted in real action: in how we show up, the values we live by, and the impact we create.
The opportunity?
To continue with the classic way of marketing, where strategy comes first. Marketing teams that combine creativity, empathy, and strategic focus with smart use of technology won’t just adapt – they’ll lead.
The post Inside the Mind of an Industry Leader: SOFTSWISS CMO Valentina Bagniya on Team Building, Creativity, and Global Growth appeared first on European Gaming Industry News.
Bone Appetit
INSPIRED LAUNCHES BONE APPÉTIT & GOLD SPINNER ACROSS ONLINE & MOBILE
Reading Time: 2 minutes
Inspired Entertainment, Inc., a leading B2B provider of gaming content, systems, and solutions, is excited to announce the launch of Bone Appetit
and Gold Spinner
across the UK and Malta iGaming markets. Featuring striking visuals and thrilling gameplay, this pair of online and mobile slots has been designed to captivate players and drive strong performance for operators, further expanding Inspired’s growing iGaming portfolio of premium content.
Bone Appétit is a lively, pet-themed slot game played on 5X3 reels with 243 ways to win. Developed with a playful mix of pet-themed characters, the game offers an array of engaging features, including Bonus and Scatter symbols that unlock Free Spins, the Wheel Bonus, and progressive-style rewards.
The Wheel Bonus awards cash prizes and special features, while random appearances from a mischievous dog can trigger Big Wins or Bonus rounds. During Free Spins, cat chefs prepare a series of culinary upgrades, with the final payout determined by the quality of the dish they land, with higher-tiered dishes yielding the biggest rewards.
Players can enhance and customise their experience through Fortune Spins, Fortune Bet, and Bonus Buy options, or take risks with the Gamble feature for potentially larger prizes. Bone Appétit delivers an entertaining slot experience designed to appeal to a player’s appetite for light-hearted slots fun.
Gold Spinner
is a high-energy 5×4 Ways Pays slot that blends dazzling gold-themed visuals and electrifying graphics with exciting gameplay. Designed for thrill-seeking players, the game revolves around a unique coin collect mechanic supported by two powerful bonus features that build anticipation and deliver potentially big rewards.
A pseudo-persistent coin pile collects coins from the first two reels, guaranteeing a coin drop when triggered. Coins landing on these reels activate a mini slot feature, awarding extra coins, multipliers, or boosts, all of which can carry into the Free Spins Bonus for even greater win potential.
As always, players can further tailor their experience through features such as Bonus Buy, which guarantees a Free Spins coin, Fortune Spins for streamlined play, and Fortune Bet for increased Free Spins frequency. With its combination of striking visuals, immersive mechanics, and adrenaline-fueled gameplay, Gold Spinner delivers a super-charged slot experience packed with winning opportunities.
Claire Osborne, Vice President of Interactive at Inspired Entertainment, said: “We are delighted to expand our iGaming portfolio with the launch of Bone Appétit and Gold Spinner, two fun titles that showcase the creativity and variety Inspired is known for. From the playful charm of Bone Appétit to the high-voltage thrills of Gold Spinner, both games deliver distinctive themes and engaging bonus features designed to entertain players and drive a strong performance for our operator partners.”
The post INSPIRED LAUNCHES BONE APPÉTIT & GOLD SPINNER ACROSS ONLINE & MOBILE appeared first on European Gaming Industry News.
Angel Gardzhev Product Owner at Sneaky Slots
Sneaky Slots drags players to the streets of Eastern Europe with its latest release, Gopnik
Reading Time: 4 minutes
Spit sunflower seed shells and take a walk with us to the rougher and tougher side of Europe with Sneaky Slots’ latest release Gopnik. Once you’re done squatting with the locals, get ready for our last release of 2025, Gods Go Pew Pew.
Reel Area
Gopnik plays out across a gritty 4-4-4-4-4 reel setup, where street smarts are the most important thing followed by babushka’s home-made cooking.
Two special symbols, Babushka and the Burner Phone, are like two peas in a pod that can deliver some unexpected neighbourhood drama.
- Babushka acts as a Wild and substitutes for all paying symbols. When she lands, she marks 1 to 4 positions across the other reels. If a Gopnik symbol hits any marked spot, it awards an instant bet multiplier of up to 50x.
- Burner Phone: RING RING! Ey brat, pick up! When this symbol drops on reel 5, it flips 2 to 4 random symbols into Wilds.
xNudge®
Fresh from the Nolimit streets, xNudge® rolls into Sneaky Slots for its debut.
