Latest News

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.

Related Topics:latest-news Press Releases

Up Next

Inspired Announces Partnership With Kambi To Provide Virtual Sports Offering To The Kambi Sportsbook

Don't Miss

Super Bowl – how have providers approached the 2024 edition?

casino

Why Simpler Casino Bonuses Are Gaining Ground in the UK

Published

2 minutes ago

June 3, 2026

Wladimir P.

why-simpler-casino-bonuses-are-gaining-ground-in-the-uk

The UK online gambling market has reached a stage where bigger does not always mean better. Players have seen years of welcome bonuses, free spins, cashback offers, reload deals, loyalty rewards, and complex promotional terms.

That maturity is changing how bonus value is judged. Instead of only looking at the headline amount, more players now ask a simpler question: how much of this offer can actually be used?

The UK Is a Mature Online Gambling Market

The UK is one of the most developed online gambling markets in the world. Gambling Commission data for April to July 2025 showed that 38% of adults in Great Britain had gambled online in the previous four weeks, although this falls to 17% when lottery-only players are removed.

That matters because mature markets create more informed consumers. When players have been exposed to years of sign-up offers, free spins, boosted odds, reloads, and cashback promotions, they become better at spotting the difference between headline value and real value.

Bonus Size Is No Longer the Whole Story

For years, casino bonuses were marketed around size. A £500 welcome bonus sounded better than £50, and 200 free spins sounded better than 30.

But size alone tells players very little. A large bonus with 40x wagering, strict game limits, short expiry rules, and a low maximum cashout can be less useful than a smaller offer with simple terms.

Why No Wagering Offers Fit the Current Market

This is where no wagering casinos fit naturally into the wider UK trend. They appeal to players who want bonuses that are easier to understand, easier to compare, and less dependent on complicated playthrough rules.

A no wagering bonus does not automatically make an offer perfect. Players still need to check game restrictions, withdrawal rules, free spin value, and expiry dates. But removing wagering requirements makes the core value much clearer.

Regulation Is Also Pushing the Market Towards Clarity

The direction of UK regulation is clearly towards safer and simpler promotions. In March 2025, the Gambling Commission announced new rules designed to increase the safety and simplicity of consumer promotional offers, including limits on how many times bonus funds must be re-staked before winnings can be withdrawn.

The Commission also said mixed-product promotions can confuse consumers because of complex terms and conditions. That point is important because it shows the regulator is not only looking at harm, but also at whether promotions are fair and understandable.

Players Are Not Always Comfortable With Incentives

The trend towards simpler bonuses is not just regulatory. It also reflects how many players now feel about gambling promotions.

Gambling Commission research found that 47% of surveyed gamblers who had received incentives felt they received too many, while 48% said they would prefer not to receive free bets and bonus offers. At the same time, 31% said free bets or bonus offers encouraged them to gamble more than they wanted to.

Bonuses Still Matter, But Trust Matters More

None of this means casino bonuses are becoming irrelevant. The same research found that promotional offers are still widely used, with nine in ten quantitative respondents having received an offer in the previous four weeks, and 76% of those who received an offer going on to use it.

The point is that players still value bonuses, but they increasingly want them to feel fair. A welcome bonus, reload, cashback deal, or free spins offer has more appeal when the player can quickly understand what they are getting.

The Rise of Value-Led Bonus Comparison

This is why bonus comparison is becoming more focused on usable value. The strongest offer is not always the one with the biggest number attached.

A 10% cashback offer with no wagering can be more attractive than a larger cashback bonus with restrictive terms. A smaller free spins package can be better than a larger one if the winnings are easier to withdraw.

Online Slots Make the Issue Even More Important

Slots remain a major part of the UK online gambling market. Gambling Commission operator data for January to March 2025 showed online slots gross gambling yield increased 11% year-on-year to £689 million, with 23.4 billion spins during the quarter.

That scale makes bonus transparency especially important. When free spins and slot bonuses are such a major part of the market, players need clear information about wagering, maximum bets, game eligibility, and withdrawal rules.

Is This a UK-Specific Trend?

Some of this is uniquely UK. The UK has a long-established online gambling sector, high consumer awareness, strong regulatory pressure, and a dense market of competing operators.

That combination makes simplicity more valuable. Operators cannot rely forever on huge headline bonuses if experienced players understand that the terms may reduce the real value.

Or Is the UK Showing the Future?

At the same time, the UK may also be showing where other markets go as they mature. Newer online casino markets often begin with aggressive acquisition offers, large welcome bonuses, and heavy promotion.

Over time, players become more educated. Regulators become more active. Comparison sites become more sophisticated. When that happens, the market starts rewarding transparency, usability, and real bonus value rather than raw promotional size.

What This Means for Operators

For operators, the lesson is clear. Bonus terms are no longer just a compliance detail hidden below the main offer.

They are part of the product. A simple bonus can help build trust, reduce confusion, and make the casino feel more player-friendly from the first deposit.

What This Means for Players

For players, the lesson is just as simple. A good bonus is not the biggest one, but the one with the clearest path to real value.

Welcome bonuses, reloads, free spins, and cashback can all be worthwhile. But the best offers are usually the ones where the terms are easy to understand before the player deposits.

Final Thoughts

The growth of no wagering bonuses in the UK is not a random trend. It reflects a mature market where players are more informed, regulators are demanding clearer promotions, and operators are under pressure to compete on trust as well as size.

The UK may have its own regulatory and cultural conditions, but the broader direction looks global. As online gambling markets mature, simplicity and usable value are likely to become more important everywhere.

The post Why Simpler Casino Bonuses Are Gaining Ground in the UK appeared first on Eastern European Gaming | Global iGaming & Tech Intelligence Hub.

Andrew Mook Midnite’s Head of Brand Marketing

Midnite signs as Wolves principal partner for 2026/27 shirt front

Published

2 minutes ago

June 3, 2026

Wladimir P.

midnite-signs-as-wolves-principal-partner-for-2026/27-shirt-front

Midnite has agreed a deal to become Wolverhampton Wanderers’ principal partner for the 2026/27 campaign, making the UK bookmaker the club’s front-of-shirt partner during Wolves’ 150th season.

The sponsorship announcement is being paired with a fan promotion called “This Season’s On Us”. Midnite said the initiative will offer Wolves supporters prizes including a season ticket for the new campaign in return for showcasing club knowledge.

Under the activation, Midnite said 50 Wolves supporters will be asked a trivia question by club legend George Elokobi on a first-come-first-served basis. Successful participants will then be in with a shot of winning a season ticket for the men’s and women’s team. The company said the exact time and location for the “Midnite green envelopes” will be announced via the Instagram channels of Wolves and Midnite, and that 20 new 2026/27 Wolves shirts will also be given away.

Andrew Mook, Midnite’s Head of Brand Marketing, said: “Wolves are a huge club with a rich history, and we’re honored to be sponsoring them during their 150th anniversary year.

“At Midnite we’re committed to putting fans first with our initiatives and we’ve shown that with our sponsorships of Sheffield United and Southampton last season, and the World Snooker Tour.

“Wolves will be no different, and this is just the first way we’re showing up in what will be a packed year of activities. We can’t wait to get down to Molineux and see the team in action.”

David Thomson, Wolves’ Head of Partnerships, added: “We’re pleased to have agreed this vitally important Principal Partnership with Midnite in what is such a big year for the club both on and off the pitch.

“Midnite is a progressive and ambitious company that shares our desire to innovate and engage supporters in new ways and this partnership represents an exciting opportunity for both organisations to give back to the fans that make this club what it is.

“We’ve been particularly excited to hear about the Midnite team’s plans for the coming weeks and months, and we’re delighted to be working together on some truly unique and innovative campaigns across this landmark season.”

Midnite said winners must be over 25 years old and bring ID to claim prizes.

The post Midnite signs as Wolves principal partner for 2026/27 shirt front appeared first on Eastern European Gaming | Global iGaming & Tech Intelligence Hub.

Caribbean

Canadian Bank Note moves Central America and Caribbean iLottery ops to Comtrade platform

Published

2 minutes ago

June 3, 2026

Wladimir P.

canadian-bank-note-moves-central-america-and-caribbean-ilottery-ops-to-comtrade-platform

Canadian Bank Note Company, Limited (CBN) has signed a platform agreement with Comtrade Gaming to migrate its online Lottery & Gaming operations in Central America and the Caribbean to Comtrade Gaming’s platform technology.

Comtrade Gaming said the platform will support CBN’s deployments across online lottery, sports and casino, with the aim of improving performance, scalability and operational efficiency.

Steven Valentine, Chief Commercial Officer at Comtrade Gaming, said: We were delighted to be selected by CBN as their iGaming Platform provider across their lottery, sports and casino operations. Migrating from their own proprietary technology was a big decision, and our joint teams worked seamlessly to achieve a successful migration.

From the initial selection through to the migration, is a testament to how seriously we take our clients’ business.

Kirk Arends, President of CBN’s Lottery and Gaming Division, added: We were looking for a long-term platform partner who not only could supply us with world-classmodern technology but who also had similar values, and long term commitment to partnerships.

On one side of our business, we print currencies for governments; trust doesn’t come much higher. We wanted the same level of trust and experience from our iGaming platform partner, and we found that with Comtarde Gaming

The companies did not disclose financial terms, timelines, or which specific jurisdictions and operator contracts are included in the Central America and Caribbean scope.

The post Canadian Bank Note moves Central America and Caribbean iLottery ops to Comtrade platform appeared first on Eastern European Gaming | Global iGaming & Tech Intelligence Hub.