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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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Africa

TaDa Gaming joins inaugural iGaming AFRIKA Summit in Nairobi

Published

60 minutes ago

April 16, 2026

Wladimir P.

tada-gaming-joins-inaugural-igaming-afrika-summit-in-nairobi

Supplier plans Stand A08 meetings on May 4-6 as it targets further growth across African iGaming markets.

TaDa Gaming will attend the inaugural iGaming AFRIKA Summit in Nairobi, Kenya, on May 4-6, where it plans to meet partners and operators at Stand A08 as it targets further expansion across African markets.

The supplier said it is live in more than 16 countries and is preparing to launch in South Africa through new partnerships and collaborations. TaDa described its approach as a “glocalisation strategy” built around global core mechanics and localised content.

TaDa highlighted its Fortune Gems and Fortune Coins series—specifically Fortune Gems 500 and Fortune Coins 2—as key titles, alongside its market-tailored X Hot slots, including X7 Hot. The company also pointed to its mobile-first focus, citing “fast loading and lightweight deployment” to support local infrastructure and devices.

The company said its Africa footprint includes partnerships with betPawa, Hollywoodbets, World Sports Betting and Betway, as well as distribution via 1XBET and BetConstruct. TaDa previously won SiGMA Africa Slot Newcomer of the Year.

Ray Lee, Director of Business Development, TaDa Gaming, said: ‘We are consistently growing our brand awareness through new partnerships across multiple markets, increasing our know-how and positively impacting our ability to keep delivering the experiences players want. We welcome everyone to drop by Stand A08 to meet our dedicated team and find out more about what we can do for your African success.’

The post TaDa Gaming joins inaugural iGaming AFRIKA Summit in Nairobi appeared first on Eastern European Gaming | Global iGaming & Tech Intelligence Hub.

EGR B2B Awards 2026

ELA Games lands two nominations on EGR B2B Awards 2026 shortlist

Published

60 minutes ago

April 16, 2026

Wladimir P.

ela-games-lands-two-nominations-on-egr-b2b-awards-2026-shortlist

Supplier is shortlisted in Slot Supplier – Under 5 years and Casino Software Supplier – Under 5 years ahead of the 3 June ceremony in London.

ELA Games has been shortlisted in two categories for the EGR B2B Awards 2026: Slot Supplier – Under 5 years and Casino Software Supplier – Under 5 years.

The EGR B2B Awards recognise service providers and software developers across iGaming. Winners will be announced at a ceremony at City Central at the HAC in London on 3 June 2026.

In its announcement, ELA Games pointed to recent product development and partner-focused delivery, including work to expand across regulated territories and a focus on “technical reliability and smooth integration.”

The supplier also highlighted product features it says differentiate its content, including the Winpot mechanic and a shooter format. It cited the release of Shoot Happens as an example, describing it as using a bespoke game engine to combine narrative progression with betting systems.

The post ELA Games lands two nominations on EGR B2B Awards 2026 shortlist appeared first on Eastern European Gaming | Global iGaming & Tech Intelligence Hub.

ChatBet

Betting at the Speed of Chat

Published

2 hours ago

April 16, 2026

Wladimir P.

As legacy sportsbooks struggle with ‘search and click’ fatigue, Josh Swerdlow, Founder and CEO of ChatBet, says the next industry titan will win by owning the conversational intent layer where billions of users already live.

Why is the current sportsbook UX struggling to keep up with modern tech?

It comes down to legacy debt. Current sportsbook apps are just digital spreadsheets – grids from the 1990s that have been optimised for desktop and not mobile-first intuition. With the majority of sportsbooks, users are forced through deep menus and endless scrolling, creating a “hurdle race” for every transaction. This leads to cognitive overload – while hardcore bettors might tolerate the clutter, casual punters encounter analysis paralysis and this usually leads to betslip abandonment. As user behaviour shifts from “search and click” to “intent and fulfilment”, and against a backdrop of spiraling acquisition costs and high levels of churn, this is really putting the squeeze on operator profitability and ultimately long-term sustainability.

What do you mean when you say we are moving from “search and click” to “intent and fulfilment” and what does this mean for online sportsbooks?

In a “search and click” world, the user does the heavy lifting – navigating deep menus and grids just to find a single market. “Intent and fulfillment” flips that script. It’s the shift from a user searching for a bet to simply commanding it. If a consumer can book a five-star hotel in Rome by sending a single text, they naturally expect to back their favorite team with the same level of ease. For the operator, this means the sportsbook evolves into a high-powered back-end utility – the engine – while the messaging interface becomes the front-of-mind “steering wheel”. By moving away from the friction of standalone apps and capturing intent directly within WhatsApp or Telegram, operators stop being a destination the user has to find and start being a conversation the user is already having.

How does conversational betting actually chance user behaviour and crush the conversion funnel?

Traditional betting can take between 10 to 12 steps and up to 60 seconds – a solution like ChatBet reduces that to a single text or voice note and ten seconds or less. It also shifts the player from architect to director – instead of manually building complex parlays by scrolling through 50+ toggles, the user simply asks the AI to “Build a safe 3-leg parlay for the United game” and then confirms the wager. The result? Data from a ChatBet pilot shows an 82% drop in time-to-bet and a 28% increase in conversion rates.

From an operator’s perspective, is this a rip and replace of the current technology or is it much easier to implement than that?

Conversational betting solutions such as ChatBet are an orchestration layer, not a replacement. Our solution literally plugs into existing APIs. This also helps from a regulatory and compliance perspective, with core functions such as KYC, wallet management and responsible gambling triggers remaining securely within the operator’s existing stack. This allows for overnight modernisation – operators can update their UX for the “TikTok generation” without the multi-year cost of rebuilding their entire core tech.

Why is intent data now considered the ultimate competitive moat?

It’s about context over clicks. Traditional trackers show where the user clicked but conversational data reveals exactly what they want in their own words. Then there’s the network effect – every interaction trains the AI on local slang, fan sentiment and individual patterns and preferences. This provides operators with an insurmountable defence. A competitor can copy your odds, but they cannot easily clone a refined, high-context relationship with millions of users.

Why is this a billion-dollar venture-scale opportunity right now?

Viral distribution. Conversation betting piggybacks on billions of WhatsApp and Telegram users to allow operators to solve the skyrocketing customer acquisition cost crisis they face. There’s also the retention advantage, with messaging-native users showing a 35% higher day-30 retention rate because the interface is “always on”. What’s more, chat-based betting allows for “nudge” technology and lower-friction, smaller-stake engagement, which aligns with 2026 global regulatory shifts toward safer play.

Predictions markets are throwing the sports betting industry into chaos. How does conversational betting help traditional operators get in on the action?

Prediction markets are exploding because they tap into the “stock market of everything” but for traditional operators, these markets are often too complex to display in a standard grid and too intimidating for the average punter to navigate. Conversational betting bridges this gap by acting as a natural language translator for complex binary contracts. Instead of forcing a user to decipher order books or probability curves, a chat interface allows them to simply trade on their opinions, like the weather or political shifts, as easily as sending a text. Because chat has “unlimited shelf space”, operators can offer an infinite array of niche markets without clogging their app’s UI. Ultimately, it turns prediction markets from a niche financial product into a social, real-time experience, capturing “hot takes” in WhatsApp or Telegram and instantly converting them into priced, compliant transactions.

If this shift is as inevitable as you say, what is the one thing legacy operators need to do right now to avoid becoming the ‘Blockbuster’ of the betting industry?

They need to stop thinking about their “app” and start thinking about their “API”. The battle for the customer has moved off the home screen and into the chat thread. Right now, the opportunity is to be the first mover in the conversational space – to own the “intent layer” before it becomes the industry standard. The winners of 2026 won’t be the ones with the loudest marketing, but the ones who make placing a bet as easy as telling a friend who you think will win.

The post Betting at the Speed of Chat appeared first on Eastern European Gaming | Global iGaming & Tech Intelligence Hub.