The xNudge® Wild always nudges to become fully visible and substitutes for all paying symbols, increasing its win multiplier by 1 for every nudge. It can appear in the base game, Street Roll, and Super Street Roll (but never on the 1st or last reel), with up to 2 xNudge® Wilds landing per spin in the base game and Street Roll, and up to 4 in Super Street Roll.
Pick Your Bonus!
(Scratch Card Bonus Entry)?
Land 3 Bonus scatters to whip out a Scratch Card and try your luck. Matching symbols will trigger either Street Roll or Kiosk Raid Bonus games.
Hit the Super Bonus scatter on reels 4 and 5 alongside the Bonus scatters, and level up to the Super Scratch Card Bonus.
Keep an eye out for the Golden Car on the scratch card. Reveal this to win the filthy 6,666x Max Win.
Street Roll
Street Roll drops you onto the cardboard with 7 Free Spins and a boosted 6-reel setup. During this feature, Gopnik symbols on the 1st and last reel can land holding a dice token. If you manage to hit a Gopnik-with-dice on both ends, you’ll trigger the Cheeki Breeki Dice mini game, packed with multipliers also featuring xNudge.
Super Street Roll
Same rules as Street Roll apply, but if a win Multiplier is awarded from the Cheeki Breeki dice game it stays for the whole round and is stacked up with each new Multiplier awarded.
Cheeki Breeki Dice
Ey brat, come closer… got a game for you.
During Street Roll or Super Street Roll, the Cheeki Breeki Dice can hit the cardboard, and whatever those cubes show decides your fate. If the left die wins, you score a win multiplier for the current spin. If the right die wins, you get a burst of random Wilds. The value of the multiplier or the number of Wilds match whatever number landed on the winning die.
Land three pairs and you score a retrigger of 5 Free Spins. But hit the same pair three times in a row and boom, you unlock the Blyatiful Throw, awarding an instant prize based on the number rolled.
Kiosk Raid Spins
Kiosk Raid starts you off with 3 Spins, and only label symbols can drop. Every time a label lands, your spin count resets back to 3. Up top, the kiosk shelf flashes fresh bet multipliers each spin. Land a label right under one, and it grabs that multiplier and holds it till the end. Multipliers range from 1x all the way up to a fat 100x.
On every spin, the Kiosk Lady places bet multipliers across the top shelf of her stand. Each time you land a new label symbol below a Multiplier it will receive that Multiplier and hold it until the end of the bonus. And if the Kiosk Lady’s in a good mood (or just bored) she might toss in a modifier on the top row, giving a random label below a little upgrade.
Your total bet multiplier racks up above the grid as the labels stack their value. When the bonus ends, the Kiosk Lady whips out her trusty old calculator, probably older than Babushka, totals everything up, and hands over your payout with that classic “don’t bother me again” energy.
- Upgrade – Upgrades Multiplier on a random label below it to a bigger value.
- Double – Doubles value of a random label symbol below it.
- Collect – Collects a random label below it and adds its value to the total bet Multiplier again.
- Super Bonus – Gets you into Super Kiosk Raid.
Super Kiosk Spins
The same rules as in the normal Kiosk Raid apply here as well, but 2 more rows are unlocked. The first adds room for even more label symbols, while the new bottom row rolls out extra added values; from +1 all the way to +100, boosting every label stacked above it. This bottom row can also reveal exclusive Super modifiers, hitting entire vertical lines at once:
- Upgrade All – bumps all multipliers in that column to a higher value.
- Collect All – collects every label in that column and adds their total again.
- Double All – doubles the value of all labels in that column.
Sneaky Buy
Can’t wait for the shop to open up on its own? Ey brat, no shame in cutting the line. You can directly purchase the game features through the Sneaky Buy menu!
- Street Roll – You are guaranteed to enter the Street Roll Bonus.
Sneaky Boost
Sneaky Boost is activated for 2 times the base bet, where there is an increased chance of triggering the Bonus rounds. Landing 1 or 2 active Sneaky Symbols in a spin trigger a normal bonus feature.
Super Sneaky Boost can be activated for 5 times the base bet for an increased chance of triggering the Super Bonus feature. Landing 1 Super Sneaky symbol will trigger a normal Bonus and landing 2 Super Sneaky symbols will trigger a Super Bonus.
The Stats
Max Win: 6,666x
Volatility: Highly Volatile
Angel Gardzhev, Product Owner at Sneaky Slots, said: “We wanted to follow up Freak Show Revelation with something that hits even harder, and nothing hits quite like a proper Gopnik. The mechanics, the humour, the whole vibe came together in a way we’re incredibly proud of. Sit tight, brat… this is only the beginning.”
The post Sneaky Slots drags players to the streets of Eastern Europe with its latest release, Gopnik appeared first on European Gaming Industry News.
